Convergence Investment Partners LLC Makes New $683,000 Investment in Euronet Worldwide, Inc. (NASDAQ:EEFT)

Convergence Investment Partners LLC purchased a new stake in Euronet Worldwide, Inc. (NASDAQ:EEFT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 6,597 shares of the business services provider’s stock, valued at approximately $683,000.

A number of other institutional investors have also recently modified their holdings of the business. First Horizon Advisors Inc. boosted its stake in shares of Euronet Worldwide by 26.4% during the 4th quarter. First Horizon Advisors Inc. now owns 503 shares of the business services provider’s stock worth $51,000 after acquiring an additional 105 shares in the last quarter. State of Michigan Retirement System boosted its position in Euronet Worldwide by 1.9% during the first quarter. State of Michigan Retirement System now owns 10,717 shares of the business services provider’s stock worth $1,178,000 after purchasing an additional 200 shares in the last quarter. Fifth Third Bancorp grew its holdings in Euronet Worldwide by 14.7% in the second quarter. Fifth Third Bancorp now owns 1,588 shares of the business services provider’s stock valued at $164,000 after purchasing an additional 203 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Euronet Worldwide by 0.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 54,289 shares of the business services provider’s stock worth $6,075,000 after buying an additional 215 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its position in shares of Euronet Worldwide by 3.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 6,949 shares of the business services provider’s stock worth $719,000 after buying an additional 227 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EEFT has been the subject of a number of research reports. Citigroup upped their price target on shares of Euronet Worldwide from $120.00 to $135.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Needham & Company LLC reissued a “buy” rating and set a $125.00 price target on shares of Euronet Worldwide in a research report on Monday, July 22nd. StockNews.com downgraded Euronet Worldwide from a “buy” rating to a “hold” rating in a research report on Friday, August 9th. Monness Crespi & Hardt lifted their price objective on Euronet Worldwide from $140.00 to $145.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Finally, Wolfe Research upgraded shares of Euronet Worldwide from an “underperform” rating to a “peer perform” rating in a report on Friday, May 17th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.11.

Euronet Worldwide Stock Up 0.9 %

Shares of NASDAQ:EEFT opened at $107.91 on Tuesday. The stock has a 50-day simple moving average of $102.24 and a 200-day simple moving average of $106.87. The stock has a market capitalization of $4.85 billion, a P/E ratio of 19.00 and a beta of 1.45. Euronet Worldwide, Inc. has a 1 year low of $73.84 and a 1 year high of $117.66. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.19 and a current ratio of 1.19.

Euronet Worldwide (NASDAQ:EEFT) last announced its quarterly earnings results on Thursday, July 18th. The business services provider reported $2.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.21. Euronet Worldwide had a net margin of 7.46% and a return on equity of 27.81%. The firm had revenue of $986.20 million during the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the prior year, the company earned $1.84 EPS. The firm’s revenue was up 5.0% on a year-over-year basis. Equities analysts forecast that Euronet Worldwide, Inc. will post 7.88 earnings per share for the current year.

Insider Activity

In other news, Director Thomas A. Mcdonnell purchased 3,206 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $93.86 per share, with a total value of $300,915.16. Following the acquisition, the director now owns 90,000 shares in the company, valued at $8,447,400. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 10.50% of the company’s stock.

Euronet Worldwide Company Profile

Euronet Worldwide, Inc provides payment and transaction processing and distribution solutions to financial institutions, retailers, service providers, and individual consumers worldwide. It operates through three segments: Electronic Fund Transfer Processing, epay, and Money Transfer. The Electronic Fund Transfer Processing segment provides electronic payment solutions, including automated teller machine (ATM) cash withdrawal and deposit services, ATM network participation, outsourced ATM and point-of-sale (POS) management solutions, credit and debit and prepaid card outsourcing, card issuing, and merchant acquiring services.