i3 Verticals, Inc. $IIIV Shares Sold by Confluence Investment Management LLC

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 cut its position in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 9.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund 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 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. NBC Securities Inc. raised its holdings in shares of i3 Verticals by 112,500.0% during the first quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock valued at $27,000 after purchasing an additional 1,125 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of i3 Verticals by 2,744.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock valued at $51,000 after purchasing an additional 1,976 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of i3 Verticals during the first quarter valued at approximately $151,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of i3 Verticals by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 7,926 shares of the company's stock valued at $196,000 after purchasing an additional 796 shares during the last quarter. Finally, Gilliland Jeter Wealth Management LLC purchased a new position in shares of i3 Verticals during the first quarter valued at approximately $207,000. 84.22% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

i3 Verticals Price Performance

Shares of IIIV traded down $0.07 during midday trading on Friday, hitting $32.11. The stock had a trading volume of 73,883 shares, compared to its average volume of 285,913. i3 Verticals, Inc. has a 1 year low of $20.42 and a 1 year high of $33.44. The firm has a market cap of $1.04 billion, a PE ratio of 6.15 and a beta of 1.30. The stock's 50 day moving average is $30.06 and its 200 day moving average is $26.91.

Insider Transactions at i3 Verticals

In other news, General Counsel Paul Maple sold 2,500 shares of i3 Verticals stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $31.04, for a total value of $77,600.00. Following the transaction, the general counsel owned 33,269 shares of the company's stock, valued at $1,032,669.76. The trade was a 6.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Paul Christians sold 1,890 shares of i3 Verticals stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $31.40, for a total transaction of $59,346.00. Following the completion of the sale, the executive owned 43,110 shares of the company's stock, 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 a total of 11,272 shares of company stock valued at $355,862 in the last 90 days. Insiders own 59.07% of the company's stock.

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.