Zacks Investment Research Downgrades Intercontinental Exchange Inc. (NYSE:ICE) to Sell

Intercontinental Exchange Inc. (NYSE:ICE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, September 12th.

According to Zacks, “Shares of Intercontinental Exchange have underperformed the industry in a year’s time. Also, the company saw its 2017 and 2018 estimates also moved south over the last 60 days. Foreign currency fluctuations and stricter regulations raise concerns. Also, the company estimates third-quarter expenses in the range of $480–$490 million with interest expense to be $47 million in the third quarter and $49 million for fourth- quarter 2017, respectively. Nonetheless, successful integration of acquisitions, achievement of cost synergies and reduced debt level well poise Intercontinental Exchange for long term growth. Also, continued strength in its energy franchise, increasing recurring market data revenues and ongoing initiatives should keep growth on track. For 2017, management expects data services revenues to increase at least 6% in constant currency.”

ICE has been the topic of a number of other reports. Deutsche Bank AG reiterated a “buy” rating and issued a $66.00 price target (down from $67.00) on shares of Intercontinental Exchange in a report on Monday, May 15th. Royal Bank Of Canada upgraded shares of Intercontinental Exchange from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $65.00 to $70.00 in a report on Thursday, July 13th. Jefferies Group LLC restated a “buy” rating and issued a $70.00 target price on shares of Intercontinental Exchange in a report on Monday, June 26th. Barclays PLC began coverage on shares of Intercontinental Exchange in a report on Friday, September 8th. They issued an “overweight” rating and a $72.00 target price on the stock. Finally, BidaskClub downgraded shares of Intercontinental Exchange from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Intercontinental Exchange currently has a consensus rating of “Buy” and a consensus target price of $68.81.

Intercontinental Exchange (NYSE:ICE) opened at 67.05 on Tuesday. Intercontinental Exchange has a 1-year low of $52.27 and a 1-year high of $67.48. The firm has a 50-day moving average price of $65.38 and a 200-day moving average price of $62.86. The firm has a market capitalization of $7.71 billion, a PE ratio of 24.84 and a beta of 0.72.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.75 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.17 billion. Intercontinental Exchange had a net margin of 27.56% and a return on equity of 10.80%. The company’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the firm earned $0.69 EPS. Equities analysts expect that Intercontinental Exchange will post $2.94 earnings per share for the current fiscal year.

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In related news, insider Charles A. Vice sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, July 6th. The shares were sold at an average price of $66.33, for a total transaction of $994,950.00. Following the completion of the transaction, the insider now owns 384,971 shares in the company, valued at approximately $25,535,126.43. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Charles A. Vice sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $66.93, for a total transaction of $836,625.00. Following the transaction, the insider now owns 382,471 shares of the company’s stock, valued at approximately $25,598,784.03. The disclosure for this sale can be found here. Insiders sold a total of 137,420 shares of company stock valued at $8,987,176 in the last ninety days. Corporate insiders own 1.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of ICE. Thompson Davis & CO. Inc. increased its stake in Intercontinental Exchange by 2.2% during the 2nd quarter. Thompson Davis & CO. Inc. now owns 1,517 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 32 shares in the last quarter. IHT Wealth Management LLC boosted its holdings in shares of Intercontinental Exchange by 10.8% in the 2nd quarter. IHT Wealth Management LLC now owns 185 shares of the financial services provider’s stock valued at $101,000 after acquiring an additional 18 shares during the last quarter. Norway Savings Bank boosted its holdings in shares of Intercontinental Exchange by 16.7% in the 2nd quarter. Norway Savings Bank now owns 1,640 shares of the financial services provider’s stock valued at $108,000 after acquiring an additional 235 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Intercontinental Exchange by 186.5% in the 2nd quarter. Bessemer Group Inc. now owns 1,905 shares of the financial services provider’s stock valued at $126,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Shine Investment Advisory Services Inc. purchased a new stake in shares of Intercontinental Exchange in the 2nd quarter valued at $128,000. Institutional investors and hedge funds own 89.74% of the company’s stock.

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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Analyst Recommendations for Intercontinental Exchange (NYSE:ICE)

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