MarketAxess Holdings, Inc. (NASDAQ:MKTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

According to Zacks, “MarketAxess Holdings’ 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. Year to date, the stock has gained 37% outperforming the Zacks Security Exchange Industry that rose only 12%. The Zacks Consensus Estimate is pegged at $1.00 for the to-be-reported quarter reflecting 13.64% year over year increase. The same has also revised upward for both 2017 and 2018. 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.”

A number of other research analysts have also commented on the stock. BidaskClub lowered shares of MarketAxess Holdings from a “buy” rating to a “hold” rating in a research report on Saturday. Keefe, Bruyette & Woods restated a “buy” rating and set a $190.00 price target on shares of MarketAxess Holdings in a research report on Tuesday, April 4th. Five equities research 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. The stock presently has a consensus rating of “Buy” and an average target price of $186.50.

Shares of MarketAxess Holdings (NASDAQ MKTX) traded down 1.118% during midday trading on Tuesday, reaching $198.605. The company had a trading volume of 79,760 shares. The firm has a market capitalization of $7.45 billion, a P/E ratio of 53.939 and a beta of 0.56. The company has a 50 day moving average price of $192.86 and a 200-day moving average price of $181.72. MarketAxess Holdings has a one year low of $134.84 and a one year high of $211.06.

MarketAxess Holdings (NASDAQ:MKTX) last released its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.16. MarketAxess Holdings had a net margin of 36.26% and a return on equity of 30.39%. The business had revenue of $103.90 million during the quarter, compared to analyst estimates of $102.52 million. During the same period in the previous year, the business earned $0.77 EPS. MarketAxess Holdings’s revenue was up 17.3% compared to the same quarter last year. On average, analysts anticipate that MarketAxess Holdings will post $4.15 EPS for the current fiscal year.

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In other news, insider Kevin M. Mcpherson sold 9,286 shares of the business’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $201.35, for a total transaction of $1,869,736.10. Following the completion of the transaction, the insider now directly owns 90,929 shares in the company, valued at approximately $18,308,554.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Themelis sold 5,596 shares of the business’s stock in a transaction on Friday, June 9th. The shares were sold at an average price of $200.84, for a total transaction of $1,123,900.64. Following the transaction, the insider now owns 67,763 shares of the company’s stock, valued at $13,609,520.92. The disclosure for this sale can be found here. Insiders have sold a total of 62,112 shares of company stock valued at $11,912,518 over the last 90 days. Company insiders own 4.51% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MKTX. BlackRock Inc. raised its position in MarketAxess Holdings by 16,586.2% in the first quarter. BlackRock Inc. now owns 3,000,674 shares of the financial services provider’s stock worth $562,595,000 after buying an additional 2,982,691 shares during the period. Baillie Gifford & Co. increased its stake in MarketAxess Holdings by 68.9% in the second quarter. Baillie Gifford & Co. now owns 2,753,102 shares of the financial services provider’s stock worth $400,302,000 after buying an additional 1,123,477 shares in the last quarter. Wellington Management Group LLP increased its stake in MarketAxess Holdings by 48.0% in the first quarter. Wellington Management Group LLP now owns 2,073,652 shares of the financial services provider’s stock worth $258,853,000 after buying an additional 672,157 shares in the last quarter. Capital World Investors bought a new stake in MarketAxess Holdings during the fourth quarter worth about $65,838,000. Finally, Norges Bank bought a new stake in MarketAxess Holdings during the fourth quarter worth about $46,833,000. Hedge funds and other institutional investors own 89.78% 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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Analyst Recommendations for MarketAxess Holdings (NASDAQ:MKTX)

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