Intercontinental Exchange (NYSE:ICE) Price Target Lowered to $190.00 at Piper Sandler

Intercontinental Exchange (NYSE:ICE) had its price objective cut by Piper Sandler from $211.00 to $190.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other equities analysts also recently issued reports on the company. Raymond James Financial set a $208.00 price target on Intercontinental Exchange in a research note on Monday, July 6th. UBS Group dropped their target price on Intercontinental Exchange from $205.00 to $190.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Weiss Ratings cut Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Keefe, Bruyette & Woods assumed coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price target for the company. Finally, Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $181.58.

Intercontinental Exchange Stock Up 1.6%

Intercontinental Exchange stock opened at $139.79 on Wednesday. The firm has a market capitalization of $79.05 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 1.41 and a beta of 0.94. The firm’s fifty day moving average price is $141.45 and its two-hundred day moving average price is $155.04. Intercontinental Exchange has a 1-year low of $121.79 and a 1-year high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the firm posted $1.72 earnings per share. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. On average, equities research analysts predict that Intercontinental Exchange will post 8.11 earnings per share for the current fiscal year.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, CTO Mayur Kapani sold 4,271 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $155.42, for a total value of $663,798.82. Following the completion of the transaction, the chief technology officer owned 64,869 shares in the company, valued at $10,081,939.98. This represents a 6.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Sharon Bowen sold 667 shares of the firm’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total value of $100,903.76. Following the sale, the director directly owned 15,077 shares of the company’s stock, valued at approximately $2,280,848.56. This represents a 4.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 13,425 shares of company stock worth $2,046,324. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Intercontinental Exchange

Hedge funds have recently added to or reduced their stakes in the stock. J. Stern & Co. LLP lifted its holdings in Intercontinental Exchange by 17,398.1% during the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock valued at $8,763,214,000 after purchasing an additional 53,798,055 shares during the last quarter. Norges Bank purchased a new position in shares of Intercontinental Exchange in the fourth quarter worth about $1,418,228,000. Viking Global Investors LP bought a new stake in shares of Intercontinental Exchange in the fourth quarter valued at approximately $777,926,000. Boston Partners raised its position in shares of Intercontinental Exchange by 148.6% in the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider’s stock valued at $519,701,000 after purchasing an additional 1,914,851 shares during the period. Finally, Focus Partners Wealth lifted its stake in shares of Intercontinental Exchange by 569.8% during the 4th quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider’s stock valued at $358,142,000 after buying an additional 1,880,835 shares in the last quarter. Institutional investors own 89.30% of the company’s stock.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.