MarketAxess (NASDAQ:MKTX) was downgraded by Goldman Sachs Group from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, January 8th, MarketBeat.com reports. They presently have a $210.00 price objective on the financial services provider’s stock. Goldman Sachs Group’s price objective would indicate a potential upside of 3.08% from the stock’s previous close.
Several other equities analysts have also commented on MKTX. Zacks Investment Research raised shares of MarketAxess from a “sell” rating to a “hold” rating in a research report on Monday, September 11th. Rosenblatt Securities initiated coverage on shares of MarketAxess in a research note on Thursday, December 14th. They issued a “neutral” rating and a $190.00 target price for the company. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $215.00 target price on shares of MarketAxess in a research note on Friday, December 22nd. Five research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $202.86.
MarketAxess (MKTX) opened at $203.72 on Monday. The stock has a market cap of $7,647.03, a PE ratio of 52.37 and a beta of 0.70. MarketAxess has a 52-week low of $153.95 and a 52-week high of $211.06.
MarketAxess announced that its board has authorized a share buyback program on Wednesday, October 25th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other MarketAxess news, insider Kevin M. Mcpherson sold 5,000 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $176.61, for a total value of $883,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard M. Mcvey sold 35,000 shares of the firm’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $178.29, for a total transaction of $6,240,150.00. Following the completion of the transaction, the chief executive officer now owns 1,113,076 shares of the company’s stock, valued at $198,450,320.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 50,225 shares of company stock worth $8,955,630. 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. Schwab Charles Investment Management Inc. lifted its position in shares of MarketAxess by 5.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 122,389 shares of the financial services provider’s stock worth $24,613,000 after purchasing an additional 6,470 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in MarketAxess by 35.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,655 shares of the financial services provider’s stock valued at $333,000 after acquiring an additional 432 shares in the last quarter. Swiss National Bank raised its position in MarketAxess by 0.8% during the second quarter. Swiss National Bank now owns 62,606 shares of the financial services provider’s stock valued at $12,590,000 after acquiring an additional 500 shares in the last quarter. JPMorgan Chase & Co. raised its position in MarketAxess by 12.7% during the second quarter. JPMorgan Chase & Co. now owns 215,848 shares of the financial services provider’s stock valued at $43,407,000 after acquiring an additional 24,407 shares in the last quarter. Finally, CIBC World Markets Inc. raised its position in MarketAxess by 839.1% during the second quarter. CIBC World Markets Inc. now owns 15,561 shares of the financial services provider’s stock valued at $3,129,000 after acquiring an additional 13,904 shares in the last quarter. 91.65% of the stock is owned by institutional investors and hedge funds.
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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