Intercontinental Exchange (NYSE:ICE) had its target price upped by analysts at Argus from $72.00 to $80.00 in a note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the financial services provider’s stock. Argus’ price objective would indicate a potential upside of 12.57% from the stock’s previous close.
ICE has been the subject of a number of other reports. Barclays started coverage on Intercontinental Exchange in a report on Friday, September 8th. They set an “overweight” rating and a $72.00 price target for the company. Jefferies Group reaffirmed a “buy” rating and set a $73.00 price target on shares of Intercontinental Exchange in a report on Wednesday, August 23rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $73.00 price target on shares of Intercontinental Exchange in a report on Sunday, October 8th. Zacks Investment Research cut Intercontinental Exchange from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Finally, Wells Fargo & Company raised their price target on Intercontinental Exchange from $65.00 to $73.00 and gave the company 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 given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $75.00.
Intercontinental Exchange (ICE) opened at $71.07 on Wednesday. Intercontinental Exchange has a twelve month low of $55.79 and a twelve month high of $72.99. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $41,659.71, a P/E ratio of 24.39, a PEG ratio of 2.64 and a beta of 0.73.
Intercontinental Exchange declared that its Board of Directors has approved a share buyback plan on Thursday, November 2nd that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 3.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In other Intercontinental Exchange news, CFO Scott A. Hill sold 37,630 shares of the 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 document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Charles A. Vice sold 7,500 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $71.93, for a total value of $539,475.00. Following the completion of the transaction, the insider now owns 377,471 shares in the company, valued at $27,151,489.03. The disclosure for this sale can be found here. Insiders sold a total of 78,130 shares of company stock worth $5,468,644 over the last quarter. Corporate insiders own 1.50% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in ICE. Thompson Davis & CO. Inc. boosted its position 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 worth $100,000 after purchasing an additional 32 shares during the last quarter. IHT Wealth Management LLC raised its holdings in shares of Intercontinental Exchange by 10.8% during the second quarter. IHT Wealth Management LLC now owns 185 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 18 shares during the last quarter. D. Scott Neal Inc. raised its holdings in shares of Intercontinental Exchange by 100.0% during the second quarter. D. Scott Neal Inc. now owns 400 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 200 shares during the last quarter. Friess Associates LLC raised its holdings in shares of Intercontinental Exchange by 206.4% during the fourth quarter. Friess Associates LLC now owns 1,869 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 1,259 shares during the last quarter. Finally, Norway Savings Bank raised its holdings in shares of Intercontinental Exchange by 16.7% during the second quarter. Norway Savings Bank now owns 1,640 shares of the financial services provider’s stock valued at $108,000 after purchasing an additional 235 shares during the last quarter. Hedge funds and other institutional investors own 89.95% of the company’s stock.
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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.
