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

Intercontinental Exchange (NYSE:ICE) had its target price lowered by equities researchers at Piper Sandler from $211.00 to $190.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 35.07% from the stock’s current price.

Several other equities analysts have also recently commented on ICE. UBS Group reduced their price target on shares of Intercontinental Exchange from $205.00 to $190.00 and set a “buy” rating on the stock in a research report on Tuesday, July 7th. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a report on Thursday, June 11th. Keefe, Bruyette & Woods assumed coverage on Intercontinental Exchange in a research note on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price objective on the stock. The Goldman Sachs Group reduced their target price on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Weiss Ratings lowered Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $181.58.

Intercontinental Exchange Stock Up 2.2%

ICE traded up $3.05 during trading on Wednesday, hitting $140.66. The company had a trading volume of 124,401 shares, compared to its average volume of 3,981,493. The company has a market cap of $79.55 billion, a PE ratio of 20.42, a P/E/G ratio of 1.39 and a beta of 0.94. The business has a 50-day moving average of $141.72 and a 200-day moving average of $155.20. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange has a 1-year low of $121.79 and a 1-year high of $189.35.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same period last year, the business earned $1.72 EPS. As a group, analysts forecast that Intercontinental Exchange will post 8.11 earnings per share for the current year.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, CTO Mayur Kapani sold 4,271 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $155.42, for a total transaction of $663,798.82. Following the completion of the transaction, the chief technology officer directly owned 64,869 shares of the company’s stock, valued at $10,081,939.98. The trade was a 6.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Warren Gardiner sold 2,490 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the transaction, the chief financial officer owned 25,189 shares of the company’s stock, valued at approximately $3,945,604.96. This trade represents a 9.00% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 13,425 shares of company stock valued at $2,046,324. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Intercontinental Exchange

A number of hedge funds have recently made changes to their positions in the business. J. Stern & Co. LLP raised its position in shares of Intercontinental Exchange by 17,398.1% during the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after buying an additional 53,798,055 shares in the last quarter. Norges Bank bought a new position in shares of Intercontinental Exchange in the fourth quarter valued at approximately $1,418,228,000. Viking Global Investors LP acquired a new position in shares of Intercontinental Exchange during the fourth quarter valued at approximately $777,926,000. Boston Partners increased its stake in shares of Intercontinental Exchange by 148.6% during the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider’s stock valued at $519,701,000 after acquiring an additional 1,914,851 shares during the period. Finally, Focus Partners Wealth raised its holdings in Intercontinental Exchange by 569.8% during the fourth quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider’s stock worth $358,142,000 after purchasing 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.