JPMorgan Chase & Co. set a $92.00 price target on Intercontinental Exchange (NYSE:ICE) in a research report released on Friday. The firm currently has a buy rating on the financial services provider’s stock.
A number of other equities research analysts have also weighed in on the stock. ValuEngine upgraded shares of Intercontinental Exchange from a hold rating to a buy rating in a research note on Friday, September 7th. Zacks Investment Research lowered Intercontinental Exchange from a hold rating to a sell rating in a research note on Thursday, September 6th. FIX started coverage on Intercontinental Exchange in a research note on Wednesday, September 5th. They issued a buy rating and a $88.00 price objective for the company. Wells Fargo & Co upped their price objective on Intercontinental Exchange from $80.00 to $81.00 and gave the stock a market perform rating in a research note on Thursday. Finally, Barclays upped their price objective on Intercontinental Exchange from $82.00 to $85.00 and gave the stock an overweight rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Intercontinental Exchange has an average rating of Buy and an average target price of $84.07.
NYSE ICE traded up $1.47 during mid-day trading on Friday, reaching $78.38. The stock had a trading volume of 46,347 shares, compared to its average volume of 3,552,235. Intercontinental Exchange has a 1 year low of $65.28 and a 1 year high of $78.48. The firm has a market cap of $43.81 billion, a P/E ratio of 26.61, a PEG ratio of 2.23 and a beta of 0.53. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.
Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data 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. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 11.67%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same period in the previous year, the business earned $0.73 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities analysts expect that Intercontinental Exchange will post 3.5 earnings per share for the current fiscal year.
Intercontinental Exchange announced that its board has approved a stock repurchase program on Wednesday, October 31st that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, CFO Scott A. Hill sold 70,659 shares of the company’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $76.56, for a total value of $5,409,653.04. Following the completion of the transaction, the chief financial officer now owns 231,782 shares of the company’s stock, valued at approximately $17,745,229.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jeffrey C. Sprecher sold 80,000 shares of the company’s stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $73.28, for a total transaction of $5,862,400.00. The disclosure for this sale can be found here. Insiders sold a total of 253,819 shares of company stock valued at $19,162,565 over the last 90 days. 1.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of ICE. Millennium Management LLC boosted its holdings in Intercontinental Exchange by 3,708.6% in the 2nd quarter. Millennium Management LLC now owns 2,055,613 shares of the financial services provider’s stock worth $151,190,000 after buying an additional 2,112,577 shares during the period. Swedbank bought a new position in shares of Intercontinental Exchange during the 3rd quarter valued at about $106,185,000. Senator Investment Group LP boosted its holdings in shares of Intercontinental Exchange by 140.0% during the 2nd 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 position in shares of Intercontinental Exchange during the 2nd quarter valued at about $92,852,000. Finally, Glenmede Trust Co. NA boosted its holdings in shares of Intercontinental Exchange by 11,080.3% during the 2nd 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. 88.99% of the stock is owned by institutional investors.
Intercontinental Exchange Company Profile
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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