Argus Reaffirms “Buy” Rating for Intercontinental Exchange (ICE)

Intercontinental Exchange (NYSE:ICE)‘s stock had its “buy” rating restated by research analysts at Argus in a research report issued on Friday. They currently have a $67.00 target price on the financial services provider’s stock, down from their prior target price of $80.00. Argus’ price objective suggests a potential downside of 0.86% from the stock’s current price.

Several other research analysts also recently issued reports on the stock. Bank of America reduced their price target on shares of Intercontinental Exchange from $83.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday. Berenberg Bank assumed coverage on shares of Intercontinental Exchange in a research report on Thursday, January 25th. They set a “buy” rating and a $90.00 price target on the stock. Zacks Investment Research upgraded shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $78.00 price target on the stock in a research report on Wednesday, January 3rd. Citigroup upped their price target on shares of Intercontinental Exchange from $75.00 to $77.00 and gave the stock a “neutral” rating in a research report on Friday, November 3rd. Finally, UBS Group upped their price target on shares of Intercontinental Exchange from $73.00 to $80.00 and gave the stock a “buy” rating in a research report on Friday, November 3rd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $76.08.

Shares of Intercontinental Exchange (NYSE ICE) opened at $67.58 on Friday. Intercontinental Exchange has a 52 week low of $56.97 and a 52 week high of $76.14. The company has a quick ratio of 1.01, a current ratio of 0.99 and a debt-to-equity ratio of 0.25. The company has a market cap of $41,179.85, a price-to-earnings ratio of 15.94, a PEG ratio of 2.43 and a beta of 0.66.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Wednesday, February 7th. The financial services provider reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.01. Intercontinental Exchange had a net margin of 43.09% and a return on equity of 10.83%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.15 billion. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.71 EPS. sell-side analysts expect that Intercontinental Exchange will post 3.63 earnings per share for the current fiscal year.

Intercontinental Exchange announced that its Board of Directors has authorized a stock buyback program on Thursday, November 2nd that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 3.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

In other Intercontinental Exchange news, insider Dean S. Mathison sold 1,042 shares of the business’s stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $75.79, for a total transaction of $78,973.18. Following the completion of the sale, the insider now directly owns 12,485 shares of the company’s stock, valued at approximately $946,238.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Scott A. Hill sold 7,526 shares of the business’s stock in a transaction dated Friday, January 12th. The stock was sold at an average price of $75.00, for a total value of $564,450.00. Following the sale, the chief financial officer now directly owns 202,371 shares of the company’s stock, valued at $15,177,825. The disclosure for this sale can be found here. Insiders have sold a total of 48,910 shares of company stock valued at $3,579,672 over the last three months. Company insiders own 1.50% of the company’s stock.

A number of large investors have recently made changes to their positions in ICE. Janus Henderson Group PLC raised its holdings in Intercontinental Exchange by 14.6% during the 3rd quarter. Janus Henderson Group PLC now owns 10,373,823 shares of the financial services provider’s stock worth $712,683,000 after purchasing an additional 1,325,290 shares during the last quarter. Capital International Investors raised its holdings in Intercontinental Exchange by 15.6% during the 3rd quarter. Capital International Investors now owns 8,723,353 shares of the financial services provider’s stock worth $599,294,000 after purchasing an additional 1,176,185 shares during the last quarter. Egerton Capital UK LLP bought a new stake in Intercontinental Exchange during the 3rd quarter worth about $47,128,000. Wells Fargo & Company MN raised its holdings in Intercontinental Exchange by 10.9% during the 4th quarter. Wells Fargo & Company MN now owns 5,647,728 shares of the financial services provider’s stock worth $398,504,000 after purchasing an additional 557,332 shares during the last quarter. Finally, Alyeska Investment Group L.P. raised its holdings in Intercontinental Exchange by 240.6% during the 3rd quarter. Alyeska Investment Group L.P. now owns 598,641 shares of the financial services provider’s stock worth $41,127,000 after purchasing an additional 422,899 shares during the last quarter. 90.14% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Intercontinental Exchange (NYSE:ICE)

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