Envestnet Inc Stock Price, News & Analysis

Impactive Capital, a significant shareholder of Envestnet (ENV) owning 7.5% of shares, has nominated four director candidates for the 2023 Annual Meeting, citing the company's poor performance and governance issues. Envestnet has underperformed the S&P 500 by 61% over five years, achieving only a 6% return compared to over 113% for its peers. Impactive criticized the Board for dilutive capital allocation, lack of shareholder alignment, and inadequate governance commitment, advocating for changes to improve long-term shareholder value.

Envestnet, Inc. (NYSE: ENV) will participate in investor conferences on December 7-8, 2022. On December 7, the company is set for 1x1 and small group meetings at the Goldman Sachs U.S. Financial Services Conference in New York, NY. The following day, Envestnet will engage in a fireside chat at the D.A. Davidson FinTech & Payments Spotlight Conference, starting at 2:00 PM ET, also in New York. Interested parties can access the fireside chat via the company's investor relations website.

First Women’s Bank (FWB) has partnered with Airbnb, BCG, Principal Financial Group (PFG), Salesforce (CRM), and Envestnet (ENV) to promote gender equality in lending. These Mission Partners aim to provide better economic opportunities for women-led businesses. FWB combines national Small Business Administration lending with corporate deposits to enhance financing accessibility. Allyson Felix has joined as a Strategic Advisor, emphasizing women's empowerment in business. FWB is positioned as a unique women-founded, women-led bank dedicated to supporting women in the economy.

Envestnet announced a deeper integration of its BillFin™ client billing solution with Schwab Advisor Services, enhancing capabilities for independent investment advisors. The integration offers flexible billing setups, standardized templates, and automated processes, benefiting over 670 advisory firms managing over $10 trillion in assets. This collaboration aims to improve operational efficiencies and simplify billing workflows, reinforcing Envestnet's position in financial services billing technology.

Envestnet, Inc. (NYSE: ENV) has successfully closed a private offering of $575 million in 2.625% convertible notes due December 1, 2027. The offering included an additional $75 million option exercised by initial purchasers. The net proceeds of approximately $558.4 million will fund the repurchase of outstanding convertible notes and capped call transactions, while remaining funds will support general corporate purposes. The notes are unsecured and convertible under specific conditions, with a conversion price of about $73.37 per share.

On November 15, 2022, Envestnet (NYSE: ENV) announced its priced offering of $500 million in 2.625% convertible notes due 2027, an increase from a prior $350 million offering. The notes will mature on December 1, 2027, with semi-annual interest payments starting June 1, 2023. A capped call transaction was also established to mitigate potential dilution. Envestnet intends to use approximately $494.2 million of the net proceeds to repurchase outstanding convertible notes and remaining funds for general corporate purposes. The offering is expected to close on November 17, 2022.

Envestnet, Inc. (NYSE: ENV) announced a private offering of $350 million in convertible notes due 2027, with an option for an additional $52.5 million. The offering aims to raise capital for share repurchases, the repurchase of existing convertible notes, and general corporate purposes. The convertible notes will be unsecured and subordinated to existing credit obligations, with interest payable semi-annually. The company anticipates using proceeds for capped call transactions to mitigate potential dilution. The offering is subject to market conditions and is aimed at qualified institutional buyers.

Envestnet (NYSE: ENV) reported a modest 1% increase in total revenues for Q3 2022, reaching $306.7 million, compared to $303.1 million in Q3 2021. However, the company faced a net loss of $8.7 million, down from a net income of $11.4 million in the same period last year. Adjusted EBITDA dropped 19% to $53.5 million, and adjusted net income decreased 26% to $29.5 million. Envestnet reported increased operating expenses, primarily in compensation and general administration, which were 7% higher year-over-year.

Envestnet has implemented significant technological updates in Q3, enhancing user experience across its WealthTech, Solutions, and Data and Analytics sectors. New features in Envestnet | MoneyGuide include estate planning tools, a client prospecting center, and debt consolidation strategies. The company's Tamarac platform has integrated with FIDx for annuity solutions and the Envestnet Credit Exchange for strategic credit management. Additionally, a new Wealth Data Platform has been introduced, aiming to streamline data connections for wealth advisory firms, ensuring advisors can provide comprehensive financial strategies.