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. raised its position in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) by 28.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 390,724 shares of the company's stock after acquiring an additional 85,380 shares during the quarter. Russell Investments Group Ltd. owned approximately 1.18% of i3 Verticals worth $9,639,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in IIIV. JPMorgan Chase & Co. grew its holdings in i3 Verticals by 61.3% during the 4th quarter. JPMorgan Chase & Co. now owns 15,877 shares of the company's stock worth $366,000 after acquiring an additional 6,035 shares in the last quarter. Alliancebernstein L.P. grew its holdings in i3 Verticals by 25.3% during the 4th quarter. Alliancebernstein L.P. now owns 16,631 shares of the company's stock worth $383,000 after acquiring an additional 3,360 shares in the last quarter. Geode Capital Management LLC grew its holdings in 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 acquiring an additional 3,373 shares in the last quarter. Wells Fargo & Company MN grew its holdings in i3 Verticals by 38.5% during the 4th quarter. Wells Fargo & Company MN now owns 15,911 shares of the company's stock worth $367,000 after acquiring an additional 4,419 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in i3 Verticals by 6.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 85,153 shares of the company's stock worth $1,962,000 after acquiring an additional 4,873 shares in the last quarter. Institutional investors and hedge funds own 84.22% of the company's stock.

i3 Verticals Stock Performance

i3 Verticals stock traded down $0.29 during midday trading on Thursday, reaching $30.50. The company's stock had a trading volume of 176,200 shares, compared to its average volume of 271,913. i3 Verticals, Inc. has a fifty-two week low of $20.42 and a fifty-two week high of $33.44. The stock's 50 day simple moving average is $28.38 and its 200 day simple moving average is $26.45. The firm has a market capitalization of $983.93 million, a PE ratio of 5.84 and a beta of 1.32.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Benchmark reiterated a "buy" rating and issued a $39.00 price target (up from $33.00) on shares of i3 Verticals in a research note on Monday, August 11th. DA Davidson increased their price objective on i3 Verticals from $34.00 to $39.00 and gave the company a "buy" rating in a report on Wednesday, August 13th. Stephens increased their price target on i3 Verticals from $35.00 to $40.00 and gave the stock an "overweight" rating in a report on Monday, August 11th. Finally, Morgan Stanley increased their price target on i3 Verticals from $25.00 to $30.00 and gave the stock an "equal weight" rating in a report on Tuesday, August 12th. Four equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

Insider Buying and Selling at i3 Verticals

In other news, Director Timothy Mckenna sold 6,882 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $31.81, for a total value of $218,916.42. Following the completion of the transaction, the director owned 3,876 shares in the company, valued at $123,295.56. This trade represents a 63.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 59.07% of the stock is currently owned by corporate insiders.

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.