Zacks Investment Research Downgrades Ebix (EBIX) to Hold

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.

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. “

Several other equities analysts have also issued reports on EBIX. Craig Hallum reiterated a “buy” rating and issued a $87.00 price objective (up from $80.00) on shares of Ebix in a research report on Thursday, November 9th. Sidoti boosted their price objective on Ebix from $88.00 to $90.00 and gave the company a “buy” rating in a research report on Tuesday, December 19th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $89.33.

Shares of Ebix (NASDAQ:EBIX) traded up $2.60 on Wednesday, hitting $83.85. The company had a trading volume of 156,863 shares, compared to its average volume of 143,853. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.62 and a quick ratio of 1.62. Ebix has a 1-year low of $52.40 and a 1-year high of $84.60. The firm has a market cap of $2,557.34, a price-to-earnings ratio of 27.14, a PEG ratio of 2.20 and a beta of 1.74.

In related news, CFO Sean T. Donaghy sold 600 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $75.56, for a total value of $45,336.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Leon Royden Thomas D’apice sold 3,500 shares of the business’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $77.45, for a total value of $271,075.00. Following the completion of the transaction, the executive vice president now owns 63,971 shares of the company’s stock, valued at $4,954,553.95. The disclosure for this sale can be found here. 13.80% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EBIX. Wells Fargo & Company MN lifted its stake in Ebix by 24.7% in the 2nd quarter. Wells Fargo & Company MN now owns 34,325 shares of the technology company’s stock valued at $1,850,000 after acquiring an additional 6,801 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Ebix by 1.4% in the 2nd quarter. Alliancebernstein L.P. now owns 36,500 shares of the technology company’s stock valued at $1,967,000 after acquiring an additional 500 shares in the last quarter. California Public Employees Retirement System lifted its stake in Ebix by 2.2% in the 2nd quarter. California Public Employees Retirement System now owns 100,600 shares of the technology company’s stock valued at $5,422,000 after acquiring an additional 2,200 shares in the last quarter. Voya Investment Management LLC lifted its stake in Ebix by 12.4% in the 2nd quarter. Voya Investment Management LLC now owns 11,849 shares of the technology company’s stock valued at $639,000 after acquiring an additional 1,304 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Ebix by 50.3% in the 2nd quarter. Goldman Sachs Group Inc. now owns 103,347 shares of the technology company’s stock valued at $5,571,000 after acquiring an additional 34,570 shares in the last quarter. Hedge funds and other institutional investors own 62.85% 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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