Intercontinental Exchange (NYSE:ICE) Stock Rating Lowered by Zacks Investment Research

Intercontinental Exchange (NYSE:ICE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Zacks.com reports. They currently have a $137.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 8.08% from the company’s current price.

According to Zacks, “Intercontinental Exchange’s top line benefits from its compelling product and service portfolio, broad range of risk management services, strength in global data services. Continued strength in its energy franchise, improving recurring market data revenues are likely to keep growth on track. Strategic buyouts help it achieve cost synergies that are in sync with its aim of generating long-term value for shareholders. It is well-poised for growth on the back of accelerated digitization taking place in the US residential mortgage industry. Solid balance sheet helps in effective capital deployment. Shares have outperformed the industry in the past six months. However, its expenses are likely to remain high in the near term. Foreign currency fluctuations, stricter regulations raise concerns. High interest expenses and high leverage poses risk.”

Other analysts have also issued reports about the company. Citigroup increased their target price on Intercontinental Exchange from $160.00 to $161.00 and gave the stock a “buy” rating in a report on Thursday, December 16th. Deutsche Bank Aktiengesellschaft reduced their price objective on Intercontinental Exchange from $172.00 to $167.00 in a research note on Thursday. Morgan Stanley raised their price objective on Intercontinental Exchange from $131.00 to $143.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 2nd. Rosenblatt Securities raised their price objective on Intercontinental Exchange from $138.00 to $157.00 and gave the company a “buy” rating in a research note on Friday, October 29th. Finally, UBS Group raised their price objective on Intercontinental Exchange from $143.00 to $148.00 and gave the company a “buy” rating in a research note on Wednesday, October 6th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $152.44.

Shares of Intercontinental Exchange stock traded down $2.80 on Friday, reaching $126.76. 39,156 shares of the company were exchanged, compared to its average volume of 1,679,827. Intercontinental Exchange has a one year low of $108.95 and a one year high of $139.79. The company has a market capitalization of $71.42 billion, a price-to-earnings ratio of 23.43, a PEG ratio of 1.93 and a beta of 0.82. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The company has a 50-day moving average of $133.94 and a 200 day moving average of $125.92.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Thursday, October 28th. The financial services provider reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.07. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Intercontinental Exchange had a return on equity of 13.57% and a net margin of 33.69%. The company’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter last year, the business earned $1.03 EPS. Analysts predict that Intercontinental Exchange will post 5.13 earnings per share for the current year.

In related news, COO Mark Wassersug sold 1,072 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, December 10th. The stock was sold at an average price of $135.20, for a total transaction of $144,934.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO James W. Namkung sold 1,559 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, October 29th. The shares were sold at an average price of $135.09, for a total value of $210,605.31. The disclosure for this sale can be found here. Insiders sold 74,910 shares of company stock valued at $10,089,007 in the last three months. Insiders own 1.30% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. boosted its position in Intercontinental Exchange by 0.3% in the third quarter. BlackRock Inc. now owns 41,520,577 shares of the financial services provider’s stock worth $4,767,395,000 after purchasing an additional 135,218 shares during the last quarter. State Street Corp boosted its position in Intercontinental Exchange by 0.6% in the second quarter. State Street Corp now owns 24,867,297 shares of the financial services provider’s stock worth $2,951,748,000 after purchasing an additional 146,602 shares during the last quarter. Morgan Stanley raised its stake in shares of Intercontinental Exchange by 16.5% in the third quarter. Morgan Stanley now owns 14,764,134 shares of the financial services provider’s stock valued at $1,695,218,000 after buying an additional 2,085,712 shares during the period. Geode Capital Management LLC raised its stake in shares of Intercontinental Exchange by 1.7% in the third quarter. Geode Capital Management LLC now owns 9,213,568 shares of the financial services provider’s stock valued at $1,054,997,000 after buying an additional 155,402 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Intercontinental Exchange by 7.3% in the third quarter. Invesco Ltd. now owns 6,670,401 shares of the financial services provider’s stock valued at $765,894,000 after buying an additional 456,137 shares during the period. 86.63% of the stock is currently owned by institutional investors and hedge funds.

About Intercontinental Exchange

Intercontinental Exchange, Inc engages in the management of online marketplace. It operates through the following segments: Exchanges; Fixed Income and Data Services; and Mortgage Technology. The company was founded by Jeffrey C. Sprecher in May 2000 and is headquartered in Atlanta, GA.

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