i3 Verticals, Inc. $IIIV Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its holdings in i3 Verticals by 2.1%, now owning approximately 3.92% or 1,297,937 shares worth $32 million as of its last SEC filing.
• Several analysts have upgraded their target prices for i3 Verticals, with Morgan Stanley setting a new target of $30.00 and DA Davidson raising it to $39.00, indicating a positive outlook.
• Insiders at i3 Verticals hold 59.07% of the company, with Director Timothy Mckenna recently selling 6,882 shares, significantly reducing his position.

Vanguard Group Inc. lessened its holdings in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 2.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,297,937 shares of the company's stock after selling 27,753 shares during the period. Vanguard Group Inc. owned approximately 3.92% of i3 Verticals worth $32,020,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Forager Capital Management LLC purchased a new stake in shares of i3 Verticals in the fourth quarter valued at $17,626,000. Harbor Capital Advisors Inc. purchased a new stake in shares of i3 Verticals in the first quarter valued at $6,711,000. Legato Capital Management LLC lifted its position in shares of i3 Verticals by 34.0% in the first quarter. Legato Capital Management LLC now owns 246,184 shares of the company's stock valued at $6,073,000 after acquiring an additional 62,460 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of i3 Verticals by 32.0% in the first quarter. New York State Common Retirement Fund now owns 232,153 shares of the company's stock valued at $5,727,000 after acquiring an additional 56,320 shares in the last quarter. Finally, Bastion Asset Management Inc. purchased a new stake in shares of i3 Verticals in the fourth quarter valued at $1,235,000. Institutional investors and hedge funds own 84.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Morgan Stanley increased their target price on i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a research report on Tuesday, August 12th. DA Davidson increased their target price on i3 Verticals from $34.00 to $39.00 and gave the stock a "buy" rating in a research report on Wednesday, August 13th. Stephens increased their target price on i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, August 11th. Finally, Benchmark reiterated a "buy" rating and set a $39.00 target price (up from $33.00) on shares of i3 Verticals in a research 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, i3 Verticals presently has an average rating of "Moderate Buy" and an average price target of $34.33.

i3 Verticals Price Performance

i3 Verticals stock opened at $30.96 on Thursday. The stock's 50-day moving average is $28.93 and its 200-day moving average is $26.58. The company has a market cap of $998.77 million, a price-to-earnings ratio of 5.93 and a beta of 1.32. i3 Verticals, Inc. has a 12 month low of $20.42 and a 12 month high of $33.44.

Insider Activity at i3 Verticals

In related news, Director Timothy Mckenna sold 6,882 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $31.81, for a total transaction of $218,916.42. Following the sale, the director directly owned 3,876 shares in the company, valued at approximately $123,295.56. This trade represents a 63.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 59.07% of the company's stock.

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.

Want to see what other hedge funds are holding IIIV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for i3 Verticals, Inc. (NASDAQ:IIIV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.