Ebix Inc (NASDAQ:EBIX)’s share price traded up 6.1% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $50.98 and last traded at $50.78. 494,885 shares traded hands during trading, an increase of 55% from the average session volume of 318,809 shares. The stock had previously closed at $47.85.
The technology company reported $1.04 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.09. Ebix had a net margin of 18.71% and a return on equity of 21.64%. The business had revenue of $142.90 million for the quarter, compared to the consensus estimate of $139.32 million. During the same period in the prior year, the business posted $0.83 earnings per share. Ebix’s revenue for the quarter was up 32.1% compared to the same quarter last year.
Several equities analysts have commented on the stock. Maxim Group reissued a “buy” rating and set a $124.00 target price on shares of Ebix in a research report on Thursday. BidaskClub downgraded shares of Ebix from a “buy” rating to a “hold” rating in a research report on Tuesday, March 5th. Finally, BMO Capital Markets lowered their target price on shares of Ebix to $62.00 and set a “market perform” rating on the stock in a research report on Tuesday, March 5th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $93.00.
A number of institutional investors have recently bought and sold shares of EBIX. Bank of New York Mellon Corp boosted its holdings in Ebix by 4.6% during the third quarter. Bank of New York Mellon Corp now owns 306,846 shares of the technology company’s stock valued at $24,287,000 after acquiring an additional 13,362 shares during the period. AQR Capital Management LLC boosted its holdings in Ebix by 7.5% during the third quarter. AQR Capital Management LLC now owns 47,584 shares of the technology company’s stock valued at $3,766,000 after acquiring an additional 3,331 shares during the period. Legal & General Group Plc boosted its holdings in Ebix by 9.9% during the third quarter. Legal & General Group Plc now owns 53,298 shares of the technology company’s stock valued at $4,197,000 after acquiring an additional 4,784 shares during the period. Vanguard Group Inc. boosted its holdings in Ebix by 2.5% during the third quarter. Vanguard Group Inc. now owns 2,251,861 shares of the technology company’s stock valued at $178,234,000 after acquiring an additional 55,539 shares during the period. Finally, Marshall Wace LLP bought a new stake in Ebix during the third quarter valued at about $692,000. 78.00% of the stock is currently owned by hedge funds and other institutional investors.
The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 1.28. The firm has a market cap of $1.47 billion, a PE ratio of 13.61 and a beta of 1.54.
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About Ebix (NASDAQ:EBIX)
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.
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