IBEX (NASDAQ:IBEX) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of IBEX (NASDAQ:IBEX) from a strong-buy rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

Several other equities research analysts have also recently commented on IBEX. Robert W. Baird boosted their price target on IBEX from $35.00 to $40.00 and gave the company a “neutral” rating in a research note on Friday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of IBEX in a research report on Friday, July 31st. Three research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $40.00.

IBEX Trading Up 1.7%

Shares of NASDAQ IBEX opened at $40.49 on Friday. IBEX has a one year low of $25.94 and a one year high of $42.40. The firm has a market capitalization of $537.67 million, a PE ratio of 12.94 and a beta of 0.72. The business has a 50-day moving average price of $36.11 and a two-hundred day moving average price of $31.88.

IBEX (NASDAQ:IBEX) last issued its earnings results on Thursday, September 10th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.01. IBEX had a net margin of 7.19% and a return on equity of 28.96%. The company had revenue of $164.27 million during the quarter, compared to analyst estimates of $160.02 million.

Insiders Place Their Bets

In related news, COO David Afdahl sold 17,500 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $37.09, for a total transaction of $649,075.00. Following the completion of the sale, the chief operating officer owned 140,006 shares in the company, valued at $5,192,822.54. This represents a 11.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IBEX. Clearstead Advisors LLC lifted its holdings in shares of IBEX by 159.1% during the fourth quarter. Clearstead Advisors LLC now owns 2,635 shares of the company’s stock worth $101,000 after buying an additional 1,618 shares during the last quarter. California State Teachers Retirement System grew its stake in shares of IBEX by 667.7% in the second quarter. California State Teachers Retirement System now owns 4,161 shares of the company’s stock worth $137,000 after acquiring an additional 3,619 shares during the last quarter. Bailard Inc. acquired a new stake in shares of IBEX in the fourth quarter worth $233,000. Sargent Investment Group LLC bought a new position in IBEX during the fourth quarter worth $249,000. Finally, Evolve Private Wealth LLC increased its position in IBEX by 5.7% during the first quarter. Evolve Private Wealth LLC now owns 10,280 shares of the company’s stock worth $276,000 after acquiring an additional 555 shares during the period. 81.24% of the stock is owned by institutional investors.

About IBEX

IBEX Limited (NASDAQ: IBEX) is a global business process outsourcing and customer experience company. It provides digitally enabled customer support and operational services for brands across industries including e-commerce, health and fitness, fintech, logistics, retail, travel and utilities.

The company’s services include customer care, technical support, sales and customer acquisition, back-office processing, trust and safety, and other specialized business support functions. IBEX combines contact center personnel, analytics, automation and artificial intelligence-enabled tools to help clients manage customer interactions across voice, digital and other communication channels.

IBEX serves clients primarily in North America and other international markets through delivery operations in locations including the United States, the Philippines, Jamaica, Nicaragua and Pakistan.