Intercontinental Exchange Inc. (ICE) Price Target Raised to $80.00 at UBS Group AG (USA)
Intercontinental Exchange Inc. (NYSE:ICE) had its price objective upped by investment analysts at UBS Group AG (USA) from $73.00 to $80.00 in a research note issued on Friday, www.benzinga.com reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. UBS Group AG (USA)’s price objective points to a potential upside of 20.77% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on ICE. Wells Fargo & Company increased their price target on Intercontinental Exchange from $65.00 to $73.00 and gave the stock a “market perform” rating in a research report on Thursday, October 5th. Royal Bank Of Canada reissued a “buy” rating on shares of Intercontinental Exchange in a research report on Tuesday, August 15th. BidaskClub downgraded Intercontinental Exchange from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Jefferies Group LLC reissued a “buy” rating and set a $73.00 price target (up previously from $70.00) on shares of Intercontinental Exchange in a research report on Monday, July 17th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $73.00 price target on shares of Intercontinental Exchange in a research report on Sunday, October 8th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Intercontinental Exchange presently has a consensus rating of “Buy” and a consensus target price of $73.30.
Intercontinental Exchange (NYSE:ICE) traded down $2.46 during trading on Friday, hitting $66.24. The stock had a trading volume of 7,180,000 shares, compared to its average volume of 3,370,000. Intercontinental Exchange has a 52 week low of $53.27 and a 52 week high of $71.24. The company has a quick ratio of 0.99, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $38,750.00, a P/E ratio of 23.52, a price-to-earnings-growth ratio of 2.50 and a beta of 0.68.
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 Zacks’ consensus estimate of $0.71 by $0.02. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.14 billion. Intercontinental Exchange had a return on equity of 11.01% and a net margin of 27.91%. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.64 earnings per share. sell-side analysts predict that Intercontinental Exchange will post 2.94 EPS for the current year.
Intercontinental Exchange announced that its Board of Directors has authorized a share buyback plan on Thursday, November 2nd that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 3.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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In other Intercontinental Exchange news, CFO Scott A. Hill sold 37,630 shares of the firm’s stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $70.03, for a total value of $2,635,228.90. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $65.24, for a total value of $5,246,600.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 143,050 shares of company stock worth $9,557,830. Company insiders own 1.50% of the company’s stock.
Several hedge funds have recently modified their holdings of ICE. Thompson Davis & CO. Inc. lifted its stake in shares of Intercontinental Exchange by 2.2% in the 2nd quarter. Thompson Davis & CO. Inc. now owns 1,517 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 32 shares during the last quarter. IHT Wealth Management LLC lifted its stake 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 lifted its stake 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. lifted its stake 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. bought a new position in shares of Intercontinental Exchange in the 2nd quarter valued at $128,000. 89.82% of the stock is currently owned by hedge funds and other 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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