IBEX (NASDAQ:IBEX) Stock Gets Price Target Increase from Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its IBEX price target to $45 from $40 but maintained a “sector perform” rating; the new target implies 12.06% downside from the share price at the time of the report.
• Analyst views remain mixed: MarketBeat’s consensus rating is “Hold,” with an average price target of $44.50.
• IBEX beat quarterly estimates, reporting EPS of $1.10 versus $0.90 expected and revenue of $175.23 million versus $169.31 million expected.

IBEX (NASDAQ:IBEX - Get Free Report) had its price objective raised by equities researchers at Royal Bank Of Canada from $40.00 to $45.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price would indicate a potential downside of 12.06% from the stock's current price.

Several other brokerages also recently commented on IBEX. Robert W. Baird boosted their target price on shares of IBEX from $40.00 to $44.00 and gave the company a "neutral" rating in a research note on Monday, September 28th. Weiss Ratings raised IBEX from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, October 12th. Finally, Wall Street Zen raised shares of IBEX from a "buy" rating to a "strong-buy" rating in a research note on Saturday. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, IBEX presently has an average rating of "Hold" and an average target price of $44.50.

IBEX Price Performance

NASDAQ:IBEX traded up $0.89 during midday trading on Tuesday, reaching $51.17. The stock had a trading volume of 52,794 shares, compared to its average volume of 123,051. IBEX has a 1-year low of $25.94 and a 1-year high of $51.40. The firm's fifty day simple moving average is $43.25 and its 200-day simple moving average is $34.57. The stock has a market capitalization of $682.61 million, a P/E ratio of 15.51 and a beta of 0.74.

IBEX (NASDAQ:IBEX - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.20. IBEX had a return on equity of 28.96% and a net margin of 7.19%. The company had revenue of $175.23 million during the quarter, compared to analyst estimates of $169.31 million.

Insiders Place Their Bets

In related news, insider Julie Casteel sold 17,474 shares of the company's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $40.41, for a total value of $706,124.34. Following the completion of the transaction, the insider directly owned 100,814 shares of the company's stock, valued at approximately $4,073,893.74. This represents a 14.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert Dechant sold 5,000 shares of IBEX stock in a transaction dated Friday, September 25th. The shares were sold at an average price of $45.02, for a total value of $225,100.00. Following the completion of the sale, the chief executive officer directly owned 257,011 shares in the company, valued at $11,570,635.22. This represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 97,465 shares of company stock worth $3,882,291 in the last ninety days. 3.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IBEX. Bullock Wealth Management Group acquired a new position in IBEX during the third quarter worth approximately $36,000. Signaturefd LLC grew its holdings in IBEX by 272.4% in the 3rd quarter. Signaturefd LLC now owns 1,784 shares of the company's stock valued at $77,000 after buying an additional 1,305 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of IBEX in the third quarter valued at about $85,000. D Orazio & Associates Inc. bought a new position in shares of IBEX during the third quarter worth approximately $213,000. Finally, Vise Technologies Inc. bought a new position in IBEX during the 3rd quarter worth $223,000. 81.24% of the stock is owned by institutional investors and hedge funds.

IBEX Company Profile

IBEX Limited NASDAQ: IBEX is a business process outsourcing and customer experience technology company. It provides customer service, technical support, sales, back-office processing and other digital services for businesses across industries, including communications, healthcare, retail, logistics and financial services.

The company combines customer contact centers, digital engagement channels, analytics and artificial intelligence-enabled tools to help clients manage customer interactions and improve operational efficiency.

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