Wells Fargo & Company Increases Intercontinental Exchange Inc. (ICE) Price Target to $73.00
Intercontinental Exchange Inc. (NYSE:ICE) had its target price upped by Wells Fargo & Company from $65.00 to $73.00 in a note issued to investors on Thursday, October 5th. The firm currently has a “market perform” rating on the financial services provider’s stock. Wells Fargo & Company’s target price points to a potential upside of 5.20% from the company’s current price.
ICE has been the topic of several other reports. 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 company from $65.00 to $70.00 in a research report on Thursday, July 13th. Zacks Investment Research downgraded shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and set a $70.00 price target on shares of Intercontinental Exchange in a report on Monday, June 26th. Barclays PLC began coverage on shares of Intercontinental Exchange in a report on Friday, September 8th. They set an “overweight” rating and a $72.00 price target for the company. Finally, BidaskClub downgraded shares of Intercontinental Exchange from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $70.78.
Intercontinental Exchange (NYSE ICE) traded down 0.74% during midday trading on Thursday, hitting $69.39. The company had a trading volume of 1,944,833 shares. The stock’s 50-day moving average price is $67.16 and its 200-day moving average price is $63.94. The stock has a market cap of $7.98 billion, a PE ratio of 25.71 and a beta of 0.74. Intercontinental Exchange has a 52-week low of $52.27 and a 52-week high of $71.24.
Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, August 3rd. The financial services provider reported $0.75 earnings per share for the quarter, meeting the consensus estimate of $0.75. Intercontinental Exchange had a net margin of 27.56% and a return on equity of 10.80%. The business had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the previous year, the business earned $0.69 EPS. The firm’s revenue was up 4.3% on a year-over-year basis. On average, equities research analysts expect that Intercontinental Exchange will post $2.95 EPS for the current fiscal year.
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In related news, insider Charles A. Vice sold 12,500 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $66.93, for a total value of $836,625.00. Following the transaction, the insider now directly owns 382,471 shares in the company, valued at $25,598,784.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Scott A. Hill sold 37,630 shares of the company’s stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $70.03, for a total transaction of $2,635,228.90. The disclosure for this sale can be found here. Insiders have sold 155,550 shares of company stock worth $10,394,455 over the last ninety days. Insiders own 1.50% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC grew its stake in shares of Intercontinental Exchange by 10.8% in the second quarter. IHT Wealth Management LLC now owns 185 shares of the financial services provider’s stock valued at $101,000 after acquiring an additional 18 shares in the last quarter. Thompson Davis & CO. Inc. grew its stake in shares of Intercontinental Exchange by 2.2% in the second quarter. Thompson Davis & CO. Inc. now owns 1,517 shares of the financial services provider’s stock valued at $100,000 after acquiring an additional 32 shares in the last quarter. Norway Savings Bank grew its stake in shares of Intercontinental Exchange by 16.7% in the second quarter. Norway Savings Bank now owns 1,640 shares of the financial services provider’s stock valued at $108,000 after acquiring an additional 235 shares in the last quarter. Bessemer Group Inc. grew its stake in shares of Intercontinental Exchange by 186.5% in the second quarter. Bessemer Group Inc. now owns 1,905 shares of the financial services provider’s stock valued at $126,000 after acquiring an additional 1,240 shares in the last quarter. Finally, Shine Investment Advisory Services Inc. acquired a new stake in Intercontinental Exchange during the second quarter worth about $128,000. Institutional investors and hedge funds own 89.75% of the company’s stock.
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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