Morgan Stanley Cuts Intercontinental Exchange (NYSE:ICE) Price Target to $188.00

Intercontinental Exchange (NYSE:ICE) had its price objective lowered by Morgan Stanley from $192.00 to $188.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

Other analysts have also recently issued reports about the stock. Barclays upped their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Piper Sandler upped their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. upped their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, September 25th. Finally, UBS Group upped their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $197.00.

Intercontinental Exchange Stock Down 3.4%

Shares of NYSE ICE opened at $162.71 on Wednesday. The firm’s 50-day moving average price is $177.43 and its 200-day moving average price is $174.82. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $93.14 billion, a price-to-earnings ratio of 31.23, a P/E/G ratio of 2.01 and a beta of 1.08. Intercontinental Exchange has a 12-month low of $142.29 and a 12-month high of $189.35.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.52 EPS. On average, equities research analysts anticipate that Intercontinental Exchange will post 6.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Andrew J. Surdykowski sold 3,850 shares of the stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total value of $686,570.50. Following the sale, the general counsel directly owned 46,293 shares of the company’s stock, valued at $8,255,430.69. This represents a 7.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $175.62, for a total transaction of $280,992.00. Following the transaction, the senior vice president directly owned 25,796 shares in the company, valued at approximately $4,530,293.52. This trade represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,874 shares of company stock worth $42,187,714 over the last three months. 1.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intercontinental Exchange

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Intercontinental Exchange by 1.4% during the second quarter. Vanguard Group Inc. now owns 53,685,491 shares of the financial services provider’s stock worth $9,849,677,000 after acquiring an additional 745,135 shares during the period. Geode Capital Management LLC increased its position in shares of Intercontinental Exchange by 1.2% during the second quarter. Geode Capital Management LLC now owns 12,438,154 shares of the financial services provider’s stock worth $2,270,657,000 after acquiring an additional 145,961 shares during the period. Norges Bank bought a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $1,542,780,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Intercontinental Exchange by 491.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider’s stock valued at $1,109,780,000 after purchasing an additional 5,345,388 shares in the last quarter. Finally, Amundi boosted its stake in shares of Intercontinental Exchange by 14.7% during the first quarter. Amundi now owns 6,315,706 shares of the financial services provider’s stock valued at $1,060,574,000 after purchasing an additional 810,938 shares in the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.