Bank of America Raises Intercontinental Exchange (NYSE:ICE) Price Target to $175.00

Intercontinental Exchange (NYSE:ICE) had its target price raised by research analysts at Bank of America from $168.00 to $175.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. Bank of America‘s price objective suggests a potential upside of 7.60% from the company’s current price.

Several other research analysts also recently commented on ICE. Royal Bank of Canada initiated coverage on Intercontinental Exchange in a report on Friday, September 27th. They issued an “outperform” rating and a $200.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on Intercontinental Exchange from $151.00 to $171.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $168.00 price target on shares of Intercontinental Exchange in a research report on Tuesday, August 6th. The Goldman Sachs Group boosted their target price on shares of Intercontinental Exchange from $171.00 to $185.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Citigroup increased their price target on shares of Intercontinental Exchange from $160.00 to $162.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. One analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Intercontinental Exchange presently has an average rating of “Moderate Buy” and an average price target of $165.13.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock traded up $1.72 during midday trading on Thursday, hitting $162.64. 1,270,241 shares of the company were exchanged, compared to its average volume of 2,489,116. The firm has a 50 day simple moving average of $157.64 and a 200-day simple moving average of $144.03. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $93.29 billion, a P/E ratio of 37.28, a PEG ratio of 2.81 and a beta of 1.08. Intercontinental Exchange has a 52 week low of $104.49 and a 52 week high of $163.71.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, August 1st. The financial services provider reported $1.52 EPS for the quarter, beating the consensus estimate of $1.49 by $0.03. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.31 billion. Intercontinental Exchange had a net margin of 21.43% and a return on equity of 12.70%. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.43 EPS. Research analysts forecast that Intercontinental Exchange will post 6.04 earnings per share for the current year.

Insider Transactions at Intercontinental Exchange

In other news, insider Christopher Scott Edmonds sold 602 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $162.81, for a total value of $98,011.62. Following the completion of the transaction, the insider now owns 14,034 shares of the company’s stock, valued at approximately $2,284,875.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Christopher Scott Edmonds sold 602 shares of Intercontinental Exchange stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $162.81, for a total transaction of $98,011.62. Following the transaction, the insider now owns 14,034 shares in the company, valued at approximately $2,284,875.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 2,048 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $159.57, for a total transaction of $326,799.36. Following the sale, the general counsel now owns 44,865 shares in the company, valued at $7,159,108.05. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,316 shares of company stock worth $9,835,609. 1.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Czech National Bank grew its position in Intercontinental Exchange by 7.0% in the third quarter. Czech National Bank now owns 116,958 shares of the financial services provider’s stock valued at $18,788,000 after purchasing an additional 7,656 shares in the last quarter. AMF Tjanstepension AB grew its holdings in shares of Intercontinental Exchange by 14.5% in the 3rd quarter. AMF Tjanstepension AB now owns 127,199 shares of the financial services provider’s stock valued at $20,441,000 after acquiring an additional 16,130 shares in the last quarter. Trust Co. of Toledo NA OH increased its position in shares of Intercontinental Exchange by 2.2% in the third quarter. Trust Co. of Toledo NA OH now owns 30,233 shares of the financial services provider’s stock valued at $4,857,000 after acquiring an additional 655 shares during the last quarter. Mattson Financial Services LLC bought a new stake in Intercontinental Exchange during the second quarter worth about $1,207,000. Finally, Heritage Wealth Management Inc. acquired a new position in Intercontinental Exchange during the second quarter valued at approximately $627,000. 89.30% of the stock is currently owned by 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.