MarketAxess (NASDAQ:MKTX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
According to Zacks, “MarketAxess’ stock has outperformed the industryyear to date. The company results have been impressive for long courtesy of growth in revenues, improving trading volumes, ongoing investments in areas including Open Trading, launch of products and its strong market position in U.S. credit. Also, it continues to benefit from international business, with strength in both emerging markets and Eurobond spaces. The increase in operating expenses is expected to continue in the coming quarters. Also, low market volatility and foreign exchange volatility continue to bother.”
Separately, BidaskClub lowered MarketAxess from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Four 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’s stock. The stock presently has an average rating of “Buy” and an average price target of $192.40.
MarketAxess (NASDAQ:MKTX) last released its quarterly earnings data on Wednesday, October 25th. The financial services provider reported $0.90 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.90. The firm had revenue of $96.70 million during the quarter, compared to analyst estimates of $96.35 million. MarketAxess had a return on equity of 30.12% and a net margin of 37.67%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.82 earnings per share. sell-side analysts predict that MarketAxess will post 3.91 EPS for the current fiscal year.
MarketAxess announced that its Board of Directors has approved a share repurchase program on Wednesday, October 25th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
In other MarketAxess news, Director John Steinhardt sold 4,225 shares of the stock in a transaction on Tuesday, November 14th. The stock was sold at an average price of $174.00, for a total value of $735,150.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Stephen P. Casper sold 2,000 shares of the stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $195.84, for a total value of $391,680.00. The disclosure for this sale can be found here. Insiders sold 50,225 shares of company stock valued at $8,955,630 in the last ninety days. 4.02% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. D.A. Davidson & CO. raised its holdings in MarketAxess by 0.5% in the second quarter. D.A. Davidson & CO. now owns 1,380 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 7 shares in the last quarter. First Personal Financial Services increased its holdings in shares of MarketAxess by 2.6% during the second quarter. First Personal Financial Services now owns 631 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 16 shares in the last quarter. Coldstream Capital Management Inc. increased its holdings in shares of MarketAxess by 2.5% during the second quarter. Coldstream Capital Management Inc. now owns 1,610 shares of the financial services provider’s stock valued at $324,000 after acquiring an additional 40 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of MarketAxess by 1.5% during the second quarter. Teacher Retirement System of Texas now owns 2,999 shares of the financial services provider’s stock valued at $603,000 after acquiring an additional 43 shares in the last quarter. Finally, World Asset Management Inc increased its holdings in shares of MarketAxess by 3.2% during the second quarter. World Asset Management Inc now owns 2,722 shares of the financial services provider’s stock valued at $547,000 after acquiring an additional 85 shares in the last quarter. Institutional investors and hedge funds own 92.79% of the company’s stock.
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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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