Covey Capital Advisors LLC boosted its stake in shares of ePlus inc. (NASDAQ:PLUS) by 100.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,000 shares of the software maker’s stock after buying an additional 4,000 shares during the period. ePlus inc. comprises 0.6% of Covey Capital Advisors LLC’s investment portfolio, making the stock its 29th largest holding. Covey Capital Advisors LLC owned about 0.06% of ePlus inc. worth $593,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Wells Fargo & Company MN increased its holdings in ePlus inc. by 118.6% in the second quarter. Wells Fargo & Company MN now owns 37,964 shares of the software maker’s stock worth $2,814,000 after buying an additional 20,597 shares during the last quarter. LSV Asset Management boosted its position in shares of ePlus inc. by 33.5% in the second quarter. LSV Asset Management now owns 150,300 shares of the software maker’s stock valued at $11,137,000 after acquiring an additional 37,700 shares during the period. Chatham Capital Group Inc. boosted its position in shares of ePlus inc. by 115.2% in the second quarter. Chatham Capital Group Inc. now owns 19,850 shares of the software maker’s stock valued at $1,471,000 after acquiring an additional 10,625 shares during the period. Pacific Ridge Capital Partners LLC boosted its position in shares of ePlus inc. by 36.4% in the second quarter. Pacific Ridge Capital Partners LLC now owns 14,490 shares of the software maker’s stock valued at $1,074,000 after acquiring an additional 3,870 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of ePlus inc. by 4.3% in the second quarter. JPMorgan Chase & Co. now owns 91,500 shares of the software maker’s stock valued at $6,781,000 after purchasing an additional 3,756 shares in the last quarter. Institutional investors own 86.94% of the company’s stock.
In other ePlus inc. news, Director C Thomas Faulders III sold 5,214 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $85.43, for a total transaction of $445,432.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John E. Callies sold 1,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $83.15, for a total transaction of $83,150.00. The disclosure for this sale can be found here. Insiders sold a total of 6,614 shares of company stock worth $561,610 over the last ninety days. 3.25% of the stock is currently owned by insiders.
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Several research firms have issued reports on PLUS. Zacks Investment Research lowered ePlus inc. from a “buy” rating to a “sell” rating in a research note on Tuesday, May 30th. ValuEngine cut ePlus inc. from a “buy” rating to a “hold” rating in a report on Friday, May 26th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $75.00 price target on shares of ePlus inc. in a report on Thursday, August 3rd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $45.80.
ePlus inc. (PLUS) traded up 0.56% during trading on Friday, hitting $80.85. The stock had a trading volume of 47,040 shares. The firm has a market capitalization of $1.15 billion, a P/E ratio of 21.20 and a beta of 1.42. The stock has a 50 day moving average of $81.80 and a 200 day moving average of $85.85. ePlus inc. has a one year low of $44.20 and a one year high of $89.65.
ePlus inc. announced that its board 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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