Ebix (NASDAQ:EBIX) Price Target Raised to $90.00 at Sidoti

Ebix (NASDAQ:EBIX) had its price objective hoisted by Sidoti from $88.00 to $90.00 in a research report released on Tuesday, December 19th, MarketBeat reports. Sidoti currently has a buy rating on the technology company’s stock.

A number of other research analysts have also recently commented on the company. William Blair initiated coverage on Ebix in a research note on Wednesday, September 27th. They issued an outperform rating for the company. Craig Hallum raised their price objective on Ebix to $80.00 and gave the company a buy rating in a research report on Thursday, October 26th. Finally, Zacks Investment Research lowered Ebix from a buy rating to a hold rating in a research report on Tuesday, November 28th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $88.67.

Ebix (EBIX) traded up $0.80 on Tuesday, hitting $81.20. The stock had a trading volume of 106,734 shares, compared to its average volume of 120,792. The stock has a market cap of $2,530.00, a PE ratio of 26.28, a PEG ratio of 2.22 and a beta of 1.74. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.66. Ebix has a 52 week low of $52.40 and a 52 week high of $81.85.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Thursday, November 30th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Wednesday, November 29th. Ebix’s payout ratio is 9.71%.

In related news, Director Hans U. Benz sold 2,850 shares of Ebix stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $73.30, for a total transaction of $208,905.00. Following the transaction, the director now directly owns 2,909 shares in the company, valued at $213,229.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sean T. Donaghy sold 600 shares of Ebix stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $75.56, for a total value of $45,336.00. The disclosure for this sale can be found here. Insiders sold 6,950 shares of company stock valued at $525,316 in the last ninety days. 13.80% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC lifted its position 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 acquiring an additional 765 shares in the last quarter. Mountain Capital Investment Advisors Inc purchased a new position in shares of Ebix in the second quarter valued at about $121,000. Victory Capital Management Inc. lifted its position in shares of Ebix by 17.6% in the second quarter. Victory Capital Management Inc. now owns 2,621 shares of the technology company’s stock valued at $141,000 after acquiring an additional 392 shares in the last quarter. Pinebridge Investments L.P. lifted its position in shares of Ebix by 1.1% in the second quarter. Pinebridge Investments L.P. now owns 2,867 shares of the technology company’s stock valued at $154,000 after acquiring an additional 32 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Ebix by 10.5% in the second quarter. US Bancorp DE now owns 2,991 shares of the technology company’s stock valued at $161,000 after acquiring an additional 285 shares in the last quarter. Institutional investors own 62.76% of the company’s stock.

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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).

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