i3 Verticals, Inc. $IIIV Position Lowered by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. reduced its stake in i3 Verticals, Inc. by 3.3%, now holding 558,805 shares worth approximately $13.8 million after selling 19,027 shares.
• Several institutional investors have made significant changes to their holdings in i3 Verticals, including NBC Securities Inc. increasing its stake by 112,500% in the first quarter.
• Analysts have upgraded price targets for i3 Verticals, with Benchmark setting a new target of $39.00, indicating strong confidence in the company’s performance.

Raymond James Financial Inc. lessened its holdings in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 3.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 558,805 shares of the company's stock after selling 19,027 shares during the quarter. Raymond James Financial Inc. owned about 1.69% of i3 Verticals worth $13,786,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Forager Capital Management LLC purchased a new stake in shares of i3 Verticals during the 4th quarter worth approximately $17,626,000. Dimensional Fund Advisors LP lifted its stake in shares of i3 Verticals by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 498,923 shares of the company's stock worth $11,496,000 after acquiring an additional 11,270 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of i3 Verticals by 28.0% during the 1st quarter. Russell Investments Group Ltd. now owns 390,724 shares of the company's stock worth $9,639,000 after acquiring an additional 85,380 shares during the last quarter. Harbor Capital Advisors Inc. bought a new stake in shares of i3 Verticals during the 1st quarter worth approximately $6,711,000. Finally, Legato Capital Management LLC lifted its stake in shares of i3 Verticals by 34.0% during the 1st quarter. Legato Capital Management LLC now owns 246,184 shares of the company's stock worth $6,073,000 after acquiring an additional 62,460 shares during the last quarter. Institutional investors own 84.22% of the company's stock.

i3 Verticals Stock Performance

Shares of IIIV traded down $0.43 during midday trading on Tuesday, hitting $31.02. 82,552 shares of the stock were exchanged, compared to its average volume of 295,332. The firm has a market cap of $1.00 billion, a P/E ratio of 5.94 and a beta of 1.30. The stock has a fifty day simple moving average of $29.31 and a 200 day simple moving average of $26.59. i3 Verticals, Inc. has a 52-week low of $20.42 and a 52-week high of $33.44.

Analyst Ratings Changes

IIIV has been the subject of several recent research reports. Benchmark reissued a "buy" rating and issued a $39.00 price target (up from $33.00) on shares of i3 Verticals in a research report on Monday, August 11th. DA Davidson boosted their price target 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 boosted their price target 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, Morgan Stanley boosted their price target 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. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

Insider Activity at i3 Verticals

In related news, Director Timothy Mckenna sold 6,882 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $31.81, for a total value of $218,916.42. Following the transaction, the director owned 3,876 shares in the company, valued at $123,295.56. The trade was a 63.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company 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.