MarketAxess (NASDAQ:MKTX) PT Raised to $233.00 at The Goldman Sachs Group

MarketAxess (NASDAQ:MKTX) had its price objective raised by equities research analysts at The Goldman Sachs Group from $204.00 to $233.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the financial services provider’s stock. The Goldman Sachs Group’s price target would indicate a potential downside of 8.93% from the company’s previous close.

A number of other research firms have also weighed in on MKTX. Piper Sandler reissued a “neutral” rating and issued a $225.00 target price on shares of MarketAxess in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods boosted their price target on shares of MarketAxess from $222.00 to $225.00 and gave the company a “market perform” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of MarketAxess from $218.00 to $223.00 and gave the stock a “hold” rating in a research note on Thursday, August 15th. Barclays dropped their price target on shares of MarketAxess from $225.00 to $215.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Finally, StockNews.com upgraded shares of MarketAxess from a “sell” rating to a “hold” rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $239.40.

MarketAxess Price Performance

Shares of MarketAxess stock opened at $255.85 on Monday. The stock has a market capitalization of $9.70 billion, a P/E ratio of 37.64, a PEG ratio of 6.04 and a beta of 1.07. The business has a 50 day simple moving average of $241.55 and a two-hundred day simple moving average of $220.11. MarketAxess has a 12 month low of $192.42 and a 12 month high of $297.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.91 and a quick ratio of 2.91.

MarketAxess (NASDAQ:MKTX) last announced its quarterly earnings data on Tuesday, August 6th. The financial services provider reported $1.72 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.04. The company had revenue of $197.70 million for the quarter, compared to analyst estimates of $198.07 million. MarketAxess had a return on equity of 20.43% and a net margin of 33.71%. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.63 EPS. As a group, analysts predict that MarketAxess will post 7.06 EPS for the current fiscal year.

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

Insider Activity

In related news, insider Christophe Pierre Danie Roupie sold 617 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $231.63, for a total transaction of $142,915.71. Following the transaction, the insider now owns 7,409 shares of the company’s stock, valued at approximately $1,716,146.67. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.66% of the company’s stock.

Hedge Funds Weigh In On MarketAxess

Several institutional investors have recently modified their holdings of MKTX. Goodman Advisory Group LLC purchased a new position in MarketAxess in the second quarter valued at $27,000. Parallel Advisors LLC grew its position in shares of MarketAxess by 155.8% during the fourth quarter. Parallel Advisors LLC now owns 110 shares of the financial services provider’s stock worth $32,000 after buying an additional 67 shares in the last quarter. Larson Financial Group LLC increased its stake in shares of MarketAxess by 2,428.6% during the first quarter. Larson Financial Group LLC now owns 177 shares of the financial services provider’s stock worth $39,000 after buying an additional 170 shares during the period. Blue Trust Inc. raised its holdings in MarketAxess by 405.1% in the second quarter. Blue Trust Inc. now owns 197 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 158 shares in the last quarter. Finally, CVA Family Office LLC lifted its stake in MarketAxess by 47.4% in the second quarter. CVA Family Office LLC now owns 252 shares of the financial services provider’s stock worth $51,000 after acquiring an additional 81 shares during the last quarter. Institutional investors and hedge funds own 99.01% of the company’s stock.

MarketAxess Company Profile

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.