Intercontinental Exchange (NYSE:ICE) Stock Rating Lowered by Zacks Investment Research

Intercontinental Exchange (NYSE:ICE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports. They currently have a $137.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 8.08% from the stock’s current price.

According to Zacks, “Intercontinental Exchange’s top line benefits from its compelling product and service portfolio, broad range of risk management services, strength in global data services. Continued strength in its energy franchise, improving recurring market data revenues are likely to keep growth on track. Strategic buyouts help it achieve cost synergies that are in sync with its aim of generating long-term value for shareholders. It is well-poised for growth on the back of accelerated digitization taking place in the US residential mortgage industry. Solid balance sheet helps in effective capital deployment. Shares have outperformed the industry in the past six months. However, its expenses are likely to remain high in the near term. Foreign currency fluctuations, stricter regulations raise concerns. High interest expenses and high leverage poses risk.”

Several other brokerages have also recently issued reports on ICE. UBS Group lifted their target price on Intercontinental Exchange from $143.00 to $148.00 and gave the stock a “buy” rating in a report on Wednesday, October 6th. Deutsche Bank Aktiengesellschaft dropped their price target on Intercontinental Exchange from $172.00 to $167.00 in a research report on Thursday. Morgan Stanley lifted their price target on Intercontinental Exchange from $131.00 to $143.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 2nd. Bank of America began coverage on Intercontinental Exchange in a research report on Thursday, December 16th. They issued a “neutral” rating and a $158.00 price target for the company. Finally, Jefferies Financial Group began coverage on Intercontinental Exchange in a research report on Monday, October 25th. They issued a “buy” rating and a $161.00 price target for the company. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $152.44.

NYSE:ICE traded down $2.80 on Friday, reaching $126.76. 39,156 shares of the company’s stock traded hands, compared to its average volume of 1,679,827. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a 50-day simple moving average of $133.94 and a 200-day simple moving average of $125.92. The firm has a market cap of $71.42 billion, a PE ratio of 23.43, a P/E/G ratio of 1.93 and a beta of 0.82. Intercontinental Exchange has a 12 month low of $108.95 and a 12 month high of $139.79.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, October 28th. The financial services provider reported $1.30 EPS for the quarter, beating the Zacks’ consensus estimate of $1.23 by $0.07. Intercontinental Exchange had a return on equity of 13.57% and a net margin of 33.69%. The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm earned $1.03 earnings per share. The business’s quarterly revenue was up 27.6% on a year-over-year basis. On average, equities analysts anticipate that Intercontinental Exchange will post 5.13 earnings per share for the current year.

In related news, General Counsel Andrew J. Surdykowski sold 4,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 10th. The shares were sold at an average price of $135.08, for a total value of $607,860.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Warren Gardiner sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, November 10th. The stock was sold at an average price of $135.08, for a total transaction of $175,604.00. The disclosure for this sale can be found here. Insiders sold 74,910 shares of company stock valued at $10,089,007 in the last quarter. 1.30% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of ICE. Wedbush Securities Inc. boosted its stake in shares of Intercontinental Exchange by 13.6% during the 4th quarter. Wedbush Securities Inc. now owns 11,608 shares of the financial services provider’s stock worth $1,588,000 after acquiring an additional 1,390 shares in the last quarter. SOA Wealth Advisors LLC. raised its position in shares of Intercontinental Exchange by 1,276.9% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,845 shares of the financial services provider’s stock worth $252,000 after purchasing an additional 1,711 shares during the last quarter. Stock Yards Bank & Trust Co. raised its position in shares of Intercontinental Exchange by 0.8% during the 4th quarter. Stock Yards Bank & Trust Co. now owns 164,694 shares of the financial services provider’s stock worth $22,525,000 after purchasing an additional 1,370 shares during the last quarter. Diversified Trust Co raised its position in shares of Intercontinental Exchange by 13.1% during the 4th quarter. Diversified Trust Co now owns 53,895 shares of the financial services provider’s stock worth $7,371,000 after purchasing an additional 6,226 shares during the last quarter. Finally, Harbour Capital Advisors LLC raised its position in shares of Intercontinental Exchange by 2.2% during the 4th quarter. Harbour Capital Advisors LLC now owns 24,984 shares of the financial services provider’s stock worth $3,417,000 after purchasing an additional 528 shares during the last quarter. 86.63% of the stock is currently owned by institutional investors and hedge funds.

About Intercontinental Exchange

Intercontinental Exchange, Inc engages in the management of online marketplace. It operates through the following segments: Exchanges; Fixed Income and Data Services; and Mortgage Technology. The company was founded by Jeffrey C. Sprecher in May 2000 and is headquartered in Atlanta, GA.

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