Intercontinental Exchange (NYSE:ICE) had its price target increased by Argus from $72.00 to $80.00 in a research note published on Wednesday, December 20th. The brokerage currently has a buy rating on the financial services provider’s stock.
A number of other equities research analysts have also commented on the stock. Wells Fargo & Co upped their price target on shares of Intercontinental Exchange from $65.00 to $73.00 and gave the company a market perform rating in a report on Thursday, October 5th. Keefe, Bruyette & Woods reiterated a buy rating and set a $73.00 price target on shares of Intercontinental Exchange in a report on Sunday, October 8th. Royal Bank of Canada upped their price target on shares of Intercontinental Exchange from $70.00 to $76.00 and gave the company an outperform rating in a report on Monday, October 16th. Citigroup upped their price target on shares of Intercontinental Exchange from $67.00 to $75.00 and gave the company a neutral rating in a report on Thursday, October 19th. Finally, Zacks Investment Research upgraded shares of Intercontinental Exchange from a sell rating to a hold rating in a report on Thursday, October 5th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Intercontinental Exchange currently has an average rating of Buy and an average price target of $75.40.
Shares of Intercontinental Exchange (ICE) traded down $0.08 during trading on Wednesday, hitting $74.38. 2,174,900 shares of the stock were exchanged, compared to its average volume of 2,780,000. Intercontinental Exchange has a 12 month low of $55.80 and a 12 month high of $74.61. The stock has a market cap of $43,510.00, a PE ratio of 27.05, a price-to-earnings-growth ratio of 2.29 and a beta of 0.70. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30.
Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, November 2nd. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.02. Intercontinental Exchange had a net margin of 27.91% and a return on equity of 11.01%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter in the prior year, the company earned $0.64 EPS. The firm’s revenue was up 6.0% on a year-over-year basis. analysts predict that Intercontinental Exchange will post 2.95 earnings per share for the current year.
Intercontinental Exchange declared that its Board of Directors has approved a stock buyback program on Thursday, November 2nd that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 3.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
In other Intercontinental Exchange news, insider Charles A. Vice sold 12,500 shares of the company’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $68.52, for a total value of $856,500.00. Following the completion of the transaction, the insider now directly owns 382,471 shares in the company, valued at approximately $26,206,912.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jean Marc Forneri sold 8,000 shares of the company’s stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $70.68, for a total transaction of $565,440.00. The disclosure for this sale can be found here. Insiders sold a total of 38,070 shares of company stock valued at $2,684,849 over the last 90 days. Company insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Intercontinental Exchange by 2.1% in the 2nd quarter. Vanguard Group Inc. now owns 40,162,938 shares of the financial services provider’s stock worth $2,647,541,000 after acquiring an additional 844,270 shares in the last quarter. BlackRock Inc. increased its stake in shares of Intercontinental Exchange by 1.1% in the 2nd quarter. BlackRock Inc. now owns 35,446,221 shares of the financial services provider’s stock worth $2,336,613,000 after acquiring an additional 396,042 shares in the last quarter. Northern Trust Corp increased its stake in shares of Intercontinental Exchange by 19.9% in the 2nd quarter. Northern Trust Corp now owns 11,355,251 shares of the financial services provider’s stock worth $748,538,000 after acquiring an additional 1,883,432 shares in the last quarter. Carmignac Gestion increased its stake in shares of Intercontinental Exchange by 0.4% in the 2nd quarter. Carmignac Gestion now owns 10,375,555 shares of the financial services provider’s stock worth $683,957,000 after acquiring an additional 40,000 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Intercontinental Exchange by 14.6% in the 3rd quarter. Janus Henderson Group PLC now owns 10,373,823 shares of the financial services provider’s stock worth $712,683,000 after acquiring an additional 1,325,290 shares in the last quarter. Institutional investors and hedge funds own 89.96% of the company’s stock.
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About Intercontinental Exchange
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.
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