Fmr LLC increased its stake in Ebix Inc (NASDAQ:EBIX) by 2.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,827,062 shares of the technology company’s stock after acquiring an additional 83,421 shares during the quarter. Fmr LLC owned approximately 12.12% of Ebix worth $302,912,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of EBIX. ARK Investment Management LLC purchased a new position in shares of Ebix during the third quarter valued at $147,000. HRT Financial LLC purchased a new position in shares of Ebix during the second quarter valued at $217,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Ebix during the second quarter valued at $236,000. First Hawaiian Bank purchased a new position in shares of Ebix during the third quarter valued at $245,000. Finally, Capital Management Associates NY purchased a new position in shares of Ebix during the third quarter valued at $293,000. Institutional investors and hedge funds own 75.50% of the company’s stock.
A number of research analysts have recently weighed in on EBIX shares. BidaskClub downgraded Ebix from a “sell” rating to a “strong sell” rating in a report on Thursday, November 8th. Maxim Group set a $113.00 price target on Ebix and gave the company a “buy” rating in a report on Thursday, August 9th. ValuEngine downgraded Ebix from a “buy” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, BMO Capital Markets started coverage on Ebix in a report on Wednesday, September 26th. They set a “market perform” rating and a $85.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $97.00.
In other news, CEO Robin Raina acquired 1,000 shares of Ebix stock in a transaction that occurred on Monday, November 12th. The stock was purchased at an average price of $52.45 per share, with a total value of $52,450.00. Following the completion of the transaction, the chief executive officer now owns 3,599,960 shares in the company, valued at $188,817,902. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Fondation Rennes sold 12,800 shares of Ebix stock in a transaction on Wednesday, October 3rd. The shares were sold at an average price of $77.20, for a total value of $988,160.00. Following the sale, the insider now directly owns 3,425,981 shares of the company’s stock, valued at approximately $264,485,733.20. The disclosure for this sale can be found here. 13.50% of the stock is currently owned by company insiders.
EBIX opened at $47.22 on Monday. The firm has a market cap of $1.48 billion, a P/E ratio of 13.45 and a beta of 1.53. Ebix Inc has a 1 year low of $44.96 and a 1 year high of $89.10. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 1.16.
Ebix’s stock is set to split on Friday, December 14th. The 5-1 split was announced on Thursday, September 20th. The newly minted shares will be issued to shareholders after the market closes on Thursday, December 13th.
Ebix (NASDAQ:EBIX) last released its quarterly earnings data on Thursday, November 8th. The technology company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.03). The firm had revenue of $128.64 million for the quarter, compared to analyst estimates of $128.63 million. Ebix had a net margin of 23.85% and a return on equity of 20.55%. Ebix’s revenue for the quarter was up 38.6% compared to the same quarter last year. As a group, analysts predict that Ebix Inc will post 3.6 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be given a dividend of $0.075 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.30 dividend on an annualized basis and a yield of 0.64%. Ebix’s payout ratio is 9.46%.
Ebix, Inc provides software and e-commerce solutions to insurance, finance, and healthcare industries. It offers software development, customization, and consulting services to various entities in the insurance industry, including carriers, brokers, exchanges, and standard making bodies. The company operates data exchanges in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, insurance underwriting, and property and casualty (P&C) insurance.
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