Geneva Capital Management LLC Grows Stock Position in MarketAxess Holdings Inc. (NASDAQ:MKTX)

Key Points

• Geneva Capital Management LLC increased its stake in MarketAxess Holdings Inc. by 20.6%, owning 18,687 shares valued at approximately $4.04 million after acquiring 3,191 additional shares in the first quarter.
• MarketAxess reported $1.87 earnings per share (EPS), beating analysts' estimates, while revenue was down 0.8% year-over-year at $208.58 million.
• Institutional investors hold a significant majority, owning 99.01% of MarketAxess's stock, indicating strong institutional confidence in the company.

Geneva Capital Management LLC lifted its holdings in MarketAxess Holdings Inc. (NASDAQ:MKTX - Free Report) by 20.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,687 shares of the financial services provider's stock after acquiring an additional 3,191 shares during the quarter. Geneva Capital Management LLC owned 0.05% of MarketAxess worth $4,043,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Clear Creek Financial Management LLC acquired a new position in MarketAxess during the first quarter worth about $280,000. Praxis Investment Management Inc. purchased a new position in shares of MarketAxess in the 1st quarter valued at about $376,000. Wilson Asset Management International PTY Ltd. increased its holdings in MarketAxess by 26.6% during the 1st quarter. Wilson Asset Management International PTY Ltd. now owns 60,492 shares of the financial services provider's stock valued at $13,087,000 after acquiring an additional 12,697 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of MarketAxess by 210.8% in the first quarter. Victory Capital Management Inc. now owns 17,400 shares of the financial services provider's stock valued at $3,764,000 after buying an additional 11,801 shares during the last quarter. Finally, First Citizens Bank & Trust Co. boosted its holdings in MarketAxess by 13.6% in the first quarter. First Citizens Bank & Trust Co. now owns 24,671 shares of the financial services provider's stock valued at $5,338,000 after acquiring an additional 2,947 shares during the last quarter. Institutional investors and hedge funds own 99.01% of the company's stock.

MarketAxess Price Performance

Shares of NASDAQ:MKTX traded down $21.01 during trading on Wednesday, reaching $186.80. 1,901,663 shares of the company were exchanged, compared to its average volume of 349,041. The business's fifty day simple moving average is $217.32 and its 200-day simple moving average is $214.24. MarketAxess Holdings Inc. has a 12-month low of $186.14 and a 12-month high of $296.68. The firm has a market capitalization of $7.01 billion, a PE ratio of 32.49, a P/E/G ratio of 2.74 and a beta of 0.84.

MarketAxess (NASDAQ:MKTX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.06. The company had revenue of $219.46 million for the quarter, compared to analyst estimates of $218.05 million. MarketAxess had a net margin of 26.57% and a return on equity of 19.93%. MarketAxess's revenue was up 11.0% compared to the same quarter last year. During the same period last year, the company posted $1.72 earnings per share. On average, sell-side analysts anticipate that MarketAxess Holdings Inc. will post 7.79 EPS for the current fiscal year.

Analyst Ratings Changes

MKTX has been the subject of a number of recent research reports. Piper Sandler reaffirmed a "neutral" rating and set a $204.00 price objective (up previously from $202.00) on shares of MarketAxess in a research report on Tuesday, July 15th. Citigroup boosted their target price on MarketAxess from $250.00 to $265.00 and gave the company a "buy" rating in a research note on Thursday, May 8th. Keefe, Bruyette & Woods raised their price target on MarketAxess from $223.00 to $226.00 and gave the stock a "market perform" rating in a research report on Thursday, May 8th. Barclays cut their target price on MarketAxess from $240.00 to $237.00 and set an "equal weight" rating on the stock in a research report on Thursday, July 10th. Finally, Morgan Stanley cut their target price on MarketAxess from $283.00 to $274.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $240.67.

About MarketAxess

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.