Morgan Stanley Reiterates $30.00 Price Target for i3 Verticals (NASDAQ:IIIV)

i3 Verticals (NASDAQ:IIIV) has been given a $30.00 price objective by analysts at Morgan Stanley in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential downside of 5.51% from the stock’s current price.

A number of other equities research analysts have also recently commented on IIIV. Stephens reissued an “overweight” rating and issued a $40.00 price objective (up from $35.00) on shares of i3 Verticals in a research note on Monday. Benchmark reissued a “buy” rating and issued a $39.00 price objective (up from $33.00) on shares of i3 Verticals in a research note on Monday. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $34.33.

i3 Verticals Trading Down 0.6%

Shares of IIIV traded down $0.19 during trading hours on Tuesday, reaching $31.75. The company had a trading volume of 29,370 shares, compared to its average volume of 299,516. The firm has a 50 day simple moving average of $27.75 and a 200-day simple moving average of $26.25. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 6.08 and a beta of 1.32. i3 Verticals has a 12-month low of $20.42 and a 12-month high of $33.44.

Insider Activity

In other i3 Verticals news, Director Timothy Mckenna sold 6,882 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $31.81, for a total transaction of $218,916.42. Following the sale, the director directly owned 3,876 shares of the company’s stock, valued at $123,295.56. This trade represents a 63.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 59.07% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On i3 Verticals

Several hedge funds have recently modified their holdings of IIIV. Forager Capital Management LLC purchased a new position in shares of i3 Verticals during the 4th quarter worth about $17,626,000. Punch & Associates Investment Management Inc. purchased a new position in shares of i3 Verticals during the 1st quarter worth about $11,207,000. T. Rowe Price Investment Management Inc. purchased a new position in shares of i3 Verticals during the 1st quarter worth about $10,018,000. Visualize Group LP purchased a new position in shares of i3 Verticals during the 1st quarter worth about $7,013,000. Finally, Harbor Capital Advisors Inc. purchased a new position in i3 Verticals in the first quarter valued at approximately $6,711,000. 84.22% of the stock is owned by institutional investors and hedge funds.

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.