Zacks Investment Research Upgrades ePlus Inc. (PLUS) to Strong-Buy
ePlus Inc. (NASDAQ:PLUS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The firm currently has a $112.00 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 15.58% from the company’s previous close.
According to Zacks, “ePlus Inc. serves as the parent holding company for ePlus Group, Inc., ePlus Technology of NC, Inc., ePlus Technology of PA, Inc., ePlus Technology, Inc., ePlus Government, Inc., ePlus Capital, Inc., ePlus Systems, Inc., ePlus Content Services, Inc and MLC Leasing, S.A. de C.V. “
Separately, Canaccord Genuity restated a “buy” rating and set a $110.00 target price on shares of ePlus in a research report on Thursday, August 4th.
Shares of ePlus (NASDAQ:PLUS) opened at 96.90 on Tuesday. The stock has a market cap of $686.05 million, a price-to-earnings ratio of 14.63 and a beta of 1.08. ePlus has a 52 week low of $61.78 and a 52 week high of $103.94. The firm has a 50-day moving average price of $92.74 and a 200-day moving average price of $87.25.
In other news, CFO Elaine D. Marion sold 3,500 shares of the business’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $85.80, for a total transaction of $300,300.00. Following the completion of the sale, the chief financial officer now owns 54,852 shares of the company’s stock, valued at $4,706,301.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Phillip G. Norton sold 51,832 shares of the business’s stock in a transaction dated Friday, September 23rd. The stock was sold at an average price of $90.43, for a total transaction of $4,687,167.76. Following the sale, the insider now directly owns 38,702 shares of the company’s stock, valued at approximately $3,499,821.86. The disclosure for this sale can be found here. 8.20% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Emerald Acquisition Ltd. bought a new stake in ePlus during the second quarter worth approximately $2,465,000. Osmium Partners LLC bought a new stake in ePlus during the first quarter worth approximately $217,000. California State Teachers Retirement System boosted its stake in ePlus by 10.5% in the second quarter. California State Teachers Retirement System now owns 13,255 shares of the company’s stock worth $1,084,000 after buying an additional 1,259 shares in the last quarter. California Public Employees Retirement System boosted its stake in ePlus by 0.9% in the second quarter. California Public Employees Retirement System now owns 34,200 shares of the company’s stock worth $2,797,000 after buying an additional 300 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in ePlus by 33.8% in the second quarter. Victory Capital Management Inc. now owns 1,433 shares of the company’s stock worth $117,000 after buying an additional 362 shares in the last quarter. 80.55% of the stock is owned by institutional investors and hedge funds.
ePlus Company Profile
ePlus inc. is a holding company. The Company is engaged in the business of selling, leasing, financing and managing information technology. It operates through two segments: technology and financing. The technology segment sells information technology (IT) hardware products, third-party software and maintenance contracts, its own and third-party professional and managed services, and its software.
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