Cubist Systematic Strategies LLC Purchases 51,886 Shares of IBEX Limited $IBEX

Key Points

• Cubist Systematic Strategies LLC increased its stake in IBEX Limited by 132.5%, acquiring an additional 51,886 shares during the first quarter, bringing their total holdings to approximately $2.2 million.
• Research analysts have downgraded IBEX from "strong-buy" to "hold" with an average target price of $27.00, reflecting a cautious outlook amidst mixed investor activity.
• Insider trading activity saw significant share sales, with director Mohammedulla Khaishgi selling 35,000 shares, representing a 45.27% decrease in their ownership.

Cubist Systematic Strategies LLC boosted its position in IBEX Limited (NASDAQ:IBEX - Free Report) by 132.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,059 shares of the company's stock after buying an additional 51,886 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.69% of IBEX worth $2,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its stake in IBEX by 19.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 40,856 shares of the company's stock worth $995,000 after buying an additional 6,526 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in IBEX by 4.1% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 63,832 shares of the company's stock valued at $1,372,000 after purchasing an additional 2,542 shares during the last quarter. Voya Investment Management LLC bought a new stake in IBEX in the fourth quarter valued at approximately $205,000. Bank of America Corp DE lifted its position in IBEX by 206.9% in the fourth quarter. Bank of America Corp DE now owns 39,787 shares of the company's stock valued at $855,000 after purchasing an additional 26,822 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in IBEX by 834.2% in the first quarter. Russell Investments Group Ltd. now owns 17,433 shares of the company's stock valued at $425,000 after purchasing an additional 15,567 shares during the last quarter. Hedge funds and other institutional investors own 81.24% of the company's stock.

IBEX Trading Up 36.5%

Shares of IBEX stock traded up $11.12 during midday trading on Friday, reaching $41.58. 1,471,136 shares of the company's stock traded hands, compared to its average volume of 91,608. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.67 and a current ratio of 1.67. The company has a market cap of $555.92 million, a PE ratio of 17.40 and a beta of 0.77. The stock has a 50 day moving average of $29.68 and a 200-day moving average of $27.50. IBEX Limited has a 12 month low of $17.53 and a 12 month high of $42.99.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada boosted their price objective on IBEX from $31.00 to $39.00 and gave the company a "sector perform" rating in a research report on Friday. Three analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $34.50.

Insider Activity at IBEX

In related news, CEO Robert Thomas Dechant sold 4,376 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $30.00, for a total transaction of $131,280.00. Following the completion of the transaction, the chief executive officer owned 193,633 shares in the company, valued at $5,808,990. This represents a 2.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mohammedulla Khaishgi sold 5,000 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $28.01, for a total value of $140,050.00. Following the transaction, the director owned 2,312 shares of the company's stock, valued at approximately $64,759.12. This represents a 68.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,000 shares of company stock worth $590,050 over the last quarter. 6.72% of the stock is owned by corporate insiders.

IBEX Company Profile

IBEX Limited provides end-to-end technology-enabled customer lifecycle experience solutions in the United States and internationally. The company products and services portfolio includes ibex Connect, that offers customer service, technical support, revenue generation, and other revenue generation outsourced back-office services through the CX model, which integrates voice, email, chat, SMS, social media, and other communication applications; ibex Digital, a customer acquisition solution that comprises digital marketing, e-commerce technology, and platform solutions; and ibex CX, a customer experience solution, which provides a suite of proprietary software tools to measure, monitor, and manage its clients' customer experience.