Ebix (EBIX) Downgraded to “Sell” at BidaskClub

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BidaskClub lowered shares of Ebix (NASDAQ:EBIX) from a hold rating to a sell rating in a report released on Tuesday morning.

EBIX has been the subject of a number of other research reports. Maxim Group set a $22.60 target price on Ebix and gave the stock a buy rating in a research report on Thursday, November 29th. BMO Capital Markets dropped their target price on Ebix to $62.00 and set a market perform rating for the company in a research report on Tuesday, March 5th. They noted that the move was a valuation call. Finally, TheStreet downgraded Ebix from a b- rating to a c+ rating in a research report on Friday, December 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $42.30.

Shares of EBIX opened at $50.50 on Tuesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.28. Ebix has a 52-week low of $39.27 and a 52-week high of $89.10. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 13.54 and a beta of 1.61.

Ebix (NASDAQ:EBIX) last issued its quarterly earnings data on Friday, March 1st. The technology company reported $1.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.11. The firm had revenue of $136.33 million during the quarter, compared to the consensus estimate of $130.43 million. Ebix had a return on equity of 21.64% and a net margin of 18.71%. The company’s revenue was up 30.2% on a year-over-year basis.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 28th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, February 27th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.59%. Ebix’s payout ratio is currently 8.04%.

In other news, CEO Robin Raina bought 2,500 shares of the company’s stock in a transaction dated Friday, December 21st. The stock was bought at an average price of $39.71 per share, for a total transaction of $99,275.00. Following the completion of the transaction, the chief executive officer now directly owns 3,602,460 shares in the company, valued at approximately $143,053,686.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 13.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EBIX. RK Capital Management LLC bought a new stake in Ebix in the third quarter valued at about $1,409,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Ebix in the third quarter valued at about $31,024,000. Millennium Management LLC increased its holdings in Ebix by 4,483.4% in the fourth quarter. Millennium Management LLC now owns 313,962 shares of the technology company’s stock valued at $13,362,000 after purchasing an additional 307,112 shares during the last quarter. Two Sigma Investments LP increased its holdings in Ebix by 16,862.1% in the fourth quarter. Two Sigma Investments LP now owns 301,718 shares of the technology company’s stock valued at $12,841,000 after purchasing an additional 303,518 shares during the last quarter. Finally, BlackRock Inc. increased its holdings in Ebix by 5.8% in the third quarter. BlackRock Inc. now owns 3,396,207 shares of the technology company’s stock valued at $268,811,000 after purchasing an additional 185,061 shares during the last quarter. Institutional investors and hedge funds own 76.70% of the company’s stock.

About 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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