More Advisors Hopping on Platform Says Envestnet President

Shares of Envestnet are up over 11 percent so far in this year and the second half is shaping up well as more financial advisors hop onto its platform.
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Shares of Envestnet (ENV) - Get Report are up over 11% so far in this year and the financial software provider's president Bill Crager said the second half is shaping up well as more financial advisors hop onto its platform. 'We are in a unique place in the industry where we are seeing advisor growth and that is something we are really focused on,' said Crager. Earlier this month, Envestnet reported first quarter 2016 adjusted revenue up 37 percent to $132 million from $96.5 million for the first quarter of 2015. Adjusted EBITDA increased 14 percent to $19.2 million for the first quarter of 2016, compared to $16.8 million for the first quarter of 2015. Adjusted net income was $7.8 million, or $0.18 a diluted share, for the first quarter of 2016, compared to $8.4 million, or $0.22 a diluted share, for the first quarter of 2015. That was three cents better than the Wall Street analyst consensus forecast, but it was still almost 20 percent lower than the year-ago quarter's results.