Intercontinental Exchange (NYSE:ICE) had its price target hoisted by Wells Fargo & Co from $80.00 to $81.00 in a report issued on Thursday morning. They currently have a market perform rating on the financial services provider’s stock.
Several other analysts have also recently commented on the company. Citigroup set a $80.00 target price on Intercontinental Exchange and gave the company a hold rating in a report on Thursday. Barclays upped their target price on Intercontinental Exchange from $82.00 to $85.00 and gave the company an overweight rating in a report on Thursday. Raymond James upped their target price on Intercontinental Exchange from $81.00 to $86.00 and gave the company an outperform rating in a report on Thursday. ValuEngine upgraded Intercontinental Exchange from a hold rating to a buy rating in a report on Friday, October 19th. Finally, JPMorgan Chase & Co. reiterated an overweight rating and issued a $91.00 target price on shares of Intercontinental Exchange in a report on Friday, October 12th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Intercontinental Exchange presently has an average rating of Buy and a consensus price target of $84.07.
NYSE:ICE opened at $77.66 on Thursday. The stock has a market cap of $43.81 billion, a PE ratio of 26.33, a PEG ratio of 2.23 and a beta of 0.53. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. Intercontinental Exchange has a 1-year low of $65.28 and a 1-year high of $78.48.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Wednesday, October 31st. The financial services provider reported $0.85 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $0.05. The company had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Intercontinental Exchange had a return on equity of 11.67% and a net margin of 43.09%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.73 earnings per share. As a group, sell-side analysts anticipate that Intercontinental Exchange will post 3.5 earnings per share for the current year.
Intercontinental Exchange declared that its Board of Directors has initiated a stock buyback plan on Wednesday, October 31st that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
In other Intercontinental Exchange news, General Counsel Johnathan H. Short sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $77.05, for a total value of $462,300.00. Following the transaction, the general counsel now directly owns 47,991 shares of the company’s stock, valued at $3,697,706.55. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jeffrey C. Sprecher sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $73.28, for a total value of $5,862,400.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 253,819 shares of company stock worth $19,162,565. Insiders own 1.50% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Baird Financial Group Inc. lifted its stake in Intercontinental Exchange by 11.2% in the second quarter. Baird Financial Group Inc. now owns 131,129 shares of the financial services provider’s stock valued at $9,644,000 after buying an additional 13,229 shares during the period. Royal London Asset Management Ltd. acquired a new position in shares of Intercontinental Exchange during the second quarter worth approximately $17,795,000. Clinton Group Inc. acquired a new position in shares of Intercontinental Exchange during the third quarter worth approximately $4,917,000. OppenheimerFunds Inc. raised its position in shares of Intercontinental Exchange by 17.1% during the second quarter. OppenheimerFunds Inc. now owns 6,938,214 shares of the financial services provider’s stock worth $510,306,000 after purchasing an additional 1,011,626 shares during the period. Finally, Stock Yards Bank & Trust Co. raised its position in shares of Intercontinental Exchange by 1.2% during the third quarter. Stock Yards Bank & Trust Co. now owns 186,409 shares of the financial services provider’s stock worth $13,960,000 after purchasing an additional 2,130 shares during the period. 88.99% of the stock is currently owned by hedge funds and other institutional investors.
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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