Intercontinental Exchange (NYSE:ICE) had its price target upped by analysts at Barclays from $82.00 to $85.00 in a report released on Thursday. The brokerage currently has an “overweight” rating on the financial services provider’s stock. Barclays’ price target indicates a potential upside of 10.52% from the stock’s previous close.
A number of other equities research analysts have also issued reports on ICE. Zacks Investment Research upgraded Intercontinental Exchange from a “sell” rating to a “buy” rating and set a $83.00 price target for the company in a research report on Wednesday, July 4th. Wells Fargo & Co restated a “market perform” rating and issued a $80.00 price target (up from $74.00) on shares of Intercontinental Exchange in a research report on Monday, July 9th. Citigroup upped their price target on Intercontinental Exchange from $76.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, July 18th. FIX initiated coverage on Intercontinental Exchange in a research report on Wednesday, September 5th. They issued a “buy” rating and a $88.00 price target for the company. Finally, Rosenblatt Securities initiated coverage on Intercontinental Exchange in a research report on Wednesday, September 5th. They issued a “buy” rating and a $88.00 price target for the company. Three investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Intercontinental Exchange has a consensus rating of “Buy” and a consensus target price of $83.80.
Shares of Intercontinental Exchange stock traded up $1.05 during mid-day trading on Thursday, reaching $76.91. 2,648,920 shares of the stock traded hands, compared to its average volume of 3,516,557. Intercontinental Exchange has a fifty-two week low of $65.28 and a fifty-two week high of $78.48. The stock has a market capitalization of $43.81 billion, a P/E ratio of 22.75, a PEG ratio of 2.24 and a beta of 0.53. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 0.98.
Intercontinental Exchange declared that its Board of Directors has authorized a stock repurchase program on Wednesday, October 31st that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
In related news, CEO Jeffrey C. Sprecher sold 80,000 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $73.28, for a total value of $5,862,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Scott A. Hill sold 70,659 shares of the stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $76.56, for a total value of $5,409,653.04. Following the completion of the transaction, the chief financial officer now owns 231,782 shares of the company’s stock, valued at $17,745,229.92. The disclosure for this sale can be found here. Insiders sold 288,819 shares of company stock valued at $21,703,215 over the last quarter. 1.50% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the stock. WINTON GROUP Ltd grew its position in Intercontinental Exchange by 1,276.0% in the third quarter. WINTON GROUP Ltd now owns 116,412 shares of the financial services provider’s stock worth $8,718,000 after acquiring an additional 107,952 shares during the period. Chicago Capital LLC grew its position in Intercontinental Exchange by 9.8% in the third quarter. Chicago Capital LLC now owns 543,004 shares of the financial services provider’s stock worth $40,666,000 after acquiring an additional 48,579 shares during the period. CIBC Asset Management Inc grew its position in Intercontinental Exchange by 1.4% in the third quarter. CIBC Asset Management Inc now owns 67,485 shares of the financial services provider’s stock worth $5,054,000 after acquiring an additional 948 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in Intercontinental Exchange by 13.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 15,437 shares of the financial services provider’s stock worth $1,156,000 after acquiring an additional 1,805 shares during the period. Finally, TD Asset Management Inc. grew its position in Intercontinental Exchange by 3.1% in the third quarter. TD Asset Management Inc. now owns 512,703 shares of the financial services provider’s stock worth $38,396,000 after acquiring an additional 15,367 shares during the period. Institutional investors own 88.90% of the company’s stock.
About Intercontinental Exchange
Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada. It operates through two segments, Trading and Clearing; and Data and Listings. The company operates marketplaces for listing, trading, and clearing an array of derivatives and securities contracts across various asset classes, including energy and agricultural commodities, interest rates, equities, equity and credit derivatives, exchange traded funds, bonds, and currencies.
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