Federated Investors Inc. PA Purchases 10,785 Shares of ePlus inc. (PLUS)
Federated Investors Inc. PA boosted its position in shares of ePlus inc. (NASDAQ:PLUS) by 8.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 141,511 shares of the software maker’s stock after buying an additional 10,785 shares during the period. Federated Investors Inc. PA owned approximately 1.00% of ePlus inc. worth $10,486,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sei Investments Co. boosted its position in shares of ePlus inc. by 169.6% in the second quarter. Sei Investments Co. now owns 1,386 shares of the software maker’s stock worth $103,000 after buying an additional 872 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in shares of ePlus inc. during the second quarter worth approximately $111,000. Elkfork Partners LLC boosted its position in shares of 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 in the last quarter. Bank of Montreal Can boosted its position in shares of ePlus inc. by 74.2% in the second quarter. Bank of Montreal Can now owns 1,606 shares of the software maker’s stock worth $119,000 after buying an additional 684 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in shares of ePlus inc. by 254.7% in the second quarter. State of Alaska Department of Revenue now owns 2,589 shares of the software maker’s stock worth $191,000 after buying an additional 1,859 shares in the last quarter. 86.85% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ePlus inc. (PLUS) opened at 81.70 on Tuesday. ePlus inc. has a 1-year low of $43.68 and a 1-year high of $89.65. The company’s 50 day moving average price is $80.62 and its 200-day moving average price is $89.77. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 21.43 and a beta of 1.41.
ePlus inc. announced that its board has approved a share buyback plan on Friday, August 18th that allows the company to repurchase 500,000 shares. This repurchase authorization allows the software maker to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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A number of research analysts have recently commented on PLUS shares. ValuEngine raised ePlus inc. from a “hold” rating to a “buy” rating in a research report on Tuesday, June 13th. Zacks Investment Research raised ePlus inc. from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research report on Saturday, August 19th. BidaskClub cut ePlus inc. from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 9th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $75.00 price target on shares of ePlus inc. in a research report on Thursday, August 3rd. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $44.80.
In other ePlus inc. news, Director Eric D. Hovde sold 35,774 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $78.60, for a total value of $2,811,836.40. Following the completion of the sale, the director now owns 74,163 shares in the company, valued at approximately $5,829,211.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director C Thomas Faulders III sold 5,214 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $85.43, for a total transaction of $445,432.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 71,317 shares of company stock valued at $5,665,433. 3.25% of the stock is owned by insiders.
About ePlus inc.
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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