MarketAxess (NASDAQ:MKTX) Given New $459.00 Price Target at Morgan Stanley

MarketAxess (NASDAQ:MKTX) had its target price lowered by Morgan Stanley from $470.00 to $459.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price suggests a potential upside of 7.69% from the stock’s previous close.

MKTX has been the subject of several other reports. Raymond James cut their target price on shares of MarketAxess from $580.00 to $530.00 and set an “outperform” rating for the company in a research note on Wednesday, July 7th. Piper Sandler cut their target price on shares of MarketAxess from $483.00 to $475.00 and set a “neutral” rating for the company in a research note on Wednesday, July 7th. Rosenblatt Securities cut their target price on shares of MarketAxess from $625.00 to $569.00 and set a “buy” rating for the company in a research note on Thursday, June 3rd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of MarketAxess from $430.00 to $427.00 and set a “hold” rating for the company in a research report on Thursday, July 22nd. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $532.00.

MKTX stock opened at $426.24 on Wednesday. MarketAxess has a 12 month low of $420.79 and a 12 month high of $606.45. The firm has a market cap of $16.19 billion, a PE ratio of 56.31 and a beta of 0.36. The firm has a 50 day simple moving average of $467.20 and a 200 day simple moving average of $479.61.

MarketAxess (NASDAQ:MKTX) last released its earnings results on Tuesday, July 20th. The financial services provider reported $1.77 EPS for the quarter, beating the consensus estimate of $1.69 by $0.08. MarketAxess had a net margin of 40.79% and a return on equity of 29.87%. The business had revenue of $176.30 million during the quarter, compared to analyst estimates of $177.56 million. During the same period in the prior year, the business earned $2.20 earnings per share. The business’s quarterly revenue was down 4.6% on a year-over-year basis. Equities analysts forecast that MarketAxess will post 7.36 earnings per share for the current year.

In other MarketAxess news, insider Kevin M. Mcpherson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 10th. The shares were sold at an average price of $476.53, for a total value of $2,382,650.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Richard M. Mcvey sold 12,117 shares of the company’s stock in a transaction that occurred on Monday, August 9th. The shares were sold at an average price of $484.74, for a total transaction of $5,873,594.58. Following the completion of the transaction, the chief executive officer now owns 772,739 shares in the company, valued at approximately $374,577,502.86. The disclosure for this sale can be found here. In the last quarter, insiders sold 17,902 shares of company stock worth $8,631,608. Company insiders own 2.19% of the company’s stock.

A number of institutional investors have recently modified their holdings of MKTX. FMR LLC boosted its holdings in MarketAxess by 128.2% in the 1st quarter. FMR LLC now owns 127,669 shares of the financial services provider’s stock valued at $31,417,000 after purchasing an additional 71,732 shares during the period. IFM Investors Pty Ltd lifted its holdings in shares of MarketAxess by 6.3% during the 1st quarter. IFM Investors Pty Ltd now owns 3,905 shares of the financial services provider’s stock worth $1,944,000 after acquiring an additional 231 shares during the period. Congress Asset Management Co. MA lifted its holdings in shares of MarketAxess by 23.5% during the 1st quarter. Congress Asset Management Co. MA now owns 3,216 shares of the financial services provider’s stock worth $1,601,000 after acquiring an additional 612 shares during the period. M&T Bank Corp lifted its holdings in shares of MarketAxess by 5.1% during the 1st quarter. M&T Bank Corp now owns 9,329 shares of the financial services provider’s stock worth $4,646,000 after acquiring an additional 450 shares during the period. Finally, Standard Life Aberdeen plc lifted its holdings in shares of MarketAxess by 2.9% during the 1st quarter. Standard Life Aberdeen plc now owns 58,592 shares of the financial services provider’s stock worth $29,194,000 after acquiring an additional 1,664 shares during the period. 94.39% of the stock is owned by hedge funds and other institutional investors.

MarketAxess Company Profile

MarketAxess Holdings, Inc operates as an electronic trading platform that allows investment industry professionals to trade corporate bonds and other types of fixed-income instruments. It also provides data and analytical tools that help its clients to make trading decisions and facilitate the trading process by electronically communicating order information between trading counterparties.

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Analyst Recommendations for MarketAxess (NASDAQ:MKTX)

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