Zurcher Kantonalbank Zurich Cantonalbank Trims Position in MarketAxess Holdings Inc. (NASDAQ:MKTX)

Key Points

• Zurcher Kantonalbank reduced its holdings in MarketAxess Holdings Inc. (NASDAQ: MKTX) by 28.3%, now owning 10,233 shares valued at $2,214,000.
• MarketAxess reported earnings of $1.87 per share for the last quarter, exceeding estimates, although revenue was down 0.8% year-over-year to $208.58 million.
• Analysts have mixed ratings on MarketAxess with an average rating of "Hold" and a consensus target price of $240.67.

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in MarketAxess Holdings Inc. (NASDAQ:MKTX - Free Report) by 28.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,233 shares of the financial services provider's stock after selling 4,032 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in MarketAxess were worth $2,214,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Huntington National Bank raised its position in MarketAxess by 185.7% during the 4th quarter. Huntington National Bank now owns 160 shares of the financial services provider's stock worth $36,000 after buying an additional 104 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of MarketAxess by 49.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 164 shares of the financial services provider's stock worth $35,000 after purchasing an additional 54 shares during the period. UMB Bank n.a. grew its stake in shares of MarketAxess by 57.4% during the 1st quarter. UMB Bank n.a. now owns 222 shares of the financial services provider's stock worth $48,000 after purchasing an additional 81 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in shares of MarketAxess during the 1st quarter worth approximately $56,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of MarketAxess during the 4th quarter worth approximately $63,000. 99.01% of the stock is owned by hedge funds and other institutional investors.

MarketAxess Trading Down 9.7%

MKTX traded down $20.16 on Wednesday, hitting $187.65. 1,185,859 shares of the company's stock were exchanged, compared to its average volume of 578,470. MarketAxess Holdings Inc. has a fifty-two week low of $186.84 and a fifty-two week high of $296.68. The firm has a 50-day moving average price of $217.32 and a 200-day moving average price of $214.24. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of 32.61, a P/E/G ratio of 2.76 and a beta of 0.84.

MarketAxess (NASDAQ:MKTX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The financial services provider reported $2.00 EPS for the quarter, topping the consensus estimate of $1.91 by $0.09. MarketAxess had a return on equity of 19.93% and a net margin of 26.57%. During the same quarter last year, the firm posted $1.72 EPS. The business's revenue was up 11.0% compared to the same quarter last year. On average, equities analysts predict that MarketAxess Holdings Inc. will post 7.79 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods raised their price objective on shares of MarketAxess from $223.00 to $226.00 and gave the stock a "market perform" rating in a research note on Thursday, May 8th. Morgan Stanley dropped their price objective on shares of MarketAxess from $283.00 to $274.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 15th. UBS Group reaffirmed a "buy" rating and set a $295.00 price objective on shares of MarketAxess in a research note on Tuesday, July 8th. Wall Street Zen cut shares of MarketAxess from a "hold" rating to a "sell" rating in a research note on Sunday, July 20th. Finally, 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 note on Tuesday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price 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.