MarketAxess (NASDAQ:MKTX) Given “Neutral” Rating at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of MarketAxess (NASDAQ:MKTX) in a research note released on Tuesday morning, Benzinga reports. They currently have a $225.00 price objective on the financial services provider’s stock.

MKTX has been the topic of a number of other research reports. StockNews.com cut shares of MarketAxess from a hold rating to a sell rating in a report on Wednesday, July 24th. Morgan Stanley lifted their price target on shares of MarketAxess from $278.00 to $279.00 and gave the stock an equal weight rating in a research report on Tuesday, April 9th. Bank of America started coverage on shares of MarketAxess in a research note on Wednesday, April 10th. They issued an underperform rating and a $199.00 price objective for the company. UBS Group decreased their target price on shares of MarketAxess from $305.00 to $285.00 and set a buy rating for the company in a research note on Wednesday, May 8th. Finally, Keefe, Bruyette & Woods cut their price target on shares of MarketAxess from $235.00 to $230.00 and set a market perform rating on the stock in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $238.10.

MarketAxess Trading Up 1.8 %

Shares of MarketAxess stock traded up $4.17 during trading hours on Tuesday, reaching $236.06. 255,802 shares of the company’s stock were exchanged, compared to its average volume of 424,040. MarketAxess has a 52-week low of $192.42 and a 52-week high of $297.97. The firm has a market capitalization of $8.95 billion, a price-to-earnings ratio of 34.66, a price-to-earnings-growth ratio of 5.87 and a beta of 1.03. The company has a fifty day moving average of $209.92 and a 200-day moving average of $215.11.

MarketAxess (NASDAQ:MKTX) last announced its quarterly earnings results on Tuesday, August 6th. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.04. The firm had revenue of $197.70 million during the quarter, compared to the consensus estimate of $198.07 million. MarketAxess had a return on equity of 20.82% and a net margin of 33.83%. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 EPS. On average, equities research analysts anticipate that MarketAxess will post 7 earnings per share for the current fiscal year.

MarketAxess declared that its board has approved a stock repurchase plan on Tuesday, August 6th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 2.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

MarketAxess Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st will be given a $0.74 dividend. The ex-dividend date is Wednesday, August 21st. This is a positive change from MarketAxess’s previous quarterly dividend of $0.20. This represents a $2.96 annualized dividend and a dividend yield of 1.25%. MarketAxess’s dividend payout ratio is presently 43.47%.

Insider Buying and Selling at MarketAxess

In related news, insider Christophe Pierre Danie Roupie sold 617 shares of MarketAxess stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $231.63, for a total transaction of $142,915.71. Following the sale, the insider now directly owns 7,409 shares in the company, valued at approximately $1,716,146.67. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other MarketAxess news, Director Stephen P. Casper sold 500 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $199.48, for a total transaction of $99,740.00. Following the completion of the transaction, the director now owns 10,201 shares of the company’s stock, valued at $2,034,895.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christophe Pierre Danie Roupie sold 617 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $231.63, for a total value of $142,915.71. Following the sale, the insider now owns 7,409 shares of the company’s stock, valued at $1,716,146.67. The disclosure for this sale can be found here. Insiders own 2.66% of the company’s stock.

Hedge Funds Weigh In On MarketAxess

Several hedge funds have recently bought and sold shares of the business. Allworth Financial LP raised its position in MarketAxess by 347.6% during the fourth quarter. Allworth Financial LP now owns 94 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 73 shares in the last quarter. Venturi Wealth Management LLC raised its position in MarketAxess by 1,030.8% in the first quarter. Venturi Wealth Management LLC now owns 147 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 134 shares during the period. Parallel Advisors LLC grew its stake in MarketAxess by 155.8% during the 4th quarter. Parallel Advisors LLC now owns 110 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 67 shares in the last quarter. Larson Financial Group LLC boosted its position in shares of MarketAxess by 2,428.6% during the 1st quarter. Larson Financial Group LLC now owns 177 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 170 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of MarketAxess by 405.1% during the 2nd quarter. Blue Trust Inc. now owns 197 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 158 shares in the last quarter. Institutional investors own 99.01% of the company’s stock.

About MarketAxess

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.