Morgan Stanley Lowers Intercontinental Exchange (NYSE:ICE) Price Target to $188.00

Intercontinental Exchange (NYSE:ICE) had its target price dropped by analysts at Morgan Stanley from $192.00 to $188.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 16.88% from the company’s current price.

Other equities analysts have also issued research reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, September 25th. Piper Sandler boosted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. UBS Group boosted their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a “buy” rating in a report on Tuesday, July 8th. Finally, Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Intercontinental Exchange presently has an average rating of “Moderate Buy” and a consensus target price of $198.20.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE opened at $160.85 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market cap of $92.07 billion, a P/E ratio of 30.87, a PEG ratio of 1.95 and a beta of 1.08. Intercontinental Exchange has a 52 week low of $142.29 and a 52 week high of $189.35. The company has a 50-day moving average price of $176.97 and a 200 day moving average price of $174.74.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the firm earned $1.52 EPS. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. Research analysts predict that Intercontinental Exchange will post 6.73 earnings per share for the current year.

Insider Buying and Selling at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 3,850 shares of the business’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the completion of the sale, the general counsel owned 46,293 shares of the company’s stock, valued at $8,255,430.69. This represents a 7.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the business’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $175.62, for a total transaction of $280,992.00. Following the sale, the senior vice president directly owned 25,796 shares of the company’s stock, valued at approximately $4,530,293.52. This represents a 5.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,874 shares of company stock worth $42,187,714. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Intercontinental Exchange

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Intercontinental Exchange by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 53,685,491 shares of the financial services provider’s stock worth $9,849,677,000 after purchasing an additional 745,135 shares during the last quarter. Geode Capital Management LLC grew its position in Intercontinental Exchange by 1.2% in the 2nd quarter. Geode Capital Management LLC now owns 12,438,154 shares of the financial services provider’s stock worth $2,270,657,000 after purchasing an additional 145,961 shares during the last quarter. Norges Bank bought a new position in Intercontinental Exchange in the 2nd quarter worth about $1,542,780,000. Price T Rowe Associates Inc. MD grew its position in Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider’s stock worth $1,109,780,000 after purchasing an additional 5,345,388 shares during the last quarter. Finally, Amundi grew its position in Intercontinental Exchange by 14.7% in the 1st quarter. Amundi now owns 6,315,706 shares of the financial services provider’s stock worth $1,060,574,000 after purchasing an additional 810,938 shares during the last quarter. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.