Peregrine Capital Management LLC boosted its position in Ebix Inc (NASDAQ:EBIX) by 1.4% during the second quarter, HoldingsChannel reports. The fund owned 199,103 shares of the technology company’s stock after buying an additional 2,844 shares during the quarter. Peregrine Capital Management LLC’s holdings in Ebix were worth $4,452,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. Villere ST Denis J & Co. LLC raised its stake in Ebix by 3.9% in the 1st quarter. Villere ST Denis J & Co. LLC now owns 1,616,404 shares of the technology company’s stock valued at $24,537,000 after acquiring an additional 60,512 shares during the period. P2 Capital Partners LLC increased its position in shares of Ebix by 19.4% during the first quarter. P2 Capital Partners LLC now owns 1,253,000 shares of the technology company’s stock valued at $19,021,000 after buying an additional 203,703 shares during the period. Fred Alger Management LLC increased its position in shares of Ebix by 24.7% during the first quarter. Fred Alger Management LLC now owns 954,056 shares of the technology company’s stock valued at $14,483,000 after buying an additional 189,047 shares during the period. State Street Corp increased its position in shares of Ebix by 17.4% during the first quarter. State Street Corp now owns 848,530 shares of the technology company’s stock valued at $12,881,000 after buying an additional 125,782 shares during the period. Finally, Wasatch Advisors Inc. increased its position in shares of Ebix by 14.7% during the first quarter. Wasatch Advisors Inc. now owns 473,126 shares of the technology company’s stock valued at $7,182,000 after buying an additional 60,614 shares during the period. Institutional investors and hedge funds own 71.93% of the company’s stock.
Several brokerages have recently weighed in on EBIX. Craig Hallum decreased their price target on Ebix from $80.00 to $75.00 in a research report on Thursday, April 30th. BMO Capital Markets decreased their price target on Ebix from $43.00 to $34.00 and set a “market perform” rating on the stock in a research report on Tuesday, May 12th. ValuEngine raised Ebix from a “sell” rating to a “hold” rating in a report on Thursday, July 2nd. Finally, BidaskClub lowered Ebix from a “hold” rating to a “sell” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $47.31.
Ebix (NASDAQ:EBIX) last issued its quarterly earnings data on Monday, May 11th. The technology company reported $0.96 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.94 by $0.02. Ebix had a return on equity of 20.90% and a net margin of 16.63%. The company had revenue of $137.90 million during the quarter, compared to analyst estimates of $139.43 million. During the same quarter in the previous year, the firm earned $1.04 earnings per share. Ebix’s revenue was down 3.5% on a year-over-year basis.
In other Ebix news, Director Neil D. Eckert sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $23.92, for a total value of $239,200.00. Following the completion of the sale, the director now owns 91,987 shares of the company’s stock, valued at $2,200,329.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.20% of the stock is owned by corporate insiders.
Ebix Company Profile
Ebix, Inc provides software and e-commerce solutions to insurance, finance, healthcare, and e-learning 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 finance, travel, life insurance, annuities, employee health benefits, risk management, workers compensation, insurance underwriting, and property and casualty (P&C) insurance.
Read More: Hedge Funds – Risk or Reward?
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