Ebix Inc. (EBIX) Stock Rating Upgraded by Zacks Investment Research
Ebix Inc. (NASDAQ:EBIX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $67.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 13.85% from the stock’s previous close.
According to Zacks, “Ebix Inc is one of the leading international suppliers of software and e-commerce solutions to the insurance industry. The company strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations. “
Ebix (NASDAQ:EBIX) opened at 58.85 on Friday. Ebix has a 52 week low of $28.28 and a 52 week high of $61.00. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 21.38 and a beta of 1.75. The company has a 50-day moving average of $56.49 and a 200-day moving average of $52.65.
Ebix (NASDAQ:EBIX) last released its quarterly earnings data on Wednesday, November 9th. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.11. Ebix had a net margin of 31.60% and a return on equity of 21.72%. The firm had revenue of $74.60 million for the quarter, compared to analyst estimates of $73 million. Equities research analysts forecast that Ebix will post $2.83 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th will be paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend is Monday, November 28th. Ebix’s dividend payout ratio (DPR) is 10.87%.
In related news, CFO Robert F. Kerris sold 1,171 shares of the firm’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $59.22, for a total transaction of $69,346.62. Following the transaction, the chief financial officer now directly owns 3,500 shares of the company’s stock, valued at $207,270. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 13.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company purchased a new position in Ebix during the third quarter worth $20,317,000. Two Sigma Advisers LP raised its position in Ebix by 30.3% in the third quarter. Two Sigma Advisers LP now owns 41,696 shares of the company’s stock worth $2,370,000 after buying an additional 9,700 shares during the last quarter. P2 Capital Partners LLC raised its position in Ebix by 0.6% in the third quarter. P2 Capital Partners LLC now owns 1,634,690 shares of the company’s stock worth $92,932,000 after buying an additional 9,626 shares during the last quarter. Piermont Capital Management Inc. raised its position in Ebix by 9.3% in the third quarter. Piermont Capital Management Inc. now owns 22,234 shares of the company’s stock worth $1,264,000 after buying an additional 1,900 shares during the last quarter. Finally, Morgan Stanley raised its position in Ebix by 55.3% in the third quarter. Morgan Stanley now owns 168,949 shares of the company’s stock worth $9,604,000 after buying an additional 60,190 shares during the last quarter. 68.94% of the stock is currently owned by institutional investors.
Ebix Company Profile
Ebix, Inc (Ebix) is a supplier of software and e-commerce solutions to the insurance industry. Ebix provides application software products for the insurance industry, including carrier systems, agency systems and exchanges, as well as custom software development. Ebix conducts its operations through four channels, which include Exchanges, Carrier Systems, Broker Systems and Risk Compliance Solutions (RCS).
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