Intercontinental Exchange (NYSE:ICE) Hits New 1-Year High – Here’s Why

Shares of Intercontinental Exchange, Inc. (NYSE:ICE) hit a new 52-week high during trading on Wednesday . The stock traded as high as $167.75 and last traded at $167.75, with a volume of 658039 shares. The stock had previously closed at $166.72.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Raymond James cut shares of Intercontinental Exchange from a “strong-buy” rating to an “outperform” rating and set a $185.00 price target for the company. in a research note on Monday, October 14th. Bank of America increased their price objective on Intercontinental Exchange from $168.00 to $175.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. The Goldman Sachs Group boosted their target price on shares of Intercontinental Exchange from $171.00 to $185.00 and gave the company a “buy” rating in a research note on Thursday, October 3rd. TD Cowen assumed coverage on shares of Intercontinental Exchange in a report on Thursday, September 26th. They issued a “buy” rating and a $182.00 target price on the stock. Finally, Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $160.00 to $174.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $173.93.

Intercontinental Exchange Stock Up 0.2 %

The firm’s 50 day moving average price is $161.97 and its 200-day moving average price is $147.84. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.69. The company has a market cap of $95.89 billion, a P/E ratio of 41.27, a price-to-earnings-growth ratio of 2.50 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, August 1st. The financial services provider reported $1.52 EPS for the quarter, beating the consensus estimate of $1.49 by $0.03. Intercontinental Exchange had a net margin of 21.43% and a return on equity of 12.70%. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the company posted $1.43 EPS. The business’s revenue for the quarter was up 22.7% compared to the same quarter last year. As a group, equities research analysts expect that Intercontinental Exchange, Inc. will post 6.12 EPS for the current year.

Insiders Place Their Bets

In related news, Director Martha A. Tirinnanzi sold 509 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $158.98, for a total value of $80,920.82. Following the sale, the director now directly owns 3,958 shares in the company, valued at $629,242.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, General Counsel Andrew J. Surdykowski sold 2,048 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $159.57, for a total transaction of $326,799.36. Following the completion of the sale, the general counsel now directly owns 44,865 shares of the company’s stock, valued at approximately $7,159,108.05. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martha A. Tirinnanzi sold 509 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $158.98, for a total transaction of $80,920.82. Following the completion of the transaction, the director now directly owns 3,958 shares in the company, valued at approximately $629,242.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,489 shares of company stock worth $1,202,259. Insiders own 1.10% 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 the stock. Assenagon Asset Management S.A. grew its stake in shares of Intercontinental Exchange by 819.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 137,074 shares of the financial services provider’s stock worth $18,764,000 after acquiring an additional 122,169 shares in the last quarter. Russell Investments Group Ltd. grew its position in Intercontinental Exchange by 7.0% in the first quarter. Russell Investments Group Ltd. now owns 317,544 shares of the financial services provider’s stock valued at $43,617,000 after purchasing an additional 20,802 shares in the last quarter. Mission Wealth Management LP acquired a new stake in Intercontinental Exchange in the 1st quarter valued at $866,000. UniSuper Management Pty Ltd lifted its position in Intercontinental Exchange by 200.2% during the 1st quarter. UniSuper Management Pty Ltd now owns 14,459 shares of the financial services provider’s stock worth $1,987,000 after buying an additional 9,642 shares in the last quarter. Finally, BDF Gestion acquired a new position in shares of Intercontinental Exchange during the 2nd quarter worth about $2,849,000. 89.30% of the stock is owned by institutional investors and hedge funds.

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.