Intercontinental Exchange (NYSE:ICE) Coverage Initiated at Morgan Stanley

Friday, June 11, 2021 | MarketBeat

Research analysts at Morgan Stanley started coverage on shares of Intercontinental Exchange (NYSE:ICE) in a report released on Friday, Briefing.com reports. The brokerage set an "equal weight" rating and a $122.00 price target on the financial services provider's stock. Morgan Stanley's target price points to a potential upside of 9.20% from the stock's previous close.

Other equities research analysts also recently issued reports about the company. Zacks Investment Research upgraded Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $127.00 price objective on the stock in a report on Monday, April 19th. Rosenblatt Securities lifted their price objective on Intercontinental Exchange from $133.00 to $134.00 and gave the stock a "buy" rating in a report on Friday, April 30th. Finally, Raymond James lifted their price objective on Intercontinental Exchange from $133.00 to $136.00 and gave the stock a "strong-buy" rating in a report on Tuesday, April 6th. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of "Buy" and an average price target of $123.38.

NYSE ICE opened at $111.72 on Friday. The company has a 50-day moving average price of $114.89. The firm has a market cap of $62.87 billion, a price-to-earnings ratio of 29.95, a P/E/G ratio of 2.62 and a beta of 0.73. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.71. Intercontinental Exchange has a 1-year low of $90.01 and a 1-year high of $121.96.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings results on Thursday, April 29th. The financial services provider reported $1.34 EPS for the quarter, topping the consensus estimate of $1.30 by $0.04. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.75 billion. Intercontinental Exchange had a return on equity of 13.50% and a net margin of 24.36%. Intercontinental Exchange's revenue for the quarter was up 15.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.28 EPS. On average, equities analysts expect that Intercontinental Exchange will post 5.02 earnings per share for the current fiscal year.

In related news, CFO Scott A. Hill sold 17,095 shares of the company's stock in a transaction on Monday, April 19th. The stock was sold at an average price of $120.07, for a total transaction of $2,052,596.65. Following the completion of the transaction, the chief financial officer now directly owns 160,490 shares in the company, valued at approximately $19,270,034.30. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO James W. Namkung sold 1,977 shares of the company's stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $117.77, for a total value of $232,831.29. Following the transaction, the chief accounting officer now owns 20,948 shares of the company's stock, valued at $2,467,045.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 132,742 shares of company stock valued at $15,137,922. 1.30% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in ICE. FWL Investment Management LLC acquired a new position in Intercontinental Exchange during the 4th quarter worth $4,128,000. Dynamic Advisor Solutions LLC acquired a new position in Intercontinental Exchange during the 4th quarter worth $202,000. Altium Wealth Management LLC boosted its position in Intercontinental Exchange by 12.6% during the 4th quarter. Altium Wealth Management LLC now owns 3,185 shares of the financial services provider's stock worth $367,000 after acquiring an additional 356 shares during the period. National Asset Management Inc. boosted its position in Intercontinental Exchange by 1.5% during the 4th quarter. National Asset Management Inc. now owns 7,335 shares of the financial services provider's stock worth $847,000 after acquiring an additional 107 shares during the period. Finally, Maryland State Retirement & Pension System acquired a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $985,000. Institutional investors own 87.67% of the company's stock.

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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