Ebix (NASDAQ:EBIX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, March 7th.
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. “
A number of other brokerages have also recently weighed in on EBIX. BidaskClub upgraded Ebix from a “buy” rating to a “strong-buy” rating in a research report on Saturday, February 17th. Craig Hallum restated a “buy” rating and issued a $110.00 price target (up previously from $87.00) on shares of Ebix in a research report on Monday, March 5th. Finally, Sidoti increased their price objective on Ebix from $88.00 to $90.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $95.67.
Ebix (NASDAQ:EBIX) last announced its quarterly earnings results on Thursday, March 1st. The technology company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.05. Ebix had a return on equity of 20.67% and a net margin of 27.65%. The business had revenue of $104.68 million during the quarter, compared to analysts’ expectations of $96.33 million. analysts forecast that Ebix will post 3.9 EPS for the current year.
In related news, EVP Leon Royden Thomas D’apice sold 3,500 shares of the stock in a transaction on Friday, December 15th. The stock was sold at an average price of $77.45, for a total transaction of $271,075.00. Following the sale, the executive vice president now owns 63,971 shares of the company’s stock, valued at $4,954,553.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 13.80% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. California Public Employees Retirement System boosted its stake in shares of Ebix by 5.6% during the third quarter. California Public Employees Retirement System now owns 106,268 shares of the technology company’s stock valued at $6,934,000 after acquiring an additional 5,668 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Ebix by 2.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 133,853 shares of the technology company’s stock worth $8,734,000 after buying an additional 2,827 shares during the last quarter. PenderFund Capital Management Ltd. acquired a new stake in Ebix in the 4th quarter worth about $8,222,000. Arizona State Retirement System boosted its stake in Ebix by 224.2% in the 4th quarter. Arizona State Retirement System now owns 37,008 shares of the technology company’s stock worth $2,933,000 after buying an additional 25,594 shares during the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in Ebix in the 4th quarter worth about $370,000. 63.97% of the stock is currently owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION WARNING: “Ebix (NASDAQ:EBIX) Lowered to Hold at Zacks Investment Research” was reported by StockNewsTimes and is the property of of StockNewsTimes. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of international trademark & copyright laws. The original version of this news story can be read at https://stocknewstimes.com/2018/03/14/ebix-ebix-cut-to-hold-at-zacks-investment-research.html.
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).
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Ebix Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ebix and related companies with MarketBeat.com's FREE daily email newsletter.