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

Intercontinental Exchange (NYSE:ICE) had its price objective trimmed by Piper Sandler from $211.00 to $190.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other analysts also recently weighed in on ICE. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a research report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price objective for the company. UBS Group lowered their target price on Intercontinental Exchange from $205.00 to $190.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. The Goldman Sachs Group dropped their target price on shares of Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. TD Cowen reduced their price target on shares of Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating on the stock in a research note on Monday, June 22nd. Finally, Rothschild & Co Redburn set a $177.00 price objective on shares of Intercontinental Exchange in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company’s stock. 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 Trading Down 1.6%

Shares of Intercontinental Exchange stock opened at $139.55 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange has a 12-month low of $121.79 and a 12-month high of $189.35. The company has a market capitalization of $78.92 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 1.46 and a beta of 0.94. The firm’s 50-day moving average price is $140.83 and its two-hundred day moving average price is $154.78.

Intercontinental Exchange (NYSE:ICE) last released its earnings results 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. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the prior year, the company earned $1.72 earnings per share. The company’s quarterly revenue was up 20.4% on a year-over-year basis. On average, analysts forecast that Intercontinental Exchange will post 8.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Intercontinental Exchange news, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $155.42, for a total transaction of $663,798.82. Following the transaction, the chief technology officer directly owned 64,869 shares of the company’s stock, valued at approximately $10,081,939.98. The trade was a 6.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Warren Gardiner sold 2,490 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total value of $390,033.60. Following the completion of the sale, the chief financial officer owned 25,189 shares in the company, valued at $3,945,604.96. This trade represents a 9.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,425 shares of company stock valued at $2,046,324 over the last quarter. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intercontinental Exchange

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of Intercontinental Exchange by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the period. J. Stern & Co. LLP increased its position in shares of 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 worth $8,763,214,000 after buying an additional 53,798,055 shares during the period. State Street Corp raised its stake in Intercontinental Exchange by 3.4% during the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider’s stock worth $4,154,914,000 after buying an additional 837,208 shares during the last quarter. Morgan Stanley lifted its holdings in Intercontinental Exchange by 1.0% in the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider’s stock valued at $2,571,212,000 after buying an additional 158,450 shares during the period. Finally, Norges Bank acquired a new position in Intercontinental Exchange in the fourth quarter valued at $1,418,228,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Company Profile

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.