50,796 Shares in i3 Verticals, Inc. (NASDAQ:IIIV) Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. bought a new position in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 50,796 shares of the company's stock, valued at approximately $1,253,000. Principal Financial Group Inc. owned 0.15% of i3 Verticals as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of i3 Verticals by 2,744.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,048 shares of the company's stock worth $51,000 after buying an additional 1,976 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of i3 Verticals during the 4th quarter worth $294,000. NBC Securities Inc. raised its holdings in 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 buying an additional 1,125 shares during the period. Swiss National Bank lifted its position in i3 Verticals by 2.0% during the fourth quarter. Swiss National Bank now owns 46,700 shares of the company's stock valued at $1,076,000 after buying an additional 900 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in i3 Verticals by 2.2% during the first quarter. Rhumbline Advisers now owns 36,331 shares of the company's stock valued at $896,000 after buying an additional 786 shares in the last quarter. 84.22% of the stock is currently owned by institutional investors and hedge funds.

i3 Verticals Price Performance

IIIV traded up $0.19 on Wednesday, hitting $29.00. 271,508 shares of the stock were exchanged, compared to its average volume of 263,255. i3 Verticals, Inc. has a 12 month low of $20.42 and a 12 month high of $30.10. The business has a 50-day moving average of $26.32 and a two-hundred day moving average of $25.60. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.18 and a quick ratio of 1.18. The firm has a market capitalization of $963.38 million, a price-to-earnings ratio of 6.59 and a beta of 1.24.

Analyst Upgrades and Downgrades

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

Insider Activity at i3 Verticals

In related news, Director David M. Wilds sold 218,400 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total value of $5,418,504.00. Following the transaction, the director directly owned 260,657 shares in the company, valued at $6,466,900.17. This trade represents a 45.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Geoffrey C. Smith sold 8,404 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $26.56, for a total value of $223,210.24. Following the sale, the chief financial officer directly owned 55,000 shares of the company's stock, valued at approximately $1,460,800. This represents a 13.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 377,261 shares of company stock worth $9,374,552. Corporate insiders own 59.07% of the company's stock.

About i3 Verticals

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.