Intercontinental Exchange (NYSE:ICE) Stock Price Expected to Rise, TD Cowen Analyst Says

Key Points

• TD Cowen raised its price target for Intercontinental Exchange from $166 to $167 while maintaining a “hold” rating, implying 6.43% upside from the prior close.
• Analyst sentiment is broadly positive: ICE has an overall “Moderate Buy” rating and an average price target of $186.25, although Wells Fargo issued an “underweight” rating with a $159 target.
• ICE reported quarterly EPS of $1.90, beating estimates by $0.06, while revenue reached $3.61 billion and rose 4.8% year over year. Institutional investors own 89.3% of the company, while insiders have sold shares worth about $6.47 million over the past three months.

Intercontinental Exchange (NYSE:ICE - Get Free Report) had its price objective raised by equities researchers at TD Cowen from $166.00 to $167.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a "hold" rating on the financial services provider's stock. TD Cowen's target price indicates a potential upside of 6.43% from the stock's previous close.

A number of other equities analysts have also commented on the stock. The Goldman Sachs Group boosted their price target on shares of Intercontinental Exchange from $192.00 to $195.00 and gave the company a "buy" rating in a research report on Friday, October 2nd. Weiss Ratings raised shares of Intercontinental Exchange from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, October 6th. Keefe, Bruyette & Woods reiterated an "outperform" rating on shares of Intercontinental Exchange in a research note on Wednesday. Piper Sandler reiterated an "overweight" rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, October 2nd. Finally, Wells Fargo & Company started coverage on Intercontinental Exchange in a report on Friday, October 2nd. They issued an "underweight" rating and a $159.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $186.25.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock traded up $0.73 during mid-day trading on Monday, hitting $156.92. 449,374 shares of the company were exchanged, compared to its average volume of 3,781,854. The company has a market capitalization of $88.09 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 1.48 and a beta of 0.94. The business has a fifty day moving average of $155.74 and a 200 day moving average of $150.75. Intercontinental Exchange has a 1-year low of $121.79 and a 1-year high of $176.05. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.81 EPS. As a group, sell-side analysts expect that Intercontinental Exchange will post 8.18 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Christopher Edmonds sold 5,000 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $160.59, for a total transaction of $802,950.00. Following the completion of the sale, the insider owned 14,367 shares in the company, valued at $2,307,196.53. The trade was a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Martha A. Tirinnanzi sold 1,340 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $161.16, for a total value of $215,954.40. Following the transaction, the director directly owned 3,747 shares in the company, valued at $603,866.52. This trade represents a 26.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 41,179 shares of company stock worth $6,473,715. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intercontinental Exchange

Several hedge funds have recently added to or reduced their stakes in ICE. J. Stern & Co. LLP raised its stake in shares of Intercontinental Exchange by 17,398.1% during the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Intercontinental Exchange in the 2nd quarter valued at approximately $6,245,085,000. State Street Corp grew its stake in shares of Intercontinental Exchange by 1.6% in the second quarter. State Street Corp now owns 25,966,680 shares of the financial services provider's stock valued at $3,196,758,000 after buying an additional 415,490 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Intercontinental Exchange by 16.1% in the second quarter. Wellington Management Group LLP now owns 11,812,273 shares of the financial services provider's stock valued at $1,454,209,000 after buying an additional 1,634,385 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Intercontinental Exchange by 6.7% in the fourth quarter. Janus Henderson Group PLC now owns 6,549,596 shares of the financial services provider's stock valued at $1,055,312,000 after buying an additional 409,590 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

About Intercontinental Exchange

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces and infrastructure that support the trading, clearing and management of risk across financial and commodity markets.

Its businesses include the New York Stock Exchange, ICE Futures exchanges and ICE Clear clearinghouses. ICE offers trading and clearing services for equities, equity options, interest rates, currencies, energy, agricultural commodities, metals and other contracts.

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