Legato Capital Management LLC Invests $4.23 Million in i3 Verticals, Inc. (NASDAQ:IIIV)

Legato Capital Management LLC bought a new stake in shares of i3 Verticals, Inc. (NASDAQ:IIIV) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 183,724 shares of the company’s stock, valued at approximately $4,233,000. i3 Verticals makes up approximately 0.6% of Legato Capital Management LLC’s investment portfolio, making the stock its 20th largest position.

Several other large investors have also made changes to their positions in IIIV. Argent Capital Management LLC raised its stake in i3 Verticals by 15.0% during the 3rd quarter. Argent Capital Management LLC now owns 16,180 shares of the company’s stock valued at $345,000 after purchasing an additional 2,114 shares during the period. State Street Corp grew its holdings in i3 Verticals by 0.5% during the 3rd quarter. State Street Corp now owns 495,943 shares of the company’s stock valued at $10,569,000 after buying an additional 2,664 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of i3 Verticals by 6.1% during the third quarter. Victory Capital Management Inc. now owns 48,500 shares of the company’s stock valued at $1,034,000 after buying an additional 2,800 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of i3 Verticals by 62.4% in the fourth quarter. SG Americas Securities LLC now owns 8,646 shares of the company’s stock worth $199,000 after buying an additional 3,323 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of i3 Verticals during the third quarter worth $109,000. 84.22% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, President Frederick Stanford sold 17,577 shares of i3 Verticals stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $25.28, for a total transaction of $444,346.56. Following the completion of the sale, the president now owns 100,000 shares in the company, valued at $2,528,000. This trade represents a 14.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 59.07% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on IIIV shares. DA Davidson lifted their price target on shares of i3 Verticals from $32.00 to $34.00 and gave the company a “buy” rating in a report on Monday. Benchmark reaffirmed a “buy” rating and issued a $33.00 target price on shares of i3 Verticals in a report on Tuesday, November 19th. KeyCorp increased their price target on i3 Verticals from $27.00 to $32.00 and gave the company an “overweight” rating in a research note on Monday. Stephens reaffirmed an “overweight” rating and issued a $29.00 price objective on shares of i3 Verticals in a research note on Tuesday, November 19th. Finally, Morgan Stanley increased their target price on i3 Verticals from $22.00 to $27.00 and gave the company an “equal weight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $29.86.

i3 Verticals Stock Performance

Shares of i3 Verticals stock opened at $29.67 on Wednesday. The stock has a 50 day moving average price of $24.16 and a 200-day moving average price of $23.32. i3 Verticals, Inc. has a one year low of $18.21 and a one year high of $29.80. The stock has a market cap of $995.13 million, a price-to-earnings ratio of 6.61 and a beta of 1.51.

i3 Verticals (NASDAQ:IIIV) last posted its quarterly earnings data on Thursday, February 6th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.05). i3 Verticals had a return on equity of 3.59% and a net margin of 41.85%. Sell-side analysts predict that i3 Verticals, Inc. will post 0.9 earnings per share for the current fiscal year.

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.