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Envestnet Inc ENV

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Envestnet Posts Strong Q3 and Raises Q4 Outlook but Tempers 2021 Growth Expectations

Rajiv Bhatia Equity Analyst

Analyst Note

| Rajiv Bhatia |

Envestnet reported a solid third quarter, with revenue and earnings topping its guidance and consensus. Driven in part by a rising market, revenue of $253 million beat the FactSet consensus of $247 million and company outlook of $244.5 million-$246.0 million. Lower-than-expected expenses (partly from COVID-19), meant that adjusted EBITDA increased 24% to $67.6 million and beat the consensus of $57.5 million and outlook of $56 million-$57 million.

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Company Profile

Business Description

Envestnet provides wealth-management technology and solutions to registered investment advisors, banks, broker/dealers, and other firms. Its Tamarac platform provides trading, rebalancing, portfolio accounting, performance reporting, and client relationship management software to high-end RIAs. Envestnet’s portfolio management consultants provides research services and consulting services to assist advisors, including vetted third-party managed account products. In November 2015, Envestnet acquired Yodlee, a provider of data aggregation.

35 East Wacker Drive, Suite 2400, 24th Floor
Chicago, IL, 60601
T +1 312 827-2800
Sector Technology
Industry Software - Application
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 4,190