Zacks Investment Research upgraded shares of Ebix (NASDAQ:EBIX) from a hold rating to a buy rating in a report published on Tuesday morning. Zacks Investment Research currently has $89.00 target price on the technology company’s stock.
According to Zacks, “Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries. Ebix 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 has been the subject of several other reports. Sidoti raised their target price on Ebix from $88.00 to $90.00 and gave the company a buy rating in a research note on Tuesday, December 19th. Craig Hallum restated a buy rating and issued a $87.00 target price (up from $80.00) on shares of Ebix in a research note on Thursday, November 9th. Finally, William Blair began coverage on Ebix in a research note on Wednesday, September 27th. They issued an outperform rating for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $88.67.
Shares of Ebix (NASDAQ EBIX) traded up $2.20 during trading on Tuesday, reaching $80.40. The company’s stock had a trading volume of 130,900 shares, compared to its average volume of 171,033. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.62 and a current ratio of 1.62. Ebix has a 52-week low of $52.40 and a 52-week high of $81.85. The firm has a market cap of $2,459.82, a P/E ratio of 26.02, a P/E/G ratio of 2.15 and a beta of 1.74.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 30th were given a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $0.30 annualized dividend and a yield of 0.37%. Ebix’s payout ratio is 9.71%.
In related news, CFO Sean T. Donaghy sold 600 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $75.56, for a total value of $45,336.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Hans U. Benz sold 2,850 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $73.30, for a total transaction of $208,905.00. Following the completion of the transaction, the director now directly owns 2,909 shares in the company, valued at approximately $213,229.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,950 shares of company stock worth $525,316. 13.80% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of EBIX. Riverhead Capital Management LLC grew its holdings in shares of Ebix by 69.5% in the second quarter. Riverhead Capital Management LLC now owns 1,865 shares of the technology company’s stock valued at $101,000 after purchasing an additional 765 shares during the period. Mountain Capital Investment Advisors Inc acquired a new position in shares of Ebix during the 2nd quarter worth $121,000. Victory Capital Management Inc. raised its stake in shares of Ebix by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,621 shares of the technology company’s stock worth $141,000 after buying an additional 392 shares during the last quarter. Pinebridge Investments L.P. raised its stake in shares of Ebix by 1.1% during the 2nd quarter. Pinebridge Investments L.P. now owns 2,867 shares of the technology company’s stock worth $154,000 after buying an additional 32 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of Ebix during the 3rd quarter worth $203,000. 62.76% of the stock is currently owned by hedge funds and other institutional investors.
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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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