Virtu Financial (NYSE:VIRT) Given New $61.00 Price Target at Piper Sandler
by Michael Walen · The Markets DailyVirtu Financial (NYSE:VIRT – Get Free Report) had its price objective boosted by investment analysts at Piper Sandler from $57.00 to $61.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 47.22% from the stock’s previous close.
Other equities analysts also recently issued reports about the company. Weiss Ratings raised Virtu Financial from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 2nd. Morgan Stanley boosted their price target on Virtu Financial from $35.00 to $36.00 and gave the company an “underweight” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group increased their price objective on Virtu Financial from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Finally, Zacks Research cut Virtu Financial from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $44.00.
Check Out Our Latest Stock Report on VIRT
Virtu Financial Stock Performance
NYSE:VIRT traded up $1.86 during trading hours on Friday, hitting $41.44. 295,552 shares of the company were exchanged, compared to its average volume of 1,174,577. The stock has a market capitalization of $6.41 billion, a price-to-earnings ratio of 8.06, a PEG ratio of 1.39 and a beta of 0.61. Virtu Financial has a 52-week low of $31.55 and a 52-week high of $45.77. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.47 and a quick ratio of 0.47. The company’s 50 day moving average price is $38.84 and its 200-day moving average price is $36.21.
Virtu Financial (NYSE:VIRT – Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.73. Virtu Financial had a net margin of 12.90% and a return on equity of 48.35%. The business had revenue of $969.89 million for the quarter, compared to analyst estimates of $513.51 million. During the same quarter in the prior year, the business posted $1.14 EPS. Virtu Financial’s revenue for the quarter was up 16.3% compared to the same quarter last year.
Insider Activity
In related news, COO Joseph Molluso sold 200,000 shares of the firm’s stock in a transaction dated Thursday, February 19th. The stock was sold at an average price of $38.88, for a total transaction of $7,776,000.00. Following the sale, the chief operating officer directly owned 326,585 shares of the company’s stock, valued at $12,697,624.80. This trade represents a 37.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephen Cavoli sold 28,370 shares of Virtu Financial stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $38.94, for a total value of $1,104,727.80. Following the transaction, the executive vice president owned 116,191 shares of the company’s stock, valued at approximately $4,524,477.54. This represents a 19.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 270,000 shares of company stock worth $10,458,644. 47.20% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Virtu Financial
Several institutional investors have recently made changes to their positions in VIRT. Rothschild Investment LLC lifted its stake in shares of Virtu Financial by 3,460.0% in the 3rd quarter. Rothschild Investment LLC now owns 712 shares of the company’s stock valued at $25,000 after purchasing an additional 692 shares during the period. Assetmark Inc. grew its position in Virtu Financial by 258.3% during the third quarter. Assetmark Inc. now owns 713 shares of the company’s stock valued at $25,000 after buying an additional 514 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Virtu Financial by 103.8% in the second quarter. EverSource Wealth Advisors LLC now owns 760 shares of the company’s stock valued at $34,000 after buying an additional 387 shares in the last quarter. Transamerica Financial Advisors LLC increased its holdings in Virtu Financial by 480.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 836 shares of the company’s stock valued at $28,000 after buying an additional 692 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its position in shares of Virtu Financial by 51.9% in the third quarter. CIBC Private Wealth Group LLC now owns 972 shares of the company’s stock worth $35,000 after acquiring an additional 332 shares during the period. 45.78% of the stock is owned by hedge funds and other institutional investors.
About Virtu Financial
Virtu Financial, Inc is a technology-driven electronic trading firm and market maker that provides liquidity and price discovery across a wide range of financial instruments. Leveraging advanced analytics, high-performance computing and proprietary algorithms, Virtu operates in equities, fixed income, foreign exchange, commodities and derivative products. Its technology platform is designed to capture bid-ask spreads in real time, manage risk through automated controls and adapt to changing market conditions.
The company offers a suite of execution services and market-making solutions to institutional clients such as asset managers, banks, broker-dealers and hedge funds.