Intercontinental Exchange (ICE) Given New $82.00 Price Target at Bank of America

Intercontinental Exchange (NYSE:ICE) had its price objective lowered by stock analysts at Bank of America from $83.00 to $82.00 in a research report issued on Thursday. The brokerage currently has a “buy” rating on the financial services provider’s stock. Bank of America’s price objective points to a potential upside of 19.80% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. UBS Group upped their price objective on shares of Intercontinental Exchange from $73.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. Citigroup upped their price objective on shares of Intercontinental Exchange from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, October 19th. Royal Bank of Canada upped their price objective on shares of Intercontinental Exchange from $70.00 to $76.00 and gave the company an “outperform” rating in a research note on Monday, October 16th. Zacks Investment Research upgraded shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Wednesday, January 3rd. Finally, Berenberg Bank began coverage on shares of Intercontinental Exchange in a research note on Thursday, January 25th. They issued a “buy” rating and a $90.00 price objective for the company. Three research 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.

Intercontinental Exchange (NYSE ICE) opened at $68.45 on Thursday. The company has a quick ratio of 1.01, a current ratio of 0.99 and a debt-to-equity ratio of 0.25. Intercontinental Exchange has a 12 month low of $56.80 and a 12 month high of $76.14. The stock has a market cap of $39,013.71, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 2.31 and a beta of 0.66.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $0.73 earnings per share (EPS) for the quarter, beating the 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 during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Intercontinental Exchange’s revenue for the quarter was up .5% on a year-over-year basis. equities research analysts forecast that Intercontinental Exchange will post 3.63 EPS for the current fiscal year.

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

In other news, insider Dean S. Mathison sold 1,042 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were 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 owns 12,485 shares in the company, valued at $946,238.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Charles A. Vice sold 7,500 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $71.93, for a total transaction of $539,475.00. Following the sale, the insider now owns 377,471 shares of the company’s stock, valued at approximately $27,151,489.03. The disclosure for this sale can be found here. Insiders have sold 48,910 shares of company stock valued at $3,579,672 in the last quarter. Insiders own 1.50% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. IHT Wealth Management LLC lifted its position in Intercontinental Exchange by 10.8% in 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 period. Advisory Services Network LLC lifted its position in Intercontinental Exchange by 0.5% in the second quarter. Advisory Services Network LLC now owns 15,419 shares of the financial services provider’s stock valued at $1,016,000 after purchasing an additional 76 shares during the period. Gofen & Glossberg LLC IL lifted its position in Intercontinental Exchange by 0.4% in the second quarter. Gofen & Glossberg LLC IL now owns 96,030 shares of the financial services provider’s stock valued at $6,330,000 after purchasing an additional 426 shares during the period. Bank of Nova Scotia lifted its position in Intercontinental Exchange by 2.4% in the second quarter. Bank of Nova Scotia now owns 30,186 shares of the financial services provider’s stock valued at $1,990,000 after purchasing an additional 710 shares during the period. Finally, MAI Capital Management lifted its position in Intercontinental Exchange by 1.8% in the fourth quarter. MAI Capital Management now owns 44,903 shares of the financial services provider’s stock valued at $3,168,000 after purchasing an additional 783 shares during the period. Institutional investors and hedge funds own 90.14% of the company’s stock.

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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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