Heartland Advisors Inc. Sells 52,350 Shares of i3 Verticals, Inc. (NASDAQ:IIIV)

Key Points

• Heartland Advisors Inc. reduced its stake in i3 Verticals, Inc. by 6.5%, now holding 759,200 shares after selling 52,350 shares in the first quarter.
• Institutional investors own approximately 84.22% of i3 Verticals, with several firms, including NBC Securities and Mirae Asset Global Investments, significantly increasing their positions in the stock.
• Analyst ratings for i3 Verticals show a mixed outlook, with Morgan Stanley lowering its price target from $27.00 to $25.00, while Benchmark maintains a "buy" rating with a target of $33.00.

Heartland Advisors Inc. lowered its stake in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 6.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 759,200 shares of the company's stock after selling 52,350 shares during the quarter. i3 Verticals makes up approximately 1.1% of Heartland Advisors Inc.'s investment portfolio, making the stock its 16th largest position. Heartland Advisors Inc. owned approximately 2.30% of i3 Verticals worth $18,729,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. NBC Securities Inc. increased its position in shares of i3 Verticals by 112,500.0% in the first quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock valued at $27,000 after acquiring an additional 1,125 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of i3 Verticals by 2,744.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock valued at $51,000 after acquiring an additional 1,976 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of i3 Verticals in the fourth quarter valued at about $72,000. KLP Kapitalforvaltning AS acquired a new stake in shares of i3 Verticals in the fourth quarter valued at about $99,000. Finally, CIBC Private Wealth Group LLC increased its position in shares of i3 Verticals by 52.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 5,260 shares of the company's stock valued at $126,000 after acquiring an additional 1,809 shares during the last quarter. Institutional investors and hedge funds own 84.22% of the company's stock.

Analyst Ratings Changes

IIIV has been the topic of a number of recent research reports. Morgan Stanley lowered their target price on i3 Verticals from $27.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 13th. Benchmark reissued a "buy" rating and set a $33.00 price target on shares of i3 Verticals in a research report on Monday, June 16th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, i3 Verticals currently has an average rating of "Moderate Buy" and an average target price of $29.57.

i3 Verticals Price Performance

Shares of NASDAQ IIIV opened at $28.50 on Friday. The business's 50 day moving average price is $26.40 and its two-hundred day moving average price is $25.66. The company has a market cap of $946.77 million, a PE ratio of 6.48 and a beta of 1.24. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 0.02. i3 Verticals, Inc. has a twelve month low of $20.42 and a twelve month high of $30.10.

Insider Buying and Selling

In related news, CFO Geoffrey C. Smith sold 8,404 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $26.56, for a total transaction of $223,210.24. Following the sale, the chief financial officer owned 55,000 shares of the company's stock, valued at $1,460,800. This represents a 13.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert Burton Harvey sold 71,860 shares of the company's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total value of $1,782,846.60. Following the sale, the director owned 11,285 shares of the company's stock, valued at $279,980.85. The trade was a 86.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 377,261 shares of company stock worth $9,374,552. 59.07% of the stock is owned by corporate insiders.

i3 Verticals 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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