Confluence Investment Management LLC Has $6.94 Million Stock Holdings in i3 Verticals, Inc. $IIIV

Key Points

• Confluence Investment Management LLC reduced its holdings in i3 Verticals, Inc. by 9.2%, now owning approximately 252,687 shares valued at $6.94 million, following the sale of 25,460 shares.
• Several institutional investors, including Bank of America Corp DE and Deutsche Bank AG, increased their stakes in i3 Verticals, indicating strong interest from hedge funds in the company.
• Recent analyst reports have resulted in increased price targets for i3 Verticals, with Benchmark and DA Davidson upping their price objectives to $39.00, reflecting a positive outlook on the stock.

Confluence Investment Management LLC lessened its holdings in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 9.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 252,687 shares of the company's stock after selling 25,460 shares during the period. Confluence Investment Management LLC owned approximately 0.76% of i3 Verticals worth $6,944,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in IIIV. Price T Rowe Associates Inc. MD acquired a new position in i3 Verticals in the fourth quarter worth about $210,000. Northern Trust Corp increased its holdings in shares of i3 Verticals by 9.7% during the fourth quarter. Northern Trust Corp now owns 220,597 shares of the company's stock worth $5,083,000 after buying an additional 19,568 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of i3 Verticals by 27.9% during the fourth quarter. Jane Street Group LLC now owns 32,765 shares of the company's stock worth $755,000 after buying an additional 7,140 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of i3 Verticals by 30.8% during the fourth quarter. Bank of America Corp DE now owns 37,093 shares of the company's stock worth $855,000 after buying an additional 8,736 shares in the last quarter. Finally, Deutsche Bank AG increased its holdings in shares of i3 Verticals by 42.5% during the fourth quarter. Deutsche Bank AG now owns 23,665 shares of the company's stock worth $545,000 after buying an additional 7,063 shares in the last quarter. Institutional investors and hedge funds own 84.22% of the company's stock.

Insider Activity

In other news, General Counsel Paul Maple sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $31.04, for a total transaction of $77,600.00. Following the sale, the general counsel directly owned 33,269 shares of the company's stock, valued at $1,032,669.76. This represents a 6.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Paul Christians sold 1,890 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $31.40, for a total transaction of $59,346.00. Following the sale, the executive directly owned 43,110 shares in the company, valued at $1,353,654. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,272 shares of company stock valued at $355,862 over the last three months. 59.07% of the stock is owned by insiders.

Analysts Set New Price Targets

IIIV has been the subject of several recent analyst reports. Benchmark reaffirmed a "buy" rating and set a $39.00 price objective (up previously from $33.00) on shares of i3 Verticals in a report on Monday, August 11th. DA Davidson raised their price objective on shares of i3 Verticals from $34.00 to $39.00 and gave the stock a "buy" rating in a report on Wednesday, August 13th. Morgan Stanley raised their price objective on shares of i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Finally, Stephens raised their price objective on shares of i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, August 11th. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $34.33.

i3 Verticals Price Performance

IIIV opened at $30.31 on Friday. i3 Verticals, Inc. has a one year low of $20.42 and a one year high of $33.44. The company's 50 day simple moving average is $29.90 and its 200-day simple moving average is $26.77. The stock has a market capitalization of $977.95 million, a P/E ratio of 5.81 and a beta of 1.30.

i3 Verticals Company Profile

i3 Verticals, Inc provides integrated payment and software solutions primarily to the public sector and healthcare markets in the United States. It operates in two segments, Software and Services, and Merchant Services. The company offers payment processing services that enables upper and lower court case management, collections, finance and accounting, motor vehicle and carrier registration, e-filing and taxation, license plate inventory, property tax management, utility billing, professional licensing, document workflow, and law enforcement software; assists public schools in completing payment processing functions, including accepting payments for online or at school lunches, and school activities.

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