Ebix (NASDAQ:EBIX) posted its earnings results on Thursday. The technology company reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.03), MarketWatch Earnings reports. The company had revenue of $128.64 million for the quarter, compared to analysts’ expectations of $128.63 million. Ebix had a return on equity of 19.99% and a net margin of 24.67%. The business’s quarterly revenue was up 38.6% compared to the same quarter last year.
Shares of EBIX traded down $0.20 during midday trading on Friday, hitting $52.76. 574,069 shares of the company’s stock traded hands, compared to its average volume of 336,137. Ebix has a 1 year low of $50.58 and a 1 year high of $89.10. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 1.08. The firm has a market cap of $1.74 billion, a PE ratio of 16.64 and a beta of 1.64.
Ebix’s stock is going to split on Friday, December 14th. The 5-1 split was announced on Thursday, September 20th. The newly issued shares will be distributed to shareholders after the market closes on Thursday, December 13th.
A number of analysts have weighed in on the company. Maxim Group set a $113.00 target price on Ebix and gave the stock a “buy” rating in a report on Thursday, August 9th. BidaskClub upgraded Ebix from a “hold” rating to a “buy” rating in a report on Saturday, September 15th. Finally, BMO Capital Markets assumed coverage on Ebix in a report on Wednesday, September 26th. They set a “market perform” rating and a $85.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $97.00.
In other news, major shareholder Fondation Rennes sold 12,800 shares of the stock in a transaction on Wednesday, October 3rd. The stock was sold at an average price of $77.20, for a total transaction of $988,160.00. Following the completion of the sale, the insider now owns 3,425,981 shares in the company, valued at approximately $264,485,733.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 13.50% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. Marathon Capital Management lifted its holdings in shares of Ebix by 21.3% during the 2nd quarter. Marathon Capital Management now owns 4,850 shares of the technology company’s stock valued at $369,000 after purchasing an additional 850 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Ebix by 12.3% during the 2nd quarter. Victory Capital Management Inc. now owns 8,660 shares of the technology company’s stock valued at $660,000 after purchasing an additional 948 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Ebix by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,937 shares of the technology company’s stock valued at $628,000 after purchasing an additional 973 shares during the last quarter. NJ State Employees Deferred Compensation Plan lifted its holdings in shares of Ebix by 16.7% during the 3rd quarter. NJ State Employees Deferred Compensation Plan now owns 7,000 shares of the technology company’s stock valued at $554,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Atwood & Palmer Inc. lifted its holdings in shares of Ebix by 0.5% during the 3rd quarter. Atwood & Palmer Inc. now owns 193,628 shares of the technology company’s stock valued at $15,326,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 69.78% of the company’s stock.
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Ebix Company Profile
Ebix, Inc provides software and e-commerce solutions to insurance, finance, and healthcare industries. It offers software development, customization, and consulting services to various entities in the insurance industry, including carriers, brokers, exchanges, and standard making bodies. The company operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, insurance underwriting, and property and casualty (P&C) insurance.
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