Maxim Group Initiates a Buy Rating on Ebix Inc

By Austin Angelo

Maxim Group analyst Allen Klee initiated coverage with a Buy rating on Ebix Inc (NASDAQ: EBIX) today and set a price target of $108. The company’s shares closed yesterday at $79.50.

Klee said:

“EBIX is a leader in technology solutions to the insurance industry with an expanding presence in finance and healthcare while providing cost savings and better automation.”

According to TipRanks.com, Klee is a 2-star analyst with an average return of 6.6% and a 70.0% success rate. Klee covers the Technology sector, focusing on stocks such as Stampscom, Agilysys, and Rignet.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ebix Inc with a $108 average price target.

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Based on Ebix Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $26.21 million. In comparison, last year the company had a net profit of $23.43 million.

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Ebix, Inc. engages in the provision of software and e-commerce services to the insurance, finance, and healthcare industries. It operates through the following products and services: Exchanges; Broker P&C Systems; Risk Compliance Solutions; and Carrier P&C systems.