T. Rowe Price Investment Management Inc. Buys New Stake in i3 Verticals, Inc. $IIIV

Key Points

• T. Rowe Price Investment Management Inc. has made a new investment in i3 Verticals, acquiring 406,076 shares valued at approximately $10.02 million, representing 1.23% ownership in the company.
• i3 Verticals' stock has recently seen a 3.7% increase and is currently priced at $31.63, with analysts giving it a consensus rating of "Moderate Buy" and an average target price of $34.33.
• Numerous large institutional investors, including JPMorgan Chase and Wells Fargo, have significantly increased their holdings in i3 Verticals in the previous quarter.

T. Rowe Price Investment Management Inc. purchased a new stake in i3 Verticals, Inc. (NASDAQ:IIIV - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 406,076 shares of the company's stock, valued at approximately $10,018,000. T. Rowe Price Investment Management Inc. owned about 1.23% of i3 Verticals as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its position in 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 purchasing an additional 1,976 shares during the last quarter. Avantax Advisory Services Inc. boosted its stake in i3 Verticals by 8.5% during the 1st quarter. Avantax Advisory Services Inc. now owns 17,473 shares of the company's stock valued at $431,000 after purchasing an additional 1,368 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of i3 Verticals in the 4th quarter worth approximately $294,000. NBC Securities Inc. raised its holdings in shares of i3 Verticals by 112,500.0% in the 1st quarter. NBC Securities Inc. now owns 1,126 shares of the company's stock worth $27,000 after purchasing an additional 1,125 shares during the period. Finally, Rhumbline Advisers raised its holdings in i3 Verticals by 2.2% during the 1st quarter. Rhumbline Advisers now owns 36,331 shares of the company's stock valued at $896,000 after acquiring an additional 786 shares during the period. 84.22% of the stock is owned by institutional investors.

Insider Buying and Selling at i3 Verticals

In other news, Director Timothy Mckenna sold 6,882 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $31.81, for a total value of $218,916.42. Following the completion of the sale, the director owned 3,876 shares of the company's stock, valued at approximately $123,295.56. This represents a 63.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 59.07% of the company's stock.

i3 Verticals Price Performance

Shares of NASDAQ:IIIV traded up $0.01 during trading hours on Friday, hitting $31.39. The company's stock had a trading volume of 105,753 shares, compared to its average volume of 295,977. The firm's fifty day moving average price is $29.05 and its 200 day moving average price is $26.60. i3 Verticals, Inc. has a 52 week low of $20.42 and a 52 week high of $33.44. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 6.01 and a beta of 1.32.

Analyst Upgrades and Downgrades

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

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.