Euronet Worldwide Inc. (EEFT) Raised to Buy at Zacks Investment Research
Euronet Worldwide Inc. (NASDAQ:EEFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The brokerage currently has a $94.00 price target on the stock. Zacks Investment Research’s price objective suggests a potential upside of 12.13% from the stock’s previous close.
According to Zacks, “Euronet Services Inc. is an industry leader in providing secure electronic financial transaction solutions. The company offers financial payment middleware, financial network gateways, outsourcing and consulting services to financial institutions and mobile operators. (Press Release) “
Separately, SunTrust Banks Inc. began coverage on Euronet Worldwide in a research note on Wednesday. They issued a “buy” rating and a $98.00 target price for the company. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $88.14.
Euronet Worldwide (NASDAQ:EEFT) traded up 0.20% during mid-day trading on Wednesday, hitting $83.83. 508,091 shares of the stock traded hands. The firm has a market capitalization of $4.37 billion, a P/E ratio of 30.46 and a beta of 1.49. The company has a 50-day moving average of $79.94 and a 200 day moving average of $76.62. Euronet Worldwide has a 1-year low of $52.00 and a 1-year high of $84.43.
Euronet Worldwide (NASDAQ:EEFT) last issued its earnings results on Tuesday, July 26th. The company reported $0.97 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.07. The business earned $476.90 million during the quarter, compared to analyst estimates of $470.99 million. Euronet Worldwide had a return on equity of 22.65% and a net margin of 8.01%. Euronet Worldwide’s revenue for the quarter was up 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 earnings per share. On average, equities research analysts anticipate that Euronet Worldwide will post $4.07 EPS for the current year.
In related news, VP Jeffrey B. Newman sold 5,772 shares of the firm’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $77.80, for a total value of $449,061.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Kevin J. Caponecchi sold 58,573 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $75.52, for a total value of $4,423,432.96. The disclosure for this sale can be found here. 7.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Euronet Worldwide during the first quarter worth approximately $25,939,000. State Street Corp raised its stake in shares of Euronet Worldwide by 2.4% in the first quarter. State Street Corp now owns 956,898 shares of the company’s stock worth $70,918,000 after buying an additional 22,785 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Euronet Worldwide by 3.7% in the first quarter. Geode Capital Management LLC now owns 344,720 shares of the company’s stock worth $25,547,000 after buying an additional 12,295 shares during the last quarter. BlackRock Inc. raised its stake in shares of Euronet Worldwide by 50.0% in the first quarter. BlackRock Inc. now owns 3,464 shares of the company’s stock worth $257,000 after buying an additional 1,154 shares during the last quarter. Finally, Kennedy Capital Management Inc. raised its stake in shares of Euronet Worldwide by 13.8% in the first quarter. Kennedy Capital Management Inc. now owns 279,616 shares of the company’s stock worth $20,722,000 after buying an additional 33,952 shares during the last quarter. 89.92% of the stock is owned by institutional investors.
About Euronet Worldwide
Euronet Worldwide, Inc is an electronic payments provider. The Company offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Its product offerings include automated teller machine (ATM), point-of-sale (POS), card outsourcing, card issuing and merchant acquiring services, electronic distribution of prepaid mobile airtime and other electronic payment products.
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