MarketAxess (NASDAQ:MKTX) Given New $575.00 Price Target at Morgan Stanley


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MarketAxess (NASDAQ:MKTX) had its price target cut by Morgan Stanley from $579.00 to $575.00 in a research report report published on Monday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other analysts have also recently issued reports on MKTX. Rosenblatt Securities upped their price objective on shares of MarketAxess from $588.00 to $605.00 and gave the company a buy rating in a research note on Monday, February 1st. William Blair reaffirmed a market perform rating on shares of MarketAxess in a research note on Wednesday, January 20th. Raymond James dropped their price objective on shares of MarketAxess from $599.00 to $595.00 and set an outperform rating for the company in a research note on Tuesday, April 13th. Piper Sandler dropped their price objective on shares of MarketAxess from $580.00 to $545.00 and set a neutral rating for the company in a research note on Tuesday, April 13th. Finally, Zacks Investment Research cut shares of MarketAxess from a buy rating to a hold rating and set a $590.00 price objective for the company. in a research note on Thursday, December 31st. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $574.00.

MKTX opened at $502.88 on Monday. MarketAxess has a twelve month low of $415.56 and a twelve month high of $606.45. The company has a 50-day moving average price of $519.38 and a 200 day moving average price of $539.74. The company has a market cap of $19.11 billion, a PE ratio of 69.27 and a beta of 0.41.

MarketAxess (NASDAQ:MKTX) last released its quarterly earnings results on Thursday, April 22nd. The financial services provider reported $2.11 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.02). MarketAxess had a return on equity of 33.35% and a net margin of 42.73%. The company had revenue of $195.50 million for the quarter, compared to analyst estimates of $195.06 million. During the same quarter last year, the company earned $1.96 EPS. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. As a group, sell-side analysts expect that MarketAxess will post 7.75 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 26th. Stockholders of record on Wednesday, May 12th will be issued a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 0.52%. MarketAxess’s dividend payout ratio is currently 48.89%.

In other news, CEO Richard M. Mcvey sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $518.80, for a total value of $10,376,000.00. Following the transaction, the chief executive officer now directly owns 785,583 shares in the company, valued at approximately $407,560,460.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Scott Pintoff sold 250 shares of the company’s stock in a transaction that occurred on Monday, February 8th. The stock was sold at an average price of $572.32, for a total transaction of $143,080.00. Following the completion of the transaction, the general counsel now owns 6,473 shares in the company, valued at $3,704,627.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,750 shares of company stock worth $13,795,995. Company insiders own 3.05% of the company’s stock.

Several hedge funds have recently modified their holdings of MKTX. Price T Rowe Associates Inc. MD lifted its holdings in shares of MarketAxess by 40.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,857,237 shares of the financial services provider’s stock worth $1,059,665,000 after acquiring an additional 530,363 shares during the last quarter. Norges Bank acquired a new stake in MarketAxess during the 4th quarter worth approximately $202,273,000. Ownership Capital B.V. lifted its holdings in MarketAxess by 28.3% during the 4th quarter. Ownership Capital B.V. now owns 1,077,270 shares of the financial services provider’s stock worth $98,279,000 after buying an additional 237,394 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in MarketAxess by 33,882.3% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 128,793 shares of the financial services provider’s stock worth $73,484,000 after buying an additional 128,414 shares in the last quarter. Finally, Ardevora Asset Management LLP acquired a new stake in MarketAxess during the 4th quarter worth approximately $59,167,000. Hedge funds and other institutional investors own 90.76% 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 firms worldwide. It offers the access to global liquidity in U.S. investment-grade bonds, U.S. high-yield bonds, U.S. Treasuries, municipal bonds, emerging market debt, Eurobonds, and other fixed income securities.

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Analyst Recommendations for MarketAxess (NASDAQ:MKTX)

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