Investment Technology Group, Inc. (NYSE:ITG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday. The brokerage currently has a $25.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.00% from the stock’s current price.
According to Zacks, “Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG’s services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT, Client-Site Trading Products, and Electronic Trading Desk. “
Separately, ValuEngine upgraded Investment Technology Group from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $20.67.
Investment Technology Group (NYSE ITG) opened at 21.93 on Monday. The stock’s market capitalization is $726.89 million. The stock has a 50 day moving average price of $21.19 and a 200-day moving average price of $20.41. Investment Technology Group has a 12-month low of $15.04 and a 12-month high of $22.42.
Investment Technology Group (NYSE:ITG) last released its quarterly earnings results on Wednesday, May 3rd. The financial services provider reported $0.16 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.08 by $0.08. The company had revenue of $120.80 million during the quarter, compared to analyst estimates of $120.10 million. Investment Technology Group had a positive return on equity of 1.73% and a negative net margin of 3.89%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the business posted $0.05 earnings per share. On average, equities analysts anticipate that Investment Technology Group will post $0.73 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Guggenheim Capital LLC acquired a new position in shares of Investment Technology Group during the fourth quarter valued at about $1,333,000. State Street Corp raised its position in shares of Investment Technology Group by 2.9% in the fourth quarter. State Street Corp now owns 742,652 shares of the financial services provider’s stock valued at $14,665,000 after buying an additional 21,276 shares during the period. Comerica Bank raised its position in shares of Investment Technology Group by 5.0% in the fourth quarter. Comerica Bank now owns 33,200 shares of the financial services provider’s stock valued at $689,000 after buying an additional 1,587 shares during the period. Tudor Investment Corp Et Al acquired a new position in shares of Investment Technology Group during the fourth quarter valued at about $209,000. Finally, Norges Bank acquired a new position in shares of Investment Technology Group during the fourth quarter valued at about $11,625,000. Institutional investors and hedge funds own 87.11% of the company’s stock.
About Investment Technology Group
Investment Technology Group, Inc (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics.
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