CBOE Holdings, Inc. (NASDAQ:CBOE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday, July 14th. The firm currently has a $104.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 8.07% from the company’s previous close.
According to Zacks, “Shares of CBOE Holdings have outperformed the Zacks categorized Securities Exchanges industry, year to date. The company has also been witnessing estimates moving north over the last 60 days. CBOE Holdings remains focused on expansion of its proprietary product offering, while extending its global customer reach. Diversified product portfolio and core competencies fuel its growth prospects. Also, the acquisition of Bats Global Markets is a strategic fit as it will expand and diversify CBOE Holdings’ product portfolio and boost margins. However, intense competition and escalating costs remain concerns for CBOE Holdings. The company estimates capital expenditure in 2017 between $55 million and $60 million. The company is set to report second quarter results on Aug 4. However a favorable Zacks Rank when combined with Earnings ESP of 0.00% makes prediction difficult for earnings beat or miss.”
Other analysts have also issued reports about the stock. BidaskClub lowered shares of CBOE Holdings from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Jefferies Group LLC restated a “hold” rating and issued a $85.00 price objective on shares of CBOE Holdings in a report on Monday, April 10th. Deutsche Bank AG raised their price objective on shares of CBOE Holdings from $76.00 to $79.00 and gave the stock a “hold” rating in a report on Thursday, April 6th. Citigroup Inc. initiated coverage on shares of CBOE Holdings in a report on Wednesday, July 12th. They issued a “neutral” rating and a $93.00 price objective for the company. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $100.00 price objective (up from $90.00) on shares of CBOE Holdings in a report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $76.97.
CBOE Holdings (NASDAQ CBOE) opened at 96.23 on Friday. CBOE Holdings has a 1-year low of $61.58 and a 1-year high of $97.27. The firm has a 50-day moving average price of $93.13 and a 200-day moving average price of $84.96. The company has a market capitalization of $10.85 billion, a P/E ratio of 52.61 and a beta of 0.49.
CBOE Holdings (NASDAQ:CBOE) last posted its earnings results on Friday, August 4th. The financial services provider reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.01. CBOE Holdings had a return on equity of 17.45% and a net margin of 17.81%. The company had revenue of $266.90 million for the quarter, compared to analysts’ expectations of $266.22 million. During the same period last year, the firm earned $0.60 earnings per share. CBOE Holdings’s quarterly revenue was up 85.2% on a year-over-year basis. On average, analysts forecast that CBOE Holdings will post $3.37 EPS for the current fiscal year.
In related news, VP Christopher A. Isaacson sold 7,316 shares of the firm’s stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $89.21, for a total transaction of $652,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Edward T. Tilly sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $86.85, for a total transaction of $434,250.00. Following the sale, the chairman now directly owns 80,611 shares of the company’s stock, valued at approximately $7,001,065.35. The disclosure for this sale can be found here. Insiders have sold 237,316 shares of company stock valued at $21,150,160 in the last three months. 0.96% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in CBOE. FMR LLC increased its stake in shares of CBOE Holdings by 16.1% in the second quarter. FMR LLC now owns 10,979,841 shares of the financial services provider’s stock valued at $1,003,557,000 after buying an additional 1,519,882 shares during the period. Vanguard Group Inc. increased its stake in shares of CBOE Holdings by 23.8% in the second quarter. Vanguard Group Inc. now owns 9,823,514 shares of the financial services provider’s stock valued at $897,869,000 after buying an additional 1,886,113 shares during the period. BlackRock Inc. increased its stake in shares of CBOE Holdings by 30.7% in the second quarter. BlackRock Inc. now owns 6,411,674 shares of the financial services provider’s stock valued at $586,026,000 after buying an additional 1,507,072 shares during the period. Renaissance Technologies LLC increased its stake in shares of CBOE Holdings by 1.9% in the first quarter. Renaissance Technologies LLC now owns 4,467,300 shares of the financial services provider’s stock valued at $362,164,000 after buying an additional 81,200 shares during the period. Finally, State Street Corp increased its stake in shares of CBOE Holdings by 68.2% in the first quarter. State Street Corp now owns 3,510,644 shares of the financial services provider’s stock valued at $284,612,000 after buying an additional 1,424,071 shares during the period. 78.39% of the stock is owned by institutional investors.
About CBOE Holdings
CBOE Holdings, Inc is a holding company. The Company’s principal business is operating markets that offer for trading options on various market indexes (index options), on an exclusive basis, and futures contracts, as well as on non-exclusive multiply listed options, such as options on the stocks of individual corporations (equity options), and options on other exchange-traded products (ETP options), such as exchange-traded funds (ETF options) and exchange-traded notes (ETN options).
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