Royal Bank of Canada Purchases 11,892 Shares of ePlus inc. (PLUS)
Royal Bank of Canada boosted its position in ePlus inc. (NASDAQ:PLUS) by 100.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,677 shares of the software maker’s stock after buying an additional 11,892 shares during the quarter. Royal Bank of Canada owned approximately 0.17% of ePlus inc. worth $1,755,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. raised its position in ePlus inc. by 96.1% in the 2nd quarter. BlackRock Inc. now owns 1,554,745 shares of the software maker’s stock valued at $115,207,000 after buying an additional 761,763 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in ePlus inc. by 96.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,173,675 shares of the software maker’s stock valued at $86,970,000 after purchasing an additional 576,536 shares in the last quarter. Fiduciary Management Inc. WI grew its stake in ePlus inc. by 102.6% in the second quarter. Fiduciary Management Inc. WI now owns 1,063,046 shares of the software maker’s stock valued at $78,772,000 after purchasing an additional 538,286 shares in the last quarter. FMR LLC grew its stake in ePlus inc. by 171.3% in the second quarter. FMR LLC now owns 959,478 shares of the software maker’s stock valued at $71,097,000 after purchasing an additional 605,842 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in ePlus inc. by 101.5% in the second quarter. Vanguard Group Inc. now owns 919,169 shares of the software maker’s stock valued at $68,110,000 after purchasing an additional 462,907 shares in the last quarter. 86.18% of the stock is currently owned by institutional investors and hedge funds.
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A number of research analysts have weighed in on PLUS shares. Zacks Investment Research upgraded ePlus inc. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 26th. Stifel Nicolaus restated a “hold” rating and issued a $75.00 price target on shares of ePlus inc. in a research note on Thursday, August 3rd. BidaskClub downgraded ePlus inc. from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 9th. Finally, ValuEngine downgraded ePlus inc. from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $45.80.
ePlus inc. (NASDAQ PLUS) opened at 93.20 on Tuesday. ePlus inc. has a 1-year low of $44.38 and a 1-year high of $97.75. The firm has a 50-day moving average price of $90.69 and a 200-day moving average price of $80.47. The company has a market capitalization of $1.32 billion, a P/E ratio of 24.44 and a beta of 1.40.
ePlus inc. announced that its Board of Directors has approved a stock repurchase program on Friday, August 18th that authorizes the company to repurchase 500,000 shares. This repurchase authorization authorizes the software maker to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, Director Bruce M. Bowen sold 400 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $82.57, for a total value of $33,028.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director C Thomas Faulders III sold 5,214 shares of the stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $85.43, for a total value of $445,432.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,214 shares of company stock valued at $2,580,002. Company insiders own 3.25% of the company’s stock.
ePlus inc. Profile
ePlus inc. is a holding company. The Company is engaged in the business of selling, leasing, financing and managing information technology. It operates through two segments: technology and financing. The technology segment sells information technology (IT) hardware products, third-party software and maintenance contracts, its own and third-party professional and managed services, and its software.
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