JPMorgan Chase & Co. set a $92.00 target price on Intercontinental Exchange (NYSE:ICE) in a research note released on Friday, November 2nd. The brokerage currently has a buy rating on the financial services provider’s stock.
Several other equities research analysts have also recently commented on ICE. Barclays lifted their price target on shares of Intercontinental Exchange from $82.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, November 1st. Wells Fargo & Co reiterated a market perform rating and set a $80.00 price target (up previously from $74.00) on shares of Intercontinental Exchange in a research report on Monday, July 9th. Raymond James lifted their price target on shares of Intercontinental Exchange from $81.00 to $86.00 and gave the stock an outperform rating in a research report on Thursday, November 1st. Citigroup set a $80.00 price objective on shares of Intercontinental Exchange and gave the company a hold rating in a report on Thursday, November 1st. Finally, Zacks Investment Research cut shares of Intercontinental Exchange from a buy rating to a hold rating in a report on Wednesday, July 11th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $84.07.
ICE stock traded down $0.87 during trading on Friday, hitting $79.08. 2,809,670 shares of the stock traded hands, compared to its average volume of 3,524,953. Intercontinental Exchange has a one year low of $65.96 and a one year high of $80.00. The company has a market capitalization of $44.74 billion, a P/E ratio of 26.81, a P/E/G ratio of 2.27 and a beta of 0.53. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.
Intercontinental Exchange announced that its Board of Directors has approved a share buyback program on Wednesday, October 31st that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
In other news, President Benjamin Jackson sold 2,860 shares of the business’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $77.88, for a total value of $222,736.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Charles A. Vice sold 35,000 shares of the company’s stock in a transaction on Tuesday, November 6th. The stock was sold at an average price of $78.12, for a total transaction of $2,734,200.00. Following the sale, the insider now directly owns 419,907 shares in the company, valued at $32,803,134.84. The disclosure for this sale can be found here. In the last three months, insiders sold 288,819 shares of company stock worth $21,896,765. 1.50% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in ICE. Kaizen Advisory LLC boosted its stake in shares of Intercontinental Exchange by 143.4% in the 2nd quarter. Kaizen Advisory LLC now owns 1,356 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 799 shares in the last quarter. Quad Cities Investment Group LLC bought a new position in Intercontinental Exchange during the 2nd quarter worth approximately $104,000. Sun Life Financial INC grew its position in shares of Intercontinental Exchange by 717.7% during the 2nd quarter. Sun Life Financial INC now owns 1,570 shares of the financial services provider’s stock worth $115,000 after buying an additional 1,378 shares during the period. Townsend & Associates Inc grew its position in shares of Intercontinental Exchange by 894.0% during the 2nd quarter. Townsend & Associates Inc now owns 1,650 shares of the financial services provider’s stock worth $121,000 after buying an additional 1,484 shares during the period. Finally, LeJeune Puetz Investment Counsel LLC acquired a new stake in Intercontinental Exchange in the 2nd quarter valued at $165,000. Hedge funds and other institutional investors own 88.99% of the company’s stock.
Intercontinental Exchange Company Profile
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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