Core Viewpoint - Envestnet, Inc. reported mixed second-quarter 2024 results, with earnings missing estimates while revenues exceeded expectations [1] Financial Performance - Earnings per share were 55 cents, missing the Zacks Consensus Estimate by 12.7%, but increased 19.6% year over year [2] - Total revenues reached $348.3 million, surpassing the consensus estimate by 1.6% and growing 11.5% year over year [2] - Adjusted EBITDA rose 39% from the previous year to $77.8 million, with an adjusted EBITDA margin increase of 440 basis points to 22.3% [4] Revenue Breakdown - Asset-based recurring revenues were $219.5 million, accounting for 63% of total revenues, and increased 18% year over year [3] - Subscription-based recurring revenues amounted to $118 million, contributing 34% to total revenues and growing 3% from the second quarter of 2023 [3] - Professional services and other non-recurring revenues decreased 8% year over year to $10.8 million [3] Cash Flow and Debt - Cash and cash equivalents were $122 million, up from $61.23 million in the previous quarter [5] - Total debt at the end of the second quarter was $892.5 million, an increase from $877.84 million in the prior quarter [5] - The company generated $89.1 million in cash from operating activities, with adjusted free cash flow amounting to $67 million [5] Stock Performance - Envestnet's shares have gained 25.8% over the past six months, outperforming the industry’s 2.4% increase and the Zacks S&P 500 Composite's 11.8% rise [2]

NEW YORK, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Kellanova (NYSE: K)'s sale to Mars, Incorporated for $83.50 per share in cash. If you are a Kellanova shareholder, click here to learn more about your legal rights and options. Envestnet, Inc. (NYSE: ENV)'s sale to Bain Capital for $63.15 in cash per share. I ...

Group 1 - Monteverde & Associates PC is investigating Envestnet, Inc. regarding its proposed merger with Bain Capital Private Equity, LP [1] - Under the merger agreement, Envestnet shareholders will receive $63.15 per share of Envestnet common stock [1] Group 2 - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report [1] - The firm has a successful track record in recovering money for shareholders through class action lawsuits [2]

SAN DIEGO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP, a leading stockholder rights law firm, announced today that it has initiated an investigation into the board members of Envestnet, Inc. (NYSE: ENV) concerning potential breaches of fiduciary duties related to the proposed sale of the Company to private equity firm Bain Capital. On July 11, 2024, Envestnet informed the public that it has agreed to a deal with Bain Capital, in which stockholders will receive $63.15 per share in an all-cash offe ...

Group 1: Earnings Performance - Envestnet reported quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.63 per share, but showing an increase from $0.46 per share a year ago, resulting in an earnings surprise of -12.70% [1] - The company posted revenues of $348.27 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.57% and increasing from $312.43 million year-over-year [2] - Over the last four quarters, Envestnet has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Envestnet shares have increased approximately 25.2% since the beginning of the year, outperforming the S&P 500's gain of 11.5% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is $0.68 on revenues of $345.64 million, and for the current fiscal year, it is $2.63 on revenues of $1.37 billion [7] Group 3: Industry Context - The Financial Transaction Services industry, to which Envestnet belongs, is currently ranked in the top 27% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][6]

Over the past 90 days, the Zacks Consensus Estimate for ENV's full-year earnings has moved 0.6% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive. Byrna Technologies Inc. however, belongs to the Technology Services industry. Currently, this 170-stock industry is ranked #95. The industry has moved +19.3% so far this year. For those looking to find strong Business Services stocks, it is prudent to search for companies in the group that are outperforming ...

Affinity Bank, a wholly-owned subsidiary of Affinity Bancshares, Inc. (NASDAQ: AFBI)'s sale to Atlanta Postal Credit Union. The transaction is structured as a purchase and assumption agreement whereby Atlanta Postal is expected to acquire substantially all assets and assume substantially all liabilities of Affinity Bank in an all-cash transaction. If you are an Affinity shareholder, click here to learn more about your rights and options. Shareholders are encouraged to contact the firm free of charge to disc ...

Click here to learn how to join our investigation https://www.ademilaw.com/case/envestnet-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you. We are investigating the conduct of Envestnet's board of directors, and whether they are fulfilling their fiduciary duties to all shareholders. We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney adv ...

MONSEY, N.Y., July 11, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Envestnet, Inc. (NYSE: ENV) ("Envestnet") to Bain Capital for $63.15 per share in cash. The sales price is well below Envestnet's 52-week high of $73.04 per share, which may indicate an opportunistic buy. Additionally, the premium to Envestnet's closing price of $61.70 per share on July 10, 2024, is only 2.4%. Alternatively, you may contact us by phone at 866-833-6245, or ...

The firm faced a board challenge from an activist investor pushing it to cut costs last year, and it began a leadership transition when then-CEO Bill Crager said in January that he would step down from that role in April. For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter. Wealth technology platform Envestnet plans to go private in a deal with Bain Capital. The company entered into a definitive agreement to be acquired by Bain Capital in a transaction that values Envestnet at $4.5 billion, t ...