i3 Verticals, Inc. $IIIV Shares Acquired by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in i3 Verticals, Inc. by 28.0% in the first quarter, now owning 390,724 shares and approximately 1.18% of the company, valued at $9.6 million.
• Various institutional investors have also increased their holdings in i3 Verticals, with 84.22% of the stock now held by institutional investors.
• Equity analysts have issued positive ratings, with several increasing their price targets, including a boost to $39.00 from $33.00 by Benchmark.

Russell Investments Group Ltd. lifted its stake in shares of i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 28.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 390,724 shares of the company's stock after acquiring an additional 85,380 shares during the period. Russell Investments Group Ltd. owned 1.18% of i3 Verticals worth $9,639,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of IIIV. Forager Capital Management LLC acquired a new stake in shares of i3 Verticals during the 4th quarter worth about $17,626,000. Geode Capital Management LLC increased its position in shares of i3 Verticals by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 538,057 shares of the company's stock worth $12,400,000 after purchasing an additional 3,373 shares during the last quarter. Dimensional Fund Advisors LP increased its position 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 purchasing an additional 11,270 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new stake in shares of i3 Verticals during the 1st quarter worth about $6,711,000. Finally, Legato Capital Management LLC increased its position 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 purchasing an additional 62,460 shares during the last quarter. Hedge funds and other institutional investors own 84.22% of the company's stock.

Insider Activity at i3 Verticals

In other 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 transaction of $218,916.42. Following the completion of the transaction, the director directly owned 3,876 shares of the company's stock, valued at approximately $123,295.56. The trade was a 63.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 59.07% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. DA Davidson raised their price objective 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 raised their price objective on i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a research report on Monday, August 11th. Benchmark reissued a "buy" rating and set a $39.00 price objective (up from $33.00) on shares of i3 Verticals in a research report on Monday, August 11th. Finally, Morgan Stanley lifted their target price on i3 Verticals from $25.00 to $30.00 and gave the company 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 given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $34.33.

i3 Verticals Price Performance

Shares of NASDAQ IIIV traded up $1.13 during midday trading on Friday, hitting $31.63. The company's stock had a trading volume of 573,226 shares, compared to its average volume of 289,061. The business's fifty day simple moving average is $28.56 and its two-hundred day simple moving average is $26.50. i3 Verticals, Inc. has a 1 year low of $20.42 and a 1 year high of $33.44. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 6.06 and a beta of 1.32.

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.