Intercontinental Exchange (NYSE:ICE) Price Target Cut to $153.00 by Analysts at TD Cowen

Intercontinental Exchange (NYSE:ICE) had its price target reduced by TD Cowen from $193.00 to $153.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the financial services provider’s stock. TD Cowen’s target price points to a potential upside of 17.26% from the stock’s previous close.

A number of other equities analysts have also issued reports on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a research report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 target price on the stock. UBS Group restated a “buy” rating and issued a $205.00 price target on shares of Intercontinental Exchange in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft upgraded shares of Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price objective on the stock in a report on Friday, March 6th. Weiss Ratings lowered Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday. Finally, Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $189.36.

Intercontinental Exchange Stock Performance

NYSE:ICE traded down $3.40 during mid-day trading on Monday, hitting $130.48. 1,713,322 shares of the company’s stock traded hands, compared to its average volume of 3,835,292. The firm has a 50 day moving average of $151.34 and a two-hundred day moving average of $158.61. Intercontinental Exchange has a 12 month low of $131.01 and a 12 month high of $189.35. The firm has a market capitalization of $73.79 billion, a price-to-earnings ratio of 18.96, a price-to-earnings-growth ratio of 1.28 and a beta of 0.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS 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 company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the business posted $1.72 EPS. The company’s revenue for the quarter was up 20.4% on a year-over-year basis. On average, equities analysts forecast that Intercontinental Exchange will post 8.16 earnings per share for the current fiscal year.

Insider Transactions at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the transaction, the general counsel directly owned 45,473 shares of the company’s stock, valued at approximately $6,891,887.88. This represents a 9.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sharon Bowen sold 667 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the transaction, the director owned 15,077 shares of the company’s stock, valued at $2,280,848.56. This trade represents a 4.24% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, 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 Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ares Financial Consulting LLC bought a new position in Intercontinental Exchange during the 4th quarter valued at about $25,000. Brooklands Fund Management Ltd acquired a new position in Intercontinental Exchange in the fourth quarter valued at about $28,000. Dorato Capital Management bought a new stake in Intercontinental Exchange during the fourth quarter worth about $29,000. Swiss RE Ltd. bought a new stake in Intercontinental Exchange during the fourth quarter worth about $28,000. Finally, Steph & Co. increased its holdings in shares of Intercontinental Exchange by 104.7% during the fourth quarter. Steph & Co. now owns 174 shares of the financial services provider’s stock worth $28,000 after buying an additional 89 shares in the last quarter. 89.30% of the stock is owned by institutional investors.

Intercontinental Exchange News Summary

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: ICE and OKX announced a new joint venture to build infrastructure for tokenized and digitally native financial products, which could expand ICE’s reach into crypto and digital asset markets. The plan includes potential access to ICE futures and NYSE tokenized equities, but it still needs regulatory approval. Article Title
• Positive Sentiment: ICE also launched ICE GreenTrace, a new environmental registry technology service that extends its market infrastructure into carbon credit registries, potentially creating a new data and technology revenue stream. Article Title
• Neutral Sentiment: The OKX venture is subject to regulatory approvals, and the details are still early, so the near-term financial impact is uncertain. Article Title

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.