Citigroup set a $80.00 target price on Intercontinental Exchange (NYSE:ICE) in a research report report published on Thursday morning. The firm currently has a hold rating on the financial services provider’s stock.
A number of other equities analysts have also weighed in on ICE. Zacks Investment Research upgraded shares of Intercontinental Exchange from a sell rating to a buy rating and set a $83.00 target price for the company in a research report on Wednesday, July 4th. Wells Fargo & Co restated a market perform rating and issued a $80.00 price objective (up from $74.00) on shares of Intercontinental Exchange in a research report on Monday, July 9th. Barclays raised their price objective on shares of Intercontinental Exchange from $80.00 to $82.00 and gave the company an overweight rating in a research report on Thursday, July 12th. FIX began coverage on shares of Intercontinental Exchange in a research report on Wednesday, September 5th. They issued a buy rating and a $88.00 price objective for the company. Finally, Rosenblatt Securities began coverage on shares of Intercontinental Exchange in a research report on Wednesday, September 5th. They issued a buy rating and a $88.00 price objective for the company. Three research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $83.80.
NYSE:ICE traded up $1.05 on Thursday, reaching $76.91. 2,648,920 shares of the company’s stock were exchanged, compared to its average volume of 2,608,174. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $41.92 billion, a PE ratio of 26.07, a P/E/G ratio of 2.15 and a beta of 0.65. Intercontinental Exchange has a 52 week low of $65.28 and a 52 week high of $78.48.
Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.05. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. Intercontinental Exchange had a net margin of 41.83% and a return on equity of 11.45%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business earned $0.73 earnings per share. Analysts anticipate that Intercontinental Exchange will post 3.47 earnings per share for the current fiscal year.
Intercontinental Exchange declared that its board has approved a share repurchase plan on Wednesday, October 31st that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
In other Intercontinental Exchange news, Vice Chairman Charles A. Vice sold 35,000 shares of Intercontinental Exchange stock in a transaction that occurred on Monday, August 6th. The shares were sold at an average price of $72.59, for a total transaction of $2,540,650.00. Following the completion of the sale, the insider now directly owns 419,907 shares in the company, valued at $30,481,049.13. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Johnathan H. Short sold 6,000 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, October 10th. The shares were sold at an average price of $75.73, for a total transaction of $454,380.00. The disclosure for this sale can be found here. Insiders sold 288,819 shares of company stock valued at $21,703,215 over the last 90 days. 1.50% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in ICE. Millennium Management LLC lifted its position in Intercontinental Exchange by 3,708.6% during the second quarter. Millennium Management LLC now owns 2,055,613 shares of the financial services provider’s stock valued at $151,190,000 after purchasing an additional 2,112,577 shares during the last quarter. Swedbank bought a new stake in Intercontinental Exchange during the third quarter valued at approximately $106,185,000. Senator Investment Group LP lifted its position in Intercontinental Exchange by 140.0% during the second quarter. Senator Investment Group LP now owns 2,400,000 shares of the financial services provider’s stock valued at $176,520,000 after purchasing an additional 1,400,000 shares during the last quarter. Unigestion Holding SA bought a new stake in Intercontinental Exchange during the second quarter valued at approximately $92,852,000. Finally, Glenmede Trust Co. NA lifted its position in Intercontinental Exchange by 11,080.3% during the second quarter. Glenmede Trust Co. NA now owns 1,101,033 shares of the financial services provider’s stock valued at $80,982,000 after purchasing an additional 1,091,185 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.
About Intercontinental Exchange
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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