Royce & Associates LP Sells 19,430 Shares of i3 Verticals, Inc. (NASDAQ:IIIV)

Key Points

• Royce & Associates LP has reduced its stake in i3 Verticals, Inc. by 3.6%, selling 19,430 shares, which brings their total ownership to approximately $12.9 million.
• Multiple institutional investors, including Vanguard Group Inc. and Long Path Partners LP, have recently increased their stakes in i3 Verticals, with 84.22% of the stock now owned by institutional investors.
• Analyst recommendations for i3 Verticals vary, with Morgan Stanley lowering its target price from $27.00 to $25.00, while Benchmark maintains a "buy" rating with a price objective of $33.00.

Royce & Associates LP reduced its stake in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 3.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 521,920 shares of the company's stock after selling 19,430 shares during the quarter. Royce & Associates LP owned 1.58% of i3 Verticals worth $12,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of IIIV. Legato Capital Management LLC increased 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 worth $6,073,000 after acquiring an additional 62,460 shares in the last quarter. New York State Common Retirement Fund raised its holdings in i3 Verticals by 32.0% during the 1st quarter. New York State Common Retirement Fund now owns 232,153 shares of the company's stock worth $5,727,000 after buying an additional 56,320 shares during the period. Gilliland Jeter Wealth Management LLC bought a new position in shares of i3 Verticals in the first quarter valued at $207,000. Envestnet Asset Management Inc. boosted its position in i3 Verticals by 9.7% during the first quarter. Envestnet Asset Management Inc. now owns 93,430 shares of the company's stock worth $2,305,000 after purchasing an additional 8,277 shares during the period. Finally, D.A. Davidson & CO. bought a new position in shares of i3 Verticals in the first quarter worth about $232,000. Hedge funds and other institutional investors own 84.22% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on IIIV shares. Morgan Stanley decreased their price target on shares of i3 Verticals from $27.00 to $25.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 13th. Benchmark reiterated a "buy" rating and issued a $33.00 price target on shares of i3 Verticals in a report on Monday, June 16th. Two 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. Based on data from MarketBeat, i3 Verticals currently has a consensus rating of "Moderate Buy" and an average price target of $29.57.

i3 Verticals Stock Down 1.6%

Shares of IIIV stock traded down $0.46 during mid-day trading on Tuesday, reaching $28.47. 40,081 shares of the company were exchanged, compared to its average volume of 299,431. The business's 50 day simple moving average is $26.53 and its 200 day simple moving average is $25.75. i3 Verticals, Inc. has a fifty-two week low of $20.42 and a fifty-two week high of $30.10. The company has a market capitalization of $945.61 million, a P/E ratio of 6.53 and a beta of 1.24. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.18 and a current ratio of 1.18.

Insider Activity at i3 Verticals

In related news, CFO Geoffrey C. Smith sold 8,404 shares of i3 Verticals stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $26.56, for a total value of $223,210.24. Following the transaction, the chief financial officer owned 55,000 shares of the company's stock, valued at approximately $1,460,800. This trade represents a 13.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John C. Harrison sold 78,597 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $24.81, for a total value of $1,949,991.57. Following the transaction, the director owned 3,876 shares of the company's stock, valued at approximately $96,163.56. This trade represents a 95.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 377,261 shares of company stock valued at $9,374,552 in the last ninety days. Company 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.