Wall Street brokerages expect Intercontinental Exchange Inc (NYSE:ICE) to report sales of $1.37 billion for the current quarter, Zacks reports. Four analysts have provided estimates for Intercontinental Exchange's earnings, with estimates ranging from $1.32 billion to $1.39 billion. Intercontinental Exchange posted sales of $1.34 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 2.2%. The firm is scheduled to issue its next quarterly earnings results before the market opens on Thursday, October 29th.
On average, analysts expect that Intercontinental Exchange will report full-year sales of $5.83 billion for the current year, with estimates ranging from $5.64 billion to $5.91 billion. For the next financial year, analysts expect that the company will post sales of $6.43 billion, with estimates ranging from $5.56 billion to $6.87 billion. Zacks' sales averages are an average based on a survey of research firms that cover Intercontinental Exchange.
Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, July 30th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.03. The company had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.39 billion. Intercontinental Exchange had a return on equity of 14.18% and a net margin of 29.01%. The firm's quarterly revenue was up 7.5% compared to the same quarter last year. During the same period last year, the business posted $0.94 earnings per share.
Several research analysts have recently issued reports on the stock. Wells Fargo & Company reiterated a "buy" rating on shares of Intercontinental Exchange in a report on Tuesday, September 15th. Goldman Sachs Group began coverage on Intercontinental Exchange in a research note on Monday. They issued a "buy" rating on the stock. Piper Sandler upped their price objective on Intercontinental Exchange from $105.00 to $117.00 in a report on Friday, September 4th. Oppenheimer lowered Intercontinental Exchange from an "outperform" rating to a "market perform" rating in a report on Tuesday, August 18th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $108.00 price objective on shares of Intercontinental Exchange in a report on Tuesday, September 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the company. The stock has a consensus rating of "Buy" and an average target price of $107.23.
In other Intercontinental Exchange news, COO Mark Wassersug sold 2,946 shares of the company's stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $101.29, for a total value of $298,400.34. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jeffrey C. Sprecher sold 100,000 shares of the company's stock in a transaction dated Wednesday, July 22nd. The stock was sold at an average price of $95.54, for a total value of $9,554,000.00. The disclosure for this sale can be found here. Insiders have sold 198,032 shares of company stock worth $19,530,127 over the last three months. 1.50% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of ICE. Spears Abacus Advisors LLC boosted its stake in shares of Intercontinental Exchange by 265.1% during the 2nd quarter. Spears Abacus Advisors LLC now owns 212,493 shares of the financial services provider's stock worth $19,464,000 after acquiring an additional 154,287 shares in the last quarter. Jackson Wealth Management LLC boosted its stake in Intercontinental Exchange by 7.0% during the 2nd quarter. Jackson Wealth Management LLC now owns 26,070 shares of the financial services provider's stock valued at $2,388,000 after purchasing an additional 1,707 shares during the period. Pinnacle Financial Partners Inc. boosted its stake in Intercontinental Exchange by 46.9% during the 2nd quarter. Pinnacle Financial Partners Inc. now owns 3,945 shares of the financial services provider's stock valued at $362,000 after purchasing an additional 1,260 shares during the period. Janney Montgomery Scott LLC boosted its stake in Intercontinental Exchange by 89.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 30,935 shares of the financial services provider's stock valued at $2,834,000 after purchasing an additional 14,594 shares during the period. Finally, Gradient Investments LLC boosted its stake in Intercontinental Exchange by 13.9% during the 2nd quarter. Gradient Investments LLC now owns 37,180 shares of the financial services provider's stock valued at $3,406,000 after purchasing an additional 4,549 shares during the period. 87.13% of the stock is currently owned by institutional investors.
ICE stock opened at $98.45 on Tuesday. The company has a market capitalization of $53.45 billion, a P/E ratio of 25.51, a PEG ratio of 2.55 and a beta of 0.62. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.45. The company has a 50-day simple moving average of $100.90 and a 200 day simple moving average of $95.64. Intercontinental Exchange has a fifty-two week low of $63.51 and a fifty-two week high of $106.99.
About Intercontinental Exchange
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, European Union, Singapore, Israel, and Canada. It operates in two segments, Trading and Clearing; and Data and Listings.
Recommended Story: Understanding Market Liquidity
Get a free copy of the Zacks research report on Intercontinental Exchange (ICE)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
15 Technology Stocks that Analysts Love
There are more than 1,100 technology companies traded on public markets in the United States. Given the sheer number of hardware makers, social networks, software companies, service providers and other tech stocks, it can be hard to identify which tech companies are going to outperform the market.
Fortunately, Wall Street's brightest minds have already done this for us. Every year, analyst issue approximately 15,000 distinct recommendations for technology companies. Analysts don't always get their "buy" ratings right, but it's worth taking a hard look when several analysts from different brokerages and research firm are giving "strong buy" and "buy" ratings to the same tech stock.
This slide show lists the 15 technology companies that have the highest average analyst recommendations from Wall Street's equities research analysts over the last 12 months.
View the "15 Technology Stocks that Analysts Love".