William Blair Weighs in on MarketAxess Holdings Inc.’s FY2017 Earnings (MKTX)

MarketAxess Holdings Inc. (NASDAQ:MKTX) – Investment analysts at William Blair dropped their FY2017 EPS estimates for MarketAxess in a report released on Wednesday. William Blair analyst C. Shutler now expects that the financial services provider will earn $3.91 per share for the year, down from their prior estimate of $4.00. William Blair also issued estimates for MarketAxess’ Q4 2017 earnings at $0.90 EPS and Q2 2019 earnings at $1.42 EPS.

MarketAxess (NASDAQ:MKTX) last issued its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.90 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.90. MarketAxess had a return on equity of 30.12% and a net margin of 37.67%. The firm had revenue of $96.70 million during the quarter, compared to the consensus estimate of $96.35 million. During the same period last year, the company earned $0.82 earnings per share. The company’s revenue for the quarter was up 7.1% on a year-over-year basis.

MKTX has been the subject of several other reports. Zacks Investment Research raised MarketAxess from a “hold” rating to a “strong-buy” rating and set a $238.00 price target for the company in a report on Monday, January 8th. Goldman Sachs Group cut MarketAxess from a “buy” rating to a “neutral” rating and set a $210.00 price objective for the company. in a research report on Monday, January 8th. Rosenblatt Securities assumed coverage on MarketAxess in a research report on Thursday, December 14th. They issued a “neutral” rating and a $190.00 price objective for the company. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $215.00 price objective on shares of MarketAxess in a research report on Friday, December 22nd. Five investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $202.86.

Shares of MarketAxess (NASDAQ:MKTX) opened at $207.37 on Thursday. MarketAxess has a fifty-two week low of $154.03 and a fifty-two week high of $211.06. The firm has a market capitalization of $7,749.88, a price-to-earnings ratio of 53.31 and a beta of 0.70.

MarketAxess declared that its Board of Directors has authorized a share repurchase plan on Wednesday, October 25th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

In other MarketAxess news, CEO Richard M. Mcvey sold 35,000 shares of the stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $178.29, for a total value of $6,240,150.00. Following the completion of the transaction, the chief executive officer now owns 1,113,076 shares in the company, valued at $198,450,320.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Themelis sold 4,000 shares of the stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $176.40, for a total value of $705,600.00. 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 quarter. 4.02% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. increased its position in shares of MarketAxess by 4.9% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 133,816 shares of the financial services provider’s stock valued at $26,998,000 after buying an additional 6,240 shares in the last quarter. Bank of Montreal Can increased its position in shares of MarketAxess by 5.0% in the fourth quarter. Bank of Montreal Can now owns 20,182 shares of the financial services provider’s stock valued at $4,072,000 after buying an additional 962 shares in the last quarter. KAMES CAPITAL plc increased its position in shares of MarketAxess by 3.8% in the fourth quarter. KAMES CAPITAL plc now owns 435,478 shares of the financial services provider’s stock valued at $87,845,000 after buying an additional 16,044 shares in the last quarter. Atlantic Trust Group LLC purchased a new position in shares of MarketAxess in the third quarter valued at $75,376,000. Finally, Burgundy Asset Management Ltd. increased its position in shares of MarketAxess by 4.2% in the third quarter. Burgundy Asset Management Ltd. now owns 463,012 shares of the financial services provider’s stock valued at $85,430,000 after buying an additional 18,757 shares in the last quarter. Hedge funds and other institutional investors own 91.65% 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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