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

Intercontinental Exchange (NYSE:ICE) had its target price trimmed by Morgan Stanley from $192.00 to $188.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

A number of other equities analysts have also weighed in on ICE. JPMorgan Chase & Co. lifted their price target 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 lifted their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Barclays lifted their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Finally, UBS Group lifted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, July 8th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $198.20.

Intercontinental Exchange Stock Up 0.9%

Shares of ICE opened at $162.47 on Wednesday. The firm has a market cap of $93.00 billion, a PE ratio of 31.18, a price-to-earnings-growth ratio of 1.96 and a beta of 1.08. The company’s fifty day moving average is $176.53 and its two-hundred day moving average is $174.67. Intercontinental Exchange has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61.

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

Insider Buying and Selling

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,850 shares of the company’s stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total value of $686,570.50. Following the completion of the transaction, the general counsel directly 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Douglas Foley sold 1,600 shares of the company’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 completion of the transaction, the senior vice president directly owned 25,796 shares of the company’s stock, valued at approximately $4,530,293.52. The trade was a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,874 shares of company stock worth $42,187,714 over the last quarter. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Intercontinental Exchange

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ICE. HCR Wealth Advisors increased its position in shares of Intercontinental Exchange by 7.2% in the 3rd quarter. HCR Wealth Advisors now owns 23,813 shares of the financial services provider’s stock worth $3,833,000 after purchasing an additional 1,594 shares during the last quarter. Aaron Wealth Advisors LLC increased its position in shares of Intercontinental Exchange by 5.9% in the 3rd quarter. Aaron Wealth Advisors LLC now owns 3,321 shares of the financial services provider’s stock worth $560,000 after purchasing an additional 186 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Intercontinental Exchange by 2.9% in the 3rd quarter. GAMMA Investing LLC now owns 16,396 shares of the financial services provider’s stock worth $2,762,000 after purchasing an additional 468 shares during the last quarter. Corient Private Wealth LLC increased its position in shares of Intercontinental Exchange by 2.6% in the 2nd quarter. Corient Private Wealth LLC now owns 855,631 shares of the financial services provider’s stock worth $156,983,000 after purchasing an additional 21,766 shares during the last quarter. Finally, Capital A Wealth Management LLC increased its position in shares of Intercontinental Exchange by 26,000.0% in the 2nd quarter. Capital A Wealth Management LLC now owns 261 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 260 shares during the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

About Intercontinental Exchange

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.