IBEX (NASDAQ:IBEX) Stock Gets Price Target Increase from Robert W. Baird

Key Points

• Robert W. Baird raised IBEX’s price target from $40 to $44 while maintaining a “Neutral” rating; the new target implied approximately 1.19% downside from the stock’s current price.
• Analyst sentiment remains cautious, with an average “Hold” rating and a $42 consensus price target. IBEX recently exceeded quarterly expectations, reporting $0.85 in EPS and $164.27 million in revenue.
• IBEX shares opened at $44.53 and were near their 12-month high of $45.28, while insiders sold 92,465 shares worth approximately $3.66 million over the past 90 days.

IBEX (NASDAQ:IBEX - Get Free Report) had its price objective raised by analysts at Robert W. Baird from $40.00 to $44.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. Robert W. Baird's price objective would suggest a potential downside of 1.19% from the company's current price.

A number of other research analysts have also weighed in on the company. Weiss Ratings upgraded IBEX from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, September 21st. Wall Street Zen lowered IBEX from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 12th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $42.00.

IBEX Stock Performance

Shares of NASDAQ:IBEX opened at $44.53 on Monday. IBEX has a 12-month low of $25.94 and a 12-month high of $45.28. The company has a market cap of $591.36 million, a PE ratio of 14.23 and a beta of 0.72. The stock has a 50 day moving average of $37.49 and a 200 day moving average of $32.66.

IBEX (NASDAQ:IBEX - Get Free Report) last announced its quarterly earnings data on Friday, September 11th. The company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.84 by $0.01. IBEX had a net margin of 7.19% and a return on equity of 28.96%. The firm had revenue of $164.27 million for the quarter, compared to the consensus estimate of $160.02 million.

Insiders Place Their Bets

In related news, insider Paul Inson sold 2,500 shares of the stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $40.07, for a total value of $100,175.00. Following the completion of the transaction, the insider directly owned 27,224 shares of the company's stock, valued at $1,090,865.68. This trade represents a 8.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Julie Casteel sold 17,474 shares of IBEX stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $40.41, for a total transaction of $706,124.34. Following the completion of the sale, the insider owned 100,814 shares of the company's stock, valued at $4,073,893.74. This trade represents a 14.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 92,465 shares of company stock valued at $3,657,191. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IBEX

Hedge funds have recently made changes to their positions in the company. Pinnacle Wealth Management Advisory Group LLC raised its stake in IBEX by 33.0% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 10,576 shares of the company's stock worth $321,000 after acquiring an additional 2,625 shares during the last quarter. Squarepoint Ops LLC grew its stake in IBEX by 6.4% during the 2nd quarter. Squarepoint Ops LLC now owns 84,982 shares of the company's stock valued at $2,581,000 after purchasing an additional 5,127 shares during the last quarter. Globeflex Capital L P purchased a new stake in IBEX during the 2nd quarter valued at about $3,112,000. Tieton Capital Management LLC acquired a new position in shares of IBEX in the second quarter valued at about $8,353,000. Finally, Lazard Asset Management LLC increased its holdings in shares of IBEX by 55.2% in the first quarter. Lazard Asset Management LLC now owns 89,150 shares of the company's stock valued at $2,391,000 after purchasing an additional 31,697 shares during the period. 81.24% of the stock is owned by institutional investors and hedge funds.

IBEX Company Profile

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.

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