Zacks Investment Research Upgrades Intercontinental Exchange (NYSE:ICE) to “Buy”

Intercontinental Exchange (NYSE:ICE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Zacks.com reports. The brokerage currently has a $127.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 6.05% from the stock’s previous close.

According to Zacks, “Intercontinental Exchange’s shares have outperformed its industry in the past year. Its top line was driven by the compelling product and service portfolio, broad range of risk management services and strength in global data services. Continued strength in its energy franchise, improving recurring market data revenues and ongoing initiatives 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. A strong balance sheet helps in effective capital deployment. However, its expenses are likely to remain elevated in the near term. Foreign currency fluctuations and stricter regulations raise concerns. Increasing interest expenses and high leverage raise financial risk.”

A number of other equities research analysts have also issued reports on ICE. Raymond James upped their price objective on shares of Intercontinental Exchange from $133.00 to $136.00 and gave the company a “strong-buy” rating in a report on Tuesday, April 6th. Rosenblatt Securities increased their target price on shares of Intercontinental Exchange from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, January 7th. Piper Sandler increased their target price on shares of Intercontinental Exchange from $117.00 to $127.00 and gave the stock an “overweight” rating in a research note on Thursday, January 7th. Compass Point increased their price target on shares of Intercontinental Exchange from $110.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, December 22nd. Finally, Oppenheimer reaffirmed a “hold” rating on shares of Intercontinental Exchange in a report on Monday, January 25th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Intercontinental Exchange presently has a consensus rating of “Buy” and an average target price of $121.08.

NYSE:ICE opened at $119.76 on Monday. The company has a fifty day moving average of $114.78 and a two-hundred day moving average of $109.46. The stock has a market capitalization of $67.39 billion, a PE ratio of 32.99, a P/E/G ratio of 2.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.99 and a current ratio of 0.99. Intercontinental Exchange has a fifty-two week low of $86.74 and a fifty-two week high of $121.08.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, February 4th. The financial services provider reported $1.13 EPS for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.05. Intercontinental Exchange had a net margin of 26.19% and a return on equity of 13.63%. The business had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business earned $0.95 earnings per share. The company’s quarterly revenue was up 28.7% compared to the same quarter last year. Research analysts forecast that Intercontinental Exchange will post 4.46 earnings per share for the current year.

In other Intercontinental Exchange news, CFO Scott A. Hill sold 10,937 shares of the company’s stock in a transaction that occurred on Tuesday, February 16th. The stock was sold at an average price of $111.67, for a total value of $1,221,334.79. Following the transaction, the chief financial officer now directly owns 175,062 shares of the company’s stock, valued at approximately $19,549,173.54. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Scott A. Hill sold 6,142 shares of the company’s stock in a transaction that occurred on Thursday, February 18th. The shares were sold at an average price of $113.28, for a total value of $695,765.76. Following the completion of the transaction, the chief financial officer now directly owns 175,062 shares in the company, valued at $19,831,023.36. The disclosure for this sale can be found here. Insiders have sold a total of 31,236 shares of company stock valued at $3,506,057 in the last quarter. Company insiders own 1.50% of the company’s stock.

Several hedge funds have recently bought and sold shares of ICE. United Bank increased its position in Intercontinental Exchange by 3.0% in the third quarter. United Bank now owns 16,675 shares of the financial services provider’s stock worth $1,668,000 after buying an additional 484 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in shares of Intercontinental Exchange by 0.3% in the third quarter. Schonfeld Strategic Advisors LLC now owns 130,486 shares of the financial services provider’s stock worth $13,055,000 after purchasing an additional 343 shares in the last quarter. Paces Ferry Wealth Advisors LLC bought a new position in Intercontinental Exchange during the third quarter valued at about $116,000. tru Independence LLC boosted its stake in Intercontinental Exchange by 1,406.0% during the third quarter. tru Independence LLC now owns 1,506 shares of the financial services provider’s stock valued at $151,000 after buying an additional 1,406 shares in the last quarter. Finally, Kathmere Capital Management LLC bought a new position in Intercontinental Exchange during the third quarter valued at about $351,000. 87.42% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc operates regulated exchanges, clearing houses, and listings venues for commodity, financial, fixed income, and equity markets in the United States, the United Kingdom, the European Union, Singapore, Israel, and Canada. It operates through three segments: Exchanges, Fixed Income and Data Services, and Mortgage Technology.

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