Intercontinental Exchange Inc. (NYSE:ICE) had its target price raised by analysts at Citigroup Inc. from $75.00 to $77.00 in a report released on Friday, November 3rd. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup Inc.’s price target would indicate a potential upside of 15.74% from the stock’s current price.
Several other brokerages have also weighed in on ICE. Zacks Investment Research upgraded shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Thursday, October 5th. Wells Fargo & Company raised their price target on shares of Intercontinental Exchange from $65.00 to $73.00 and gave the company a “market perform” rating in a report on Thursday, October 5th. Barclays PLC raised their price target on shares of Intercontinental Exchange from $72.00 to $78.00 and gave the company an “overweight” rating in a report on Tuesday, October 10th. Royal Bank Of Canada raised their price target on shares of Intercontinental Exchange from $70.00 to $76.00 and gave the company an “outperform” rating in a report on Monday, October 16th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $73.00 price target on shares of Intercontinental Exchange in a report on Sunday, October 8th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $73.30.
Shares of Intercontinental Exchange (NYSE:ICE) traded down $0.77 during midday trading on Friday, reaching $66.53. 2,674,800 shares of the company were exchanged, compared to its average volume of 2,653,582. Intercontinental Exchange has a 12-month low of $53.91 and a 12-month high of $71.24. The firm has a market cap of $39,372.27, a PE ratio of 23.05, a price-to-earnings-growth ratio of 2.49 and a beta of 0.71. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.01 and a current ratio of 1.01.
Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, November 2nd. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Intercontinental Exchange had a net margin of 27.91% and a return on equity of 11.01%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the company earned $0.64 EPS. analysts predict that Intercontinental Exchange will post 2.95 earnings per share for the current year.
Intercontinental Exchange declared that its board has approved a share repurchase program on Thursday, November 2nd that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 3.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
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In other Intercontinental Exchange news, insider Charles A. Vice sold 12,500 shares of Intercontinental Exchange stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $64.32, for a total value of $804,000.00. Following the completion of the transaction, the insider now owns 382,471 shares of the company’s stock, valued at $24,600,534.72. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Scott A. Hill sold 37,630 shares of the business’s stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $70.03, for a total transaction of $2,635,228.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 155,550 shares of company stock valued at $10,414,330. 1.50% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Alerus Financial NA acquired a new position in shares of Intercontinental Exchange during the second quarter valued at $4,256,000. NBT Bank N A NY bought a new stake in shares of Intercontinental Exchange during the second quarter valued at about $245,000. State of Tennessee Treasury Department raised its stake in shares of Intercontinental Exchange by 32.8% during the second quarter. State of Tennessee Treasury Department now owns 216,187 shares of the financial services provider’s stock valued at $14,251,000 after purchasing an additional 53,449 shares in the last quarter. Oak Ridge Investments LLC raised its stake in shares of Intercontinental Exchange by 7.2% during the second quarter. Oak Ridge Investments LLC now owns 250,107 shares of the financial services provider’s stock valued at $16,487,000 after purchasing an additional 16,704 shares in the last quarter. Finally, BB&T Securities LLC raised its stake in shares of Intercontinental Exchange by 140.0% during the second quarter. BB&T Securities LLC now owns 18,404 shares of the financial services provider’s stock valued at $1,213,000 after purchasing an additional 10,735 shares in the last quarter. 90.21% of the stock is owned by institutional investors.
Intercontinental Exchange Company Profile
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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