Intercontinental Exchange (NYSE:ICE) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Intercontinental Exchange (NYSE:ICE) from a hold rating to a sell rating in a research report report published on Saturday,Wall Street Zen reports.

Several other brokerages also recently weighed in on ICE. TD Cowen reaffirmed a “buy” rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Piper Sandler lowered their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Barclays restated an “overweight” rating and issued a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Weiss Ratings upgraded Intercontinental Exchange from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, August 25th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $218.00 target price on shares of Intercontinental Exchange in a research report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $184.17.

Intercontinental Exchange Stock Performance

NYSE:ICE opened at $161.34 on Friday. The stock has a 50-day simple moving average of $148.88 and a two-hundred day simple moving average of $151.66. Intercontinental Exchange has a 52-week low of $121.79 and a 52-week high of $176.59. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $90.57 billion, a PE ratio of 22.79, a P/E/G ratio of 1.57 and a beta of 0.93.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the company earned $1.81 earnings per share. The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. Analysts forecast that Intercontinental Exchange will post 8.1 EPS for the current year.

Insider Buying and Selling

In other news, SVP Douglas Foley sold 1,600 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $160.00, for a total transaction of $256,000.00. Following the completion of the transaction, the senior vice president owned 17,463 shares in the company, valued at $2,794,080. This trade represents a 8.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,574 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $161.77, for a total value of $739,935.98. Following the completion of the sale, the general counsel directly owned 43,065 shares in the company, valued at $6,966,625.05. This trade represents a 9.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 40,912 shares of company stock worth $6,403,616 in the last 90 days. 0.84% of the stock is owned by company insiders.

Institutional Trading of Intercontinental Exchange

A number of large investors have recently added to or reduced their stakes in ICE. Brooklands Fund Management Ltd bought a new stake in Intercontinental Exchange in the fourth quarter worth $28,000. Swiss RE Ltd. bought a new position in Intercontinental Exchange during the fourth quarter valued at $28,000. Lloyd Advisory Services LLC. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth $30,000. Rakuten Securities Inc. purchased a new position in shares of Intercontinental Exchange in the 2nd quarter worth $26,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of Intercontinental Exchange in the 4th quarter worth about $37,000. Institutional investors own 89.30% of the company’s stock.

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.