MarketAxess (MKTX) Stock Rating Lowered by Goldman Sachs Group
Goldman Sachs Group cut shares of MarketAxess (NASDAQ:MKTX) from a buy rating to a neutral rating in a research note published on Monday, MarketBeat.com reports. They currently have $210.00 price target on the financial services provider’s stock.
Other research analysts have also issued reports about the stock. Keefe, Bruyette & Woods restated a buy rating and issued a $215.00 price objective on shares of MarketAxess in a research note on Friday, December 22nd. Zacks Investment Research upgraded shares of MarketAxess from a sell rating to a hold rating in a research note on Tuesday, December 26th. Finally, Rosenblatt Securities started coverage on shares of MarketAxess in a research note on Thursday, December 14th. They set a neutral rating and a $190.00 price target on the stock. Five analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $202.86.
MarketAxess (NASDAQ:MKTX) traded down $2.85 during midday trading on Monday, reaching $204.56. 186,430 shares of the company’s stock were exchanged, compared to its average volume of 257,772. The firm has a market capitalization of $7,780.00, a price-to-earnings ratio of 52.59 and a beta of 0.70. MarketAxess has a one year low of $153.74 and a one year high of $211.06.
MarketAxess (NASDAQ:MKTX) last posted its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.90 EPS for the quarter, meeting analysts’ consensus estimates of $0.90. The company had revenue of $96.70 million for the quarter, compared to analyst estimates of $96.35 million. MarketAxess had a net margin of 37.67% and a return on equity of 30.12%. MarketAxess’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.82 earnings per share. analysts expect that MarketAxess will post 3.93 EPS for the current fiscal year.
MarketAxess declared that its Board of Directors has initiated a share repurchase program on Wednesday, October 25th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other MarketAxess news, Director Stephen P. Casper sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $195.84, for a total transaction of $391,680.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicholas Themelis sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $176.40, for a total transaction of $705,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,225 shares of company stock worth $8,955,630. Company insiders own 4.02% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. AHL Partners LLP acquired a new position in MarketAxess during the second quarter worth about $338,000. Ramsey Quantitative Systems acquired a new position in MarketAxess during the second quarter worth about $328,000. Schwab Charles Investment Management Inc. grew its position in MarketAxess by 5.6% during 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 buying an additional 6,470 shares during the period. State Street Corp grew its position in MarketAxess by 0.4% during the second quarter. State Street Corp now owns 984,978 shares of the financial services provider’s stock worth $198,075,000 after buying an additional 4,168 shares during the period. Finally, Trexquant Investment LP acquired a new position in MarketAxess during the third quarter worth about $594,000. Institutional investors own 91.65% of the company’s stock.
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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