IBEX (NASDAQ:IBEX) Given New $39.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada has increased the price target for IBEX from $31.00 to $39.00, with a "sector perform" rating, suggesting a potential downside of 4.58% from the current price.
• IBEX shares have recently seen a significant increase of 34.2%, currently trading at $40.87, with a market capitalization of $546.43 million.
• Insider trading activity shows significant selling, with a director selling 5,000 shares at $28.01, and total insider sales amounting to $590,050 in the last 90 days.

IBEX (NASDAQ:IBEX - Get Free Report) had its price target increased by stock analysts at Royal Bank Of Canada from $31.00 to $39.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a "sector perform" rating on the stock. Royal Bank Of Canada's target price points to a potential downside of 4.58% from the company's current price.

IBEX Trading Up 34.2%

Shares of IBEX stock opened at $40.87 on Friday. The business has a 50-day moving average price of $29.46 and a two-hundred day moving average price of $27.39. IBEX has a 12-month low of $17.53 and a 12-month high of $37.47. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 0.01. The firm has a market cap of $546.43 million, a P/E ratio of 17.72 and a beta of 0.77.

Insider Activity at IBEX

In other news, Director Mohammedulla Khaishgi sold 5,000 shares of the 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 in the company, valued at $64,759.12. This represents a 68.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Paul Joseph Inson sold 10,000 shares of IBEX stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the insider owned 7,352 shares in the company, valued at $220,560. This represents a 57.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,000 shares of company stock valued at $590,050 in the last 90 days. Corporate insiders own 6.72% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in IBEX by 8.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,466 shares of the company's stock worth $159,000 after purchasing an additional 434 shares during the period. Martingale Asset Management L P lifted its stake in IBEX by 2.3% in the 1st quarter. Martingale Asset Management L P now owns 44,723 shares of the company's stock worth $1,089,000 after purchasing an additional 999 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC boosted its holdings in shares of IBEX by 9.9% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 15,996 shares of the company's stock valued at $465,000 after purchasing an additional 1,438 shares during the last quarter. Rhumbline Advisers grew its position in shares of IBEX by 11.4% during the second quarter. Rhumbline Advisers now owns 14,320 shares of the company's stock valued at $417,000 after purchasing an additional 1,466 shares in the last quarter. Finally, CWM LLC boosted its stake in IBEX by 53.3% during the second quarter. CWM LLC now owns 4,373 shares of the company's stock valued at $127,000 after buying an additional 1,520 shares during the last quarter. Hedge funds and other institutional investors own 81.24% of the company's stock.

About IBEX

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.