Zacks Investment Research Upgrades ePlus inc. (PLUS) to Buy
ePlus inc. (NASDAQ:PLUS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The brokerage currently has a $90.00 price target on the software maker’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.29% from the stock’s current price.
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. “
Other analysts have also recently issued reports about the stock. BidaskClub cut shares of ePlus inc. from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 9th. Stifel Nicolaus restated a “hold” rating and set a $75.00 price target on shares of ePlus inc. in a research note on Thursday, August 3rd. Finally, ValuEngine upgraded shares of ePlus inc. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. ePlus inc. has a consensus rating of “Buy” and a consensus price target of $44.80.
ePlus inc. (NASDAQ PLUS) opened at 81.60 on Friday. The company has a market capitalization of $1.16 billion, a PE ratio of 21.40 and a beta of 1.41. The firm has a 50-day moving average of $79.68 and a 200 day moving average of $90.95. ePlus inc. has a 12-month low of $42.28 and a 12-month high of $89.65.
ePlus inc. announced that its board has authorized a share buyback program on Friday, August 18th that permits the company to buyback 500,000 outstanding shares. This buyback authorization permits the software maker to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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In related news, insider Phillip G. Norton sold 20,880 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $79.04, for a total transaction of $1,650,355.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John E. Callies sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $83.15, for a total transaction of $83,150.00. The disclosure for this sale can be found here. Insiders have sold a total of 71,317 shares of company stock worth $5,665,433 in the last ninety days. 3.25% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its stake in ePlus inc. by 8.0% in the first quarter. BNP Paribas Arbitrage SA now owns 1,813 shares of the software maker’s stock worth $245,000 after buying an additional 134 shares during the period. Bank of New York Mellon Corp raised its stake in ePlus inc. by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 129,347 shares of the software maker’s stock worth $17,469,000 after buying an additional 10,457 shares during the period. Elkfork Partners LLC raised its stake in ePlus inc. by 160.0% in the first quarter. Elkfork Partners LLC now owns 884 shares of the software maker’s stock worth $119,000 after buying an additional 544 shares during the period. Capital One National Association raised its stake in ePlus inc. by 3.7% in the first quarter. Capital One National Association now owns 8,588 shares of the software maker’s stock worth $1,160,000 after buying an additional 304 shares during the period. Finally, Chicago Equity Partners LLC raised its stake in ePlus inc. by 9.6% in the first quarter. Chicago Equity Partners LLC now owns 47,545 shares of the software maker’s stock worth $6,421,000 after buying an additional 4,165 shares during the period. 51.93% of the stock is currently owned by institutional investors and hedge funds.
ePlus inc. 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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