Ebix Inc (EBIX) Receives a Buy from Maxim Group

Maxim Group analyst Allen Klee reiterated a Buy rating on Ebix Inc (NASDAQ: EBIX) today and set a price target of $113. The company’s shares opened today at $71.48.

Klee wrote:

“A new Indian auditing firm has been selected for fiscal 2018 and it has stated that its opinion does not disagree with any of the accounting or disclosures of the prior firm. The U.S. firm will continue to conduct the audit for U.S operations in 2018.”

According to TipRanks.com, Klee is a 1-star analyst with an average return of -0.6% and a 38.7% success rate. Klee covers the Technology sector, focusing on stocks such as Helios & Matheson North America Inc, Net 1 Ueps, and Stampscom.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ebix Inc with a $99 average price target.

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Based on Ebix Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $29.18 million. In comparison, last year the company had a net profit of $24.18 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.

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