Investment Technology Group (NYSE:ITG) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $24.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.36% from the company’s current price.
According to Zacks, “Investment Technology Group is one of the leading providers of technology-based equity trading services and transaction research to institutional investors and brokers. ITG’s services help clients to access liquidity, execute trades more efficiently, and make better trading decisions. They offer a fully-integrated family of advanced trading services encompassing three business lines: POSIT, Client-Site Trading Products, and Electronic Trading Desk. “
Separately, ValuEngine downgraded shares of Investment Technology Group from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company’s stock. Investment Technology Group presently has an average rating of “Hold” and a consensus target price of $22.50.
Investment Technology Group (NYSE:ITG) last released its quarterly earnings results on Wednesday, November 1st. The financial services provider reported ($0.11) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.03 by ($0.14). The business had revenue of $114.50 million for the quarter, compared to analysts’ expectations of $112.50 million. Investment Technology Group had a negative net margin of 6.57% and a positive return on equity of 2.92%. Investment Technology Group’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) EPS. sell-side analysts anticipate that Investment Technology Group will post 0.32 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of ITG. C M Bidwell & Associates Ltd. bought a new position in shares of Investment Technology Group in the second quarter worth about $159,000. SG Americas Securities LLC bought a new position in shares of Investment Technology Group in the third quarter worth about $179,000. Crossmark Global Holdings Inc. bought a new position in shares of Investment Technology Group in the third quarter worth about $228,000. Trexquant Investment LP bought a new position in shares of Investment Technology Group in the third quarter worth about $275,000. Finally, Municipal Employees Retirement System of Michigan grew its holdings in shares of Investment Technology Group by 67.4% in the third quarter. Municipal Employees Retirement System of Michigan now owns 12,470 shares of the financial services provider’s stock worth $276,000 after purchasing an additional 5,020 shares during the last quarter. Hedge funds and other institutional investors own 86.57% of the company’s stock.
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Investment Technology Group Company Profile
Investment Technology Group, Inc (ITG) is a financial technology company that helps brokers and asset managers improve returns for investors around the world. The Company operates through four segments: U.S. Operations, Canadian Operations, European Operations and Asia Pacific Operations. These four segments provide categories of products and services, such as Execution Services, Workflow Technology and Analytics.
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