Wells Fargo & Company Boosts Intercontinental Exchange Inc. (ICE) Price Target to $73.00
Intercontinental Exchange Inc. (NYSE:ICE) had its target price boosted by Wells Fargo & Company from $65.00 to $73.00 in a research note released on Thursday morning. The firm currently has a market perform rating on the financial services provider’s stock.
ICE has been the subject of a number of other research reports. BidaskClub cut shares of Intercontinental Exchange from a buy rating to a hold rating in a research report on Wednesday, July 12th. Zacks Investment Research upgraded shares of Intercontinental Exchange from a hold rating to a buy rating and set a $74.00 target price for the company in a research report on Thursday, July 13th. Royal Bank Of Canada upgraded shares of Intercontinental Exchange from a sector perform rating to an outperform rating and lifted their target price for the stock from $65.00 to $70.00 in a research report on Thursday, July 13th. Jefferies Group LLC restated a buy rating and set a $73.00 target price (up previously from $70.00) on shares of Intercontinental Exchange in a research report on Monday, July 17th. Finally, Barclays PLC started coverage on shares of Intercontinental Exchange in a research report on Friday, September 8th. They set an overweight rating and a $72.00 target price for the company. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $69.28.
Intercontinental Exchange (ICE) traded down 2.72% on Thursday, hitting $69.03. 4,333,437 shares of the company traded hands. The stock’s 50-day moving average is $66.47 and its 200 day moving average is $63.59. The stock has a market cap of $7.94 billion, a PE ratio of 25.58 and a beta of 0.74. Intercontinental Exchange has a 12 month low of $52.27 and a 12 month high of $71.24.
Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, August 3rd. The financial services provider reported $0.75 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.75. Intercontinental Exchange had a net margin of 27.56% and a return on equity of 10.80%. The firm had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the business earned $0.69 earnings per share. The business’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities research analysts expect that Intercontinental Exchange will post $2.95 earnings per share for the current fiscal year.
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In other news, insider Charles A. Vice sold 12,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $66.93, for a total value of $836,625.00. Following the completion of the transaction, the insider now owns 382,471 shares of the company’s stock, valued at $25,598,784.03. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jeffrey C. Sprecher sold 80,420 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $65.24, for a total transaction of $5,246,600.80. The disclosure for this sale can be found here. In the last three months, insiders sold 143,050 shares of company stock valued at $9,522,455. Company insiders own 1.50% of the company’s stock.
Several large investors have recently bought and sold shares of ICE. Tredje AP fonden grew its holdings in Intercontinental Exchange by 8.3% in the first quarter. Tredje AP fonden now owns 56,290 shares of the financial services provider’s stock valued at $3,381,000 after purchasing an additional 4,324 shares during the period. Majedie Asset Management Ltd grew its holdings in Intercontinental Exchange by 12.5% in the first quarter. Majedie Asset Management Ltd now owns 251,132 shares of the financial services provider’s stock valued at $15,035,000 after purchasing an additional 27,997 shares during the period. Artisan Partners Limited Partnership grew its holdings in Intercontinental Exchange by 1.0% in the first quarter. Artisan Partners Limited Partnership now owns 5,570,437 shares of the financial services provider’s stock valued at $333,502,000 after purchasing an additional 54,998 shares during the period. Ariel Investments LLC purchased a new stake in Intercontinental Exchange in the first quarter valued at approximately $1,236,000. Finally, AXA grew its holdings in Intercontinental Exchange by 1.3% in the first quarter. AXA now owns 146,355 shares of the financial services provider’s stock valued at $8,762,000 after purchasing an additional 1,855 shares during the period. 89.75% of the stock is owned by institutional investors and hedge funds.
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.
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