Zacks Investment Research lowered shares of Intercontinental Exchange Inc (NYSE:ICE) from a hold rating to a sell rating in a research report report published on Friday morning.
According to Zacks, “Intercontinental Exchange’s exposure to stiff competition, low interest rate, challenging regulations and volatile industry trends raise concerns. Moreover, weak volumes are a drag on margins and remain headwinds. The Zacks Consensus Estimate for both 2016 and 2017 witnessed a downward estimate revision over the last 60 days. Nonetheless, incremental cash flows and capital position support efficiencies, strategic acquisitions, alliances and divestments, product novelty, and global expansion. Successful integration of acquisitions, timely achievement of cost synergies and steady debt reduction raise optimism. The company now expects adjusted operating expenses in the range of $1.94–$1.97 billion for 2016. Its inorganic story seems impressive with prudent acquisitions. Notably, the second-quarter 2016 marked the seventh straight quarter of double-digit earnings growth.”
Several other analysts also recently weighed in on the company. Keefe, Bruyette & Woods upped their price objective on Intercontinental Exchange from $300.00 to $310.00 and gave the stock an outperform rating in a research report on Thursday, August 4th. Barclays PLC restated an overweight rating and set a $307.00 price objective (up from $295.00) on shares of Intercontinental Exchange in a research report on Thursday, August 11th. Deutsche Bank AG upped their price objective on Intercontinental Exchange from $310.00 to $311.00 and gave the stock a buy rating in a research report on Friday, September 9th. Royal Bank Of Canada upped their price objective on Intercontinental Exchange from $255.00 to $282.00 and gave the stock a sector perform rating in a research report on Thursday, August 4th. Finally, RBC Capital Markets restated a sector perform rating and set a $282.00 price objective (up from $255.00) on shares of Intercontinental Exchange in a research report on Thursday, August 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $297.33.
Intercontinental Exchange (NYSE:ICE) opened at 267.33 on Friday. The stock’s 50 day moving average price is $276.65 and its 200 day moving average price is $262.07. Intercontinental Exchange has a 52-week low of $227.22 and a 52-week high of $287.02. The firm has a market capitalization of $30.76 billion, a price-to-earnings ratio of 22.06 and a beta of 0.92.
Intercontinental Exchange (NYSE:ICE) last released its earnings results on Wednesday, August 3rd. The company reported $3.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.38 by $0.05. The company had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.12 billion. Intercontinental Exchange had a return on equity of 10.72% and a net margin of 25.83%. Intercontinental Exchange’s quarterly revenue was up 41.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.90 EPS. On average, equities analysts anticipate that Intercontinental Exchange will post $13.80 earnings per share for the current fiscal year.
In related news, insider Thomas W. Farley sold 1,900 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $283.03, for a total transaction of $537,757.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeffrey C. Sprecher sold 25,275 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $270.49, for a total value of $6,836,634.75. Following the sale, the chief executive officer now directly owns 313,445 shares of the company’s stock, valued at approximately $84,783,738.05. The disclosure for this sale can be found here. Insiders own 1.40% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its stake in Intercontinental Exchange by 1.1% in the first quarter. UBS Asset Management Americas Inc. now owns 281,057 shares of the company’s stock valued at $66,089,000 after buying an additional 3,128 shares in the last quarter. Park Avenue Institutional Advisers LLC boosted its stake in shares of Intercontinental Exchange by 5.2% in the first quarter. Park Avenue Institutional Advisers LLC now owns 748 shares of the company’s stock worth $176,000 after buying an additional 37 shares during the period. Rafferty Asset Management LLC boosted its stake in shares of Intercontinental Exchange by 29.9% in the first quarter. Rafferty Asset Management LLC now owns 15,427 shares of the company’s stock worth $3,628,000 after buying an additional 3,548 shares during the period. State Street Corp boosted its stake in shares of Intercontinental Exchange by 0.9% in the first quarter. State Street Corp now owns 4,607,392 shares of the company’s stock worth $1,083,386,000 after buying an additional 39,878 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Intercontinental Exchange by 4.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,797 shares of the company’s stock worth $1,598,000 after buying an additional 300 shares during the period. 90.04% of the stock is owned by institutional investors and hedge funds.
Intercontinental Exchange Company Profile
Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.