ePlus inc. (PLUS) Cut to “Hold” at Zacks Investment Research
ePlus inc. (NASDAQ:PLUS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “ePlus inc., an engineering-centric technology solutions provider, provides information technology (IT) products and services, flexible leasing and financing solutions, and enterprise supply management. It operates through two segments, Technology and Financing. The Technology segment offers proprietary software products comprising OneSource IT, an online Web based software portal for customers purchasing IT equipment, software, and services; OneSource Procurement, a Web-based software tool to facilitate procurement of various assets; OneSource Asset Management, a software platform for managing and tracking corporate assets consisting of vendor maintenance contracts; and OneSource DigitalPaper, a document management software application. The Financing segment specializes in financing arrangements, including direct financing, sales-type and operating leases, notes receivable, and consumption based financing arrangements, as well as underwriting and management of IT equipment and assets. “
PLUS has been the topic of several other research reports. ValuEngine upgraded shares of ePlus inc. from a “hold” rating to a “buy” rating in a research note on Tuesday, June 13th. Stifel Nicolaus reaffirmed a “hold” rating and set a $75.00 price target on shares of ePlus inc. in a report on Thursday, August 3rd. Finally, BidaskClub downgraded ePlus inc. from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 9th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.80.
Shares of ePlus inc. (NASDAQ:PLUS) opened at 95.45 on Wednesday. The stock has a market capitalization of $1.35 billion, a P/E ratio of 25.03 and a beta of 1.40. ePlus inc. has a 12-month low of $44.20 and a 12-month high of $95.45. The stock has a 50 day moving average price of $84.07 and a 200 day moving average price of $81.37.
ePlus inc. announced that its board has authorized a stock repurchase program on Friday, August 18th that authorizes the company to repurchase 500,000 shares. This repurchase authorization authorizes the software maker to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other ePlus inc. news, Director Bruce M. Bowen sold 9,600 shares of the business’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $83.77, for a total transaction of $804,192.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John E. Callies sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $83.15, for a total transaction of $83,150.00. The disclosure for this sale can be found here. Insiders sold 16,214 shares of company stock valued at $1,365,802 in the last ninety days. Corporate insiders own 3.25% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PLUS. Great West Life Assurance Co. Can raised its holdings in ePlus inc. by 8.3% during the first quarter. Great West Life Assurance Co. Can now owns 9,649 shares of the software maker’s stock worth $1,302,000 after purchasing an additional 736 shares in the last quarter. Bank of New York Mellon Corp lifted its position in ePlus inc. by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 129,347 shares of the software maker’s stock worth $17,469,000 after purchasing an additional 10,457 shares during the period. BNP Paribas Arbitrage SA lifted its position in ePlus inc. by 8.0% in the first quarter. BNP Paribas Arbitrage SA now owns 1,813 shares of the software maker’s stock worth $245,000 after purchasing an additional 134 shares during the period. Comerica Bank lifted its position in ePlus inc. by 3.6% in the first quarter. Comerica Bank now owns 7,257 shares of the software maker’s stock worth $519,000 after purchasing an additional 253 shares during the period. Finally, Swiss National Bank lifted its position in ePlus inc. by 4.7% in the first quarter. Swiss National Bank now owns 11,114 shares of the software maker’s stock worth $1,501,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 86.94% of the company’s stock.
ePlus inc. Company Profile
ePlus inc. is a holding company. The Company is engaged in the business of selling, leasing, financing and managing information technology. It operates through two segments: technology and financing. The technology segment sells information technology (IT) hardware products, third-party software and maintenance contracts, its own and third-party professional and managed services, and its software.
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