MarketAxess (NASDAQ:MKTX) Upgraded to "Buy" at Argus

Key Points

• MarketAxess has been upgraded to a "Buy" rating by Argus, with a target price set at $212.00, indicating a potential upside of 12.33% from its current price.
• Other analysts have also recently adjusted their ratings and price targets, with Citigroup raising its target from $250.00 to $265.00 while maintaining a "Buy" rating.
• The company reported quarterly earnings of $2.00 EPS, exceeding estimates, with a revenue increase of 11.0% year-over-year to $219.46 million.

MarketAxess (NASDAQ:MKTX - Get Free Report) was upgraded by equities research analysts at Argus from a "hold" rating to a "buy" rating in a research note issued on Monday, MarketBeat.com reports. The firm currently has a $212.00 target price on the financial services provider's stock. Argus' price target would suggest a potential upside of 12.33% from the company's current price.

Several other equities research analysts also recently issued reports on the stock. Wall Street Zen upgraded shares of MarketAxess from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Citigroup boosted their price objective on shares of MarketAxess from $250.00 to $265.00 and gave the stock a "buy" rating in a research note on Thursday, May 8th. Piper Sandler reiterated a "neutral" rating and set a $204.00 price objective (up from $202.00) on shares of MarketAxess in a research note on Tuesday, July 15th. Morgan Stanley decreased their target price on shares of MarketAxess from $283.00 to $274.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Finally, UBS Group decreased their target price on shares of MarketAxess from $295.00 to $255.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $228.09.

MarketAxess Stock Performance

MarketAxess stock opened at $188.73 on Monday. MarketAxess has a 1 year low of $182.99 and a 1 year high of $296.68. The firm has a 50 day moving average price of $208.74 and a 200 day moving average price of $211.41. The company has a market cap of $7.05 billion, a price-to-earnings ratio of 31.77, a PEG ratio of 3.66 and a beta of 0.84.

MarketAxess (NASDAQ:MKTX - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.06. MarketAxess had a net margin of 26.62% and a return on equity of 20.41%. The company had revenue of $219.46 million during the quarter, compared to the consensus estimate of $218.05 million. During the same period in the previous year, the firm earned $1.72 earnings per share. MarketAxess's revenue for the quarter was up 11.0% on a year-over-year basis. Sell-side analysts predict that MarketAxess will post 7.79 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Clear Creek Financial Management LLC bought a new position in shares of MarketAxess in the 1st quarter worth about $280,000. Praxis Investment Management Inc. bought a new position in shares of MarketAxess in the 1st quarter worth about $376,000. Wilson Asset Management International PTY Ltd. lifted its position in shares of MarketAxess by 26.6% in the 1st quarter. Wilson Asset Management International PTY Ltd. now owns 60,492 shares of the financial services provider's stock worth $13,087,000 after buying an additional 12,697 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of MarketAxess by 210.8% in the 1st quarter. Victory Capital Management Inc. now owns 17,400 shares of the financial services provider's stock worth $3,764,000 after buying an additional 11,801 shares during the last quarter. Finally, First Citizens Bank & Trust Co. lifted its position in shares of MarketAxess by 13.6% in the 1st quarter. First Citizens Bank & Trust Co. now owns 24,671 shares of the financial services provider's stock worth $5,338,000 after buying an additional 2,947 shares during the last quarter. 99.01% of the stock is currently owned by institutional investors.

MarketAxess Company Profile

MarketAxess Holdings Inc, together with its subsidiaries, operates an electronic trading platform for institutional investor and broker-dealer companies worldwide. The company offers trading technology that provides liquidity access in U.S. high-grade bonds, U.S. high-yield bonds, emerging market debt, eurobonds, municipal bonds, U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.