Swedbank AB Trims Holdings in ePlus inc. $PLUS

Key Points

• Swedbank AB cut its ePlus stake by 15% in the first quarter, selling 60,000 shares and leaving it with 340,000 shares valued at about $25.6 million.
• ePlus reported better-than-expected quarterly results, posting EPS of $1.00 versus estimates of $0.98 and revenue of $581.63 million versus expectations of $569.25 million.
• The company raised its quarterly dividend to $0.27 per share from $0.25, while analysts currently hold a cautious view with an average rating of "Reduce".

Swedbank AB reduced its stake in ePlus inc. (NASDAQ:PLUS - Free Report) by 15.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 340,000 shares of the software maker's stock after selling 60,000 shares during the quarter. Swedbank AB owned 1.29% of ePlus worth $25,585,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in PLUS. Medina Value Partners LLC purchased a new position in shares of ePlus during the third quarter worth $2,730,000. Tributary Capital Management LLC lifted its stake in ePlus by 9.0% during the 4th quarter. Tributary Capital Management LLC now owns 161,166 shares of the software maker's stock worth $14,134,000 after acquiring an additional 13,369 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in ePlus by 63.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 51,815 shares of the software maker's stock worth $4,489,000 after acquiring an additional 20,163 shares in the last quarter. Vest Financial LLC purchased a new position in ePlus during the 4th quarter valued at about $1,511,000. Finally, Comerica Bank boosted its holdings in ePlus by 74.9% during the 4th quarter. Comerica Bank now owns 69,187 shares of the software maker's stock valued at $6,068,000 after acquiring an additional 29,631 shares during the period. Hedge funds and other institutional investors own 93.80% of the company's stock.

ePlus Trading Up 1.9%

Shares of NASDAQ PLUS opened at $85.44 on Thursday. The stock has a market cap of $2.23 billion, a P/E ratio of 17.65, a PEG ratio of 1.12 and a beta of 1.02. ePlus inc. has a 12-month low of $62.11 and a 12-month high of $93.98. The business's fifty day simple moving average is $83.34 and its 200-day simple moving average is $83.04.

ePlus (NASDAQ:PLUS - Get Free Report) last released its earnings results on Thursday, May 28th. The software maker reported $1.00 EPS for the quarter, topping the consensus estimate of $0.98 by $0.02. ePlus had a return on equity of 11.36% and a net margin of 5.24%.The firm had revenue of $581.63 million during the quarter, compared to analysts' expectations of $569.25 million. On average, equities analysts forecast that ePlus inc. will post 4.66 EPS for the current fiscal year.

ePlus Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Wednesday, June 17th were paid a dividend of $0.27 per share. The ex-dividend date was Wednesday, June 17th. This is a positive change from ePlus's previous quarterly dividend of $0.25. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.3%. ePlus's payout ratio is currently 22.31%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Wall Street Zen lowered shares of ePlus from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Zacks Research lowered shares of ePlus from a "hold" rating to a "strong sell" rating in a research note on Wednesday, June 17th. Finally, Weiss Ratings cut shares of ePlus from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, April 13th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ePlus presently has an average rating of "Reduce".

Insiders Place Their Bets

In related news, COO Darren S. Raiguel sold 1,000 shares of ePlus stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $89.95, for a total value of $89,950.00. Following the completion of the transaction, the chief operating officer owned 55,748 shares in the company, valued at $5,014,532.60. The trade was a 1.76% 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. Insiders have sold a total of 1,289 shares of company stock valued at $115,757 over the last 90 days. 1.93% of the stock is owned by company insiders.

About ePlus

ePlus Inc NASDAQ: PLUS is a technology solutions provider that helps enterprises and public-sector organizations maximize the value of their information technology investments. The company specializes in designing, implementing and managing complex IT infrastructures, with a focus on security, cloud computing, data center modernization and unified communications. By combining consulting services with software license management and hardware procurement, ePlus delivers end-to-end solutions that align with its clients' strategic objectives.

The company's offerings include cybersecurity assessments and managed security services, hybrid and public cloud deployments, network architecture and optimization, and collaboration platforms.

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