Equities research analysts at Rosenblatt Securities initiated coverage on shares of MarketAxess (NASDAQ:MKTX) in a research note issued on Thursday. The brokerage set a “neutral” rating and a $190.00 price target on the financial services provider’s stock. Rosenblatt Securities’ price objective would indicate a potential downside of 1.99% from the company’s current price.
A number of other brokerages have also commented on MKTX. Zacks Investment Research upgraded shares of MarketAxess from a “sell” rating to a “hold” rating in a research note on Wednesday, August 23rd. BidaskClub lowered shares of MarketAxess from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $192.00.
Shares of MarketAxess (NASDAQ:MKTX) opened at $193.85 on Thursday. The company has a market cap of $7,322.33, a price-to-earnings ratio of 50.15 and a beta of 0.69. MarketAxess has a 52-week low of $145.10 and a 52-week high of $211.06.
MarketAxess declared that its Board of Directors has initiated a share repurchase plan on Wednesday, October 25th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
In other MarketAxess news, Director Stephen P. Casper sold 2,000 shares of MarketAxess stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $195.84, for a total value of $391,680.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Richard M. Mcvey sold 35,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $178.29, for a total transaction of $6,240,150.00. Following the completion of the sale, the chief executive officer now directly owns 1,113,076 shares in the company, valued at approximately $198,450,320.04. The disclosure for this sale can be found here. Insiders have sold 50,225 shares of company stock valued at $8,955,630 over the last quarter. Corporate insiders own 4.02% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of MKTX. Janus Henderson Group PLC raised its position in shares of MarketAxess by 178.5% in the second quarter. Janus Henderson Group PLC now owns 807,088 shares of the financial services provider’s stock valued at $162,306,000 after purchasing an additional 517,309 shares during the period. Allianz Asset Management GmbH grew its stake in MarketAxess by 503.9% during the third quarter. Allianz Asset Management GmbH now owns 192,657 shares of the financial services provider’s stock valued at $35,547,000 after acquiring an additional 160,755 shares in the last quarter. Eagle Asset Management Inc. purchased a new position in MarketAxess during the second quarter valued at approximately $32,252,000. Baillie Gifford & Co. grew its stake in MarketAxess by 5.1% during the second quarter. Baillie Gifford & Co. now owns 2,752,949 shares of the financial services provider’s stock valued at $553,618,000 after acquiring an additional 134,588 shares in the last quarter. Finally, FMR LLC grew its stake in MarketAxess by 36.7% during the second quarter. FMR LLC now owns 491,713 shares of the financial services provider’s stock valued at $98,883,000 after acquiring an additional 131,911 shares in the last quarter. 92.84% of the stock is currently owned by institutional investors.
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MarketAxess Company Profile
MarketAxess Holdings Inc operates an electronic trading platform that enables fixed-income market participants to trade corporate bonds and other types of fixed-income instruments using its trading technology. Institutional investor and broker-dealer firms are users of trading platform, accessing global liquidity in the United States corporate bonds, emerging markets and high-yield bonds, European bonds, the United States agency bonds, municipal bonds, credit default swaps and other fixed-income securities.
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