Intercontinental Exchange Inc. (ICE) Given New $77.00 Price Target at Citigroup Inc.
Intercontinental Exchange Inc. (NYSE:ICE) had its price objective increased by equities research analysts at Citigroup Inc. from $75.00 to $77.00 in a report released on Friday. The firm presently has a “neutral” rating on the financial services provider’s stock. Citigroup Inc.’s price target would suggest a potential upside of 16.24% from the company’s previous close.
Several other research analysts also recently commented on the stock. UBS AG raised their price objective on shares of Intercontinental Exchange from $73.00 to $80.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank Of Canada raised their price objective on shares of Intercontinental Exchange from $70.00 to $76.00 and gave the stock an “outperform” rating in a report on Monday, October 16th. Barclays PLC raised their price objective on shares of Intercontinental Exchange from $72.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, October 10th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Intercontinental Exchange in a report on Sunday, October 8th. Finally, Wells Fargo & Company raised their price objective on shares of Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a report on Thursday, October 5th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.30.
Shares of Intercontinental Exchange (ICE) traded up $0.02 during trading hours on Friday, reaching $66.24. The company’s stock had a trading volume of 7,181,277 shares, compared to its average volume of 3,989,901. The company has a current ratio of 1.01, a quick ratio of 0.99 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $40.17 billion, a price-to-earnings ratio of 23.52, a price-to-earnings-growth ratio of 2.50 and a beta of 0.71.
Intercontinental Exchange (NYSE:ICE) last issued 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. Intercontinental Exchange had a net margin of 27.91% and a return on equity of 11.01%. The company had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business posted $0.64 EPS. Intercontinental Exchange’s quarterly revenue was up 6.0% compared to the same quarter last year. research analysts predict that Intercontinental Exchange will post 2.94 EPS for the current year.
Intercontinental Exchange declared that its Board of Directors has approved a stock buyback plan on Thursday, November 2nd that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 3.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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In other Intercontinental Exchange news, insider Charles A. Vice sold 12,500 shares of the firm’s 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 directly owns 382,471 shares of the company’s stock, valued at approximately $24,600,534.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of Intercontinental Exchange stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $65.24, for a total transaction of $5,246,600.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 143,050 shares of company stock valued at $9,557,830. Insiders own 1.50% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA lifted its holdings in shares of Intercontinental Exchange by 37.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 327,417 shares of the financial services provider’s stock worth $22,494,000 after acquiring an additional 89,131 shares during the last quarter. GW Henssler & Associates Ltd. lifted its holdings in shares of Intercontinental Exchange by 0.6% during the 3rd quarter. GW Henssler & Associates Ltd. now owns 225,769 shares of the financial services provider’s stock worth $15,510,000 after acquiring an additional 1,397 shares during the last quarter. Moreno Evelyn V bought a new stake in shares of Intercontinental Exchange during the 3rd quarter worth $553,000. Rosenbaum Jay D. bought a new stake in shares of Intercontinental Exchange during the 3rd quarter worth $332,000. Finally, Global X MANAGEMENT CO LLC lifted its holdings in shares of Intercontinental Exchange by 7.4% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 12,234 shares of the financial services provider’s stock worth $840,000 after acquiring an additional 841 shares during the last quarter. 89.82% 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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