Ebix, Inc. (NASDAQ:EBIX) Stock Price Up 8.4% on Earnings Beat

Shares of Ebix, Inc. (NASDAQ:EBIX) rose 8.4% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $62.95 and last traded at $62.90, with a volume of 790,008 shares changing hands. The stock had previously closed at $58.00.

The technology company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.07. The firm had revenue of $87.39 million for the quarter, compared to analysts’ expectations of $81.35 million. Ebix had a net margin of 30.69% and a return on equity of 22.02%.

EBIX has been the topic of a number of recent research reports. Zacks Investment Research cut shares of Ebix from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 2nd. BidaskClub cut shares of Ebix from a “hold” rating to a “sell” rating in a research report on Saturday, July 8th.

In other news, VP Graham John Prior sold 18,500 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $55.33, for a total transaction of $1,023,605.00. Following the transaction, the vice president now directly owns 18,506 shares of the company’s stock, valued at $1,023,936.98. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 13.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Ebix by 120,181.3% in the first quarter. BlackRock Inc. now owns 2,785,714 shares of the technology company’s stock worth $170,625,000 after buying an additional 2,783,398 shares during the last quarter. Villere ST Denis J & Co. LLC boosted its position in Ebix by 12,963.8% in the second quarter. Villere ST Denis J & Co. LLC now owns 587,871 shares of the technology company’s stock worth $31,686,000 after buying an additional 583,371 shares during the last quarter. First Trust Advisors LP boosted its position in Ebix by 34.7% in the second quarter. First Trust Advisors LP now owns 891,181 shares of the technology company’s stock worth $48,035,000 after buying an additional 229,511 shares during the last quarter. Norges Bank purchased a new position in Ebix during the fourth quarter worth approximately $7,916,000. Finally, Vanguard Group Inc. boosted its position in Ebix by 5.0% in the first quarter. Vanguard Group Inc. now owns 2,103,333 shares of the technology company’s stock worth $128,830,000 after buying an additional 99,789 shares during the last quarter. 64.46% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 19.56 and a beta of 1.76. The company has a 50-day moving average price of $56.12 and a 200-day moving average price of $58.20.

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About Ebix

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).