ePlus inc. (PLUS) Holdings Increased by State Street Corp
State Street Corp raised its holdings in shares of ePlus inc. (NASDAQ:PLUS) by 113.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 325,711 shares of the software maker’s stock after purchasing an additional 173,422 shares during the period. State Street Corp owned approximately 2.30% of ePlus inc. worth $24,135,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of PLUS. Teachers Advisors LLC boosted its stake in ePlus inc. by 4.2% during the 1st quarter. Teachers Advisors LLC now owns 10,740 shares of the software maker’s stock valued at $1,450,000 after purchasing an additional 431 shares during the last quarter. Legal & General Group Plc boosted its stake in ePlus inc. by 1.0% during the 1st quarter. Legal & General Group Plc now owns 10,885 shares of the software maker’s stock valued at $1,469,000 after purchasing an additional 109 shares during the last quarter. Thrivent Financial For Lutherans boosted its stake in ePlus inc. by 4.2% during the 1st quarter. Thrivent Financial For Lutherans now owns 3,700 shares of the software maker’s stock valued at $500,000 after purchasing an additional 150 shares during the last quarter. Vanguard Group Inc. boosted its stake in ePlus inc. by 8.6% during the 1st quarter. Vanguard Group Inc. now owns 456,262 shares of the software maker’s stock valued at $61,618,000 after purchasing an additional 36,176 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in ePlus inc. by 121.3% during the 1st quarter. Geode Capital Management LLC now owns 116,522 shares of the software maker’s stock valued at $7,868,000 after purchasing an additional 63,862 shares during the last quarter. Institutional investors and hedge funds own 86.21% of the company’s stock.
PLUS has been the topic of several recent analyst reports. Zacks Investment Research upgraded ePlus inc. from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a research note on Tuesday, September 5th. Stifel Nicolaus reiterated a “hold” rating and set a $75.00 target price on shares of ePlus inc. in a research note on Tuesday, September 12th. ValuEngine downgraded ePlus inc. from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, BidaskClub downgraded ePlus inc. from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $45.80.
ePlus inc. (NASDAQ PLUS) opened at $76.95 on Wednesday. The firm has a market capitalization of $1,096.87, a price-to-earnings ratio of 19.77 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.50 and a current ratio of 1.65. ePlus inc. has a twelve month low of $50.17 and a twelve month high of $97.75.
ePlus inc. declared that its Board of Directors has approved a share buyback program on Friday, August 18th that authorizes the company to repurchase 500,000 outstanding shares. This repurchase authorization authorizes the software maker to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.
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In other news, Director Bruce M. Bowen sold 400 shares of the stock in a transaction on Wednesday, September 6th. The stock was sold at an average price of $82.57, for a total transaction of $33,028.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark P. Marron sold 10,000 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $93.40, for a total value of $934,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 23,000 shares of company stock worth $2,051,420 over the last three months. Insiders own 3.25% of the company’s stock.
ePlus inc. Company 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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