BlackRock Inc. grew its stake in ePlus inc. (NASDAQ:PLUS) by 96.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,554,745 shares of the software maker’s stock after buying an additional 761,763 shares during the period. BlackRock Inc. owned 11.26% of ePlus inc. worth $115,207,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the company. Nationwide Fund Advisors boosted its stake in ePlus inc. by 102.3% during the 2nd quarter. Nationwide Fund Advisors now owns 179,419 shares of the software maker’s stock worth $13,295,000 after purchasing an additional 90,717 shares during the period. Origin Asset Management LLP boosted its stake in ePlus inc. by 100.0% during the 2nd quarter. Origin Asset Management LLP now owns 5,950 shares of the software maker’s stock worth $441,000 after purchasing an additional 2,975 shares during the period. Ameriprise Financial Inc. boosted its stake in ePlus inc. by 57.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 86,219 shares of the software maker’s stock worth $6,390,000 after purchasing an additional 31,434 shares during the period. TIAA CREF Investment Management LLC boosted its stake in ePlus inc. by 106.7% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 35,159 shares of the software maker’s stock worth $2,605,000 after purchasing an additional 18,152 shares during the period. Finally, Teachers Advisors LLC boosted its stake in ePlus inc. by 120.3% during the 2nd quarter. Teachers Advisors LLC now owns 23,664 shares of the software maker’s stock worth $1,754,000 after purchasing an additional 12,924 shares during the period. Institutional investors and hedge funds own 86.58% of the company’s stock.
In other ePlus inc. news, CEO Mark P. Marron sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $93.40, for a total transaction of $934,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce M. Bowen sold 400 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $82.57, for a total value of $33,028.00. The disclosure for this sale can be found here. Insiders have sold a total of 29,214 shares of company stock worth $2,580,002 in the last ninety days. Insiders own 3.25% of the company’s stock.
Several analysts have recently commented on the stock. Stifel Nicolaus restated a “hold” rating and issued a $75.00 target price on shares of ePlus inc. in a research note on Tuesday, October 17th. Zacks Investment Research cut shares of ePlus inc. from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. ValuEngine cut shares of ePlus inc. from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, BidaskClub downgraded shares of ePlus inc. from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 9th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. ePlus inc. has a consensus rating of “Hold” and a consensus target price of $45.80.
ePlus inc. (NASDAQ PLUS) opened at 93.85 on Friday. The stock has a 50 day moving average of $89.56 and a 200-day moving average of $79.75. ePlus inc. has a one year low of $44.20 and a one year high of $97.75. The stock has a market cap of $1.33 billion, a P/E ratio of 24.61 and a beta of 1.40.
ePlus inc. declared that its Board of Directors has approved a stock buyback program on Friday, August 18th that allows the company to buyback 500,000 shares. This buyback authorization allows the software maker to repurchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
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ePlus inc. 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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