MarketAxess Holdings, Inc. (NASDAQ:MKTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday, September 11th.
According to Zacks, “Year to date, the stock of MarketAxess Holdings’ outperformed the industry it belongs to. Its underwriting results have been consistently impressive driven by growth in revenues, improving trading volumes, ongoing investments in areas including Open Trading, launch of products and its strong market position in the U.S. credit. Also, it continues to benefit from its international business, with strength in both emerging markets and Eurobond spaces. However, it severely suffers from escalating expenses. The company’s operation is also hurt by stringent regulation of U.S and U.K. Intense competition remains another headwind.”
Other research analysts have also issued reports about the stock. BidaskClub raised shares of MarketAxess Holdings from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods restated a “buy” rating and set a $210.00 price objective on shares of MarketAxess Holdings in a report on Friday, July 14th. Finally, Raymond James Financial, Inc. upped their price objective on shares of MarketAxess Holdings from $216.00 to $219.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. MarketAxess Holdings presently has a consensus rating of “Buy” and a consensus price target of $197.17.
Shares of MarketAxess Holdings (MKTX) opened at 179.14 on Monday. The firm has a 50-day moving average price of $190.26 and a 200-day moving average price of $191.71. MarketAxess Holdings has a 52-week low of $145.10 and a 52-week high of $211.06. The firm has a market capitalization of $6.72 billion, a P/E ratio of 47.12 and a beta of 0.70.
MarketAxess Holdings (NASDAQ:MKTX) last issued its earnings results on Wednesday, July 26th. The financial services provider reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.92 by $0.08. The business had revenue of $97.31 million for the quarter, compared to analyst estimates of $96.42 million. MarketAxess Holdings had a net margin of 37.46% and a return on equity of 30.38%. MarketAxess Holdings’s revenue was up .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 earnings per share. On average, equities research analysts anticipate that MarketAxess Holdings will post $4.07 EPS for the current year.
In other news, CEO Richard M. Mcvey sold 20,000 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $198.63, for a total value of $3,972,600.00. Following the completion of the sale, the chief executive officer now owns 1,108,142 shares in the company, valued at $220,110,245.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.51% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. American International Group Inc. increased its holdings in MarketAxess Holdings by 3.8% during the first quarter. American International Group Inc. now owns 75,058 shares of the financial services provider’s stock worth $14,073,000 after buying an additional 2,781 shares during the last quarter. Prudential Financial Inc. increased its holdings in MarketAxess Holdings by 328.8% during the second quarter. Prudential Financial Inc. now owns 137,410 shares of the financial services provider’s stock worth $27,634,000 after buying an additional 105,366 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in MarketAxess Holdings during the second quarter worth about $1,506,000. Swiss National Bank increased its holdings in MarketAxess Holdings by 0.3% during the first quarter. Swiss National Bank now owns 62,106 shares of the financial services provider’s stock worth $11,644,000 after buying an additional 200 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in MarketAxess Holdings by 4.3% during the second quarter. Victory Capital Management Inc. now owns 86,344 shares of the financial services provider’s stock worth $17,364,000 after purchasing an additional 3,544 shares during the period. Institutional investors and hedge funds own 91.10% of the company’s stock.
About MarketAxess Holdings
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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