Barclays Has Lowered Expectations for Intercontinental Exchange (NYSE:ICE) Stock Price

Key Points

• Barclays cut its price target on Intercontinental Exchange (NYSE: ICE) from $201 to $180, while keeping an overweight rating. The new target still implies about 34.6% upside from the current share price.
• Several other analysts also lowered or adjusted their targets, and the stock now carries a Moderate Buy consensus with an average price target of $185.33.
• Intercontinental Exchange reported strong quarterly results, beating earnings and revenue estimates with EPS of $2.35 and revenue of $3.67 billion, though recent insider selling has included transactions by the general counsel and a director.

Intercontinental Exchange (NYSE:ICE - Get Free Report) had its price objective decreased by Barclays from $201.00 to $180.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Barclays's target price suggests a potential upside of 34.64% from the stock's current price.

A number of other research firms also recently commented on ICE. UBS Group decreased their price objective on shares of Intercontinental Exchange from $205.00 to $190.00 and set a "buy" rating for the company in a report on Tuesday. Piper Sandler reaffirmed an "overweight" rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. The Goldman Sachs Group dropped their price target on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Keefe, Bruyette & Woods began coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price objective for the company. Finally, Rothschild & Co Redburn set a $177.00 price objective on shares of Intercontinental Exchange in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $185.33.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $133.69 on Thursday. The business has a 50-day moving average of $143.33 and a 200-day moving average of $155.91. Intercontinental Exchange has a 1-year low of $121.79 and a 1-year high of $189.35. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $75.60 billion, a price-to-earnings ratio of 19.45, a PEG ratio of 1.28 and a beta of 0.94.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business's revenue was up 20.4% on a year-over-year basis. During the same period last year, the business earned $1.72 EPS. On average, equities analysts anticipate that Intercontinental Exchange will post 8.35 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. This represents a 9.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William Jefferson Hague sold 1,333 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the transaction, the director directly owned 20,132 shares in the company, valued at $2,807,608.72. This trade represents a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 13,425 shares of company stock valued at $2,046,324. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Intercontinental Exchange

A number of large investors have recently added to or reduced their stakes in ICE. Vanguard Group Inc. grew its holdings in shares of Intercontinental Exchange by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after acquiring an additional 413,639 shares in the last quarter. J. Stern & Co. LLP increased its position in Intercontinental Exchange by 17,398.1% during the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after buying an additional 53,798,055 shares during the last quarter. State Street Corp lifted its position in shares of Intercontinental Exchange by 3.4% in the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock valued at $4,154,914,000 after buying an additional 837,208 shares during the last quarter. Morgan Stanley lifted its position in shares of Intercontinental Exchange by 1.0% in the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock valued at $2,571,212,000 after buying an additional 158,450 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Intercontinental Exchange by 64.7% during the 3rd quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider's stock worth $1,744,480,000 after acquiring an additional 4,067,922 shares during the period. Institutional investors own 89.30% of the company's stock.

About Intercontinental Exchange

Intercontinental Exchange NYSE: ICE is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.

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