Intercontinental Exchange (NYSE:ICE) Price Target Cut to $190.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler cut its price target on Intercontinental Exchange to $190 from $211, while keeping an overweight rating on the stock. The new target still implies about 35% upside from the current share price.
• Analyst sentiment remains broadly positive, with ICE carrying a Moderate Buy consensus and an average price target of $181.58. Recent updates from firms like TD Cowen and UBS also included lowered targets, though most still maintained buy ratings.
• ICE shares were up 2.2% in Wednesday trading at $140.66, after the company recently reported better-than-expected quarterly earnings and revenue. The firm posted $2.35 EPS and $3.67 billion in revenue, both above analyst estimates.

Intercontinental Exchange (NYSE:ICE - Get Free Report) had its price objective decreased by equities researchers at Piper Sandler from $211.00 to $190.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective points to a potential upside of 35.07% from the company's current price.

Other research analysts also recently issued research reports about the stock. Weiss Ratings downgraded shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, June 17th. TD Cowen decreased their target price on shares of Intercontinental Exchange from $193.00 to $153.00 and set a "buy" rating on the stock in a research report on Monday, June 22nd. UBS Group lowered their target price on shares of Intercontinental Exchange from $205.00 to $190.00 and set a "buy" rating for the company in a report on Tuesday, July 7th. Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a research report on Monday, July 6th. Finally, Rothschild & Co Redburn set a $177.00 price target 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 given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $181.58.

Intercontinental Exchange Trading Up 2.2%

Shares of ICE stock traded up $3.05 during mid-day trading on Wednesday, hitting $140.66. 124,401 shares of the company's stock were exchanged, compared to its average volume of 3,981,493. The stock has a market cap of $79.55 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.39 and a beta of 0.94. 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 has a fifty-two week low of $121.79 and a fifty-two week high of $189.35. The stock has a 50-day simple moving average of $141.72 and a two-hundred day simple moving average of $155.20.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the firm posted $1.72 earnings per share. The business's quarterly revenue was up 20.4% compared to the same quarter last year. Equities analysts expect that Intercontinental Exchange will post 8.11 EPS for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total transaction of $693,083.88. Following the sale, the general counsel directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. This trade represents a 9.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Warren Gardiner sold 2,490 shares of the business's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the transaction, the chief financial officer directly owned 25,189 shares in the company, valued at $3,945,604.96. This trade represents a 9.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 13,425 shares of company stock worth $2,046,324. Insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Intercontinental Exchange

A number of large investors have recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Intercontinental Exchange by 51.3% during the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock valued at $514,000 after acquiring an additional 1,169 shares in the last quarter. Empowered Funds LLC boosted its holdings in Intercontinental Exchange by 9.0% in the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock valued at $2,483,000 after purchasing an additional 1,189 shares during the last quarter. Sivia Capital Partners LLC boosted its holdings in Intercontinental Exchange by 16.2% in the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 289 shares during the last quarter. NewEdge Advisors LLC grew its stake in Intercontinental Exchange by 27.9% during the 2nd quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock valued at $3,892,000 after purchasing an additional 4,628 shares in the last quarter. Finally, Treasurer of the State of North Carolina grew its stake in Intercontinental Exchange by 2.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock valued at $48,894,000 after purchasing an additional 6,373 shares in the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Company Profile

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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