Intercontinental Exchange (NYSE:ICE) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Intercontinental Exchange (NYSE:ICE) from a hold rating to a sell rating in a report issued on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $105.00 price objective on the financial services provider’s stock.

According to Zacks, “Shares of Intercontinental Exchange have outperformed its industry in the past year. Its revenue stream is driven by the compelling product and service portfolio along with broad range of risk management services and strength in global data services. Continued strength in its energy franchise, improving recurring market data revenues and ongoing initiatives are likely to keep growth on track. Strategic buyouts and cost synergies are in sync with its aim of generating long-term value for shareholders. A strong balance sheet and a solid cash and capital position helps in effective capital deployment. However, expenses are likely to remain elevated in the near term, given the several strategic initiatives. Also, foreign currency fluctuations and stricter regulations raise concerns. Increasing interest expenses and high leverage raise financial risk.”

Other analysts have also recently issued research reports about the company. Wells Fargo & Co reaffirmed a buy rating on shares of Intercontinental Exchange in a research report on Thursday, July 30th. Citigroup raised their price target on Intercontinental Exchange from $108.00 to $115.00 and gave the stock a buy rating in a research note on Tuesday. Keefe, Bruyette & Woods boosted their price target on Intercontinental Exchange from $98.00 to $101.00 and gave the company an outperform rating in a research note on Friday, July 31st. Rosenblatt Securities increased their price objective on Intercontinental Exchange from $102.00 to $104.00 and gave the stock a buy rating in a report on Friday, July 31st. Finally, UBS Group reduced their target price on shares of Intercontinental Exchange from $116.00 to $114.00 and set a buy rating for the company in a research note on Thursday, June 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $104.21.

ICE stock traded up $2.34 on Tuesday, reaching $102.54. The company’s stock had a trading volume of 132,218 shares, compared to its average volume of 3,634,440. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $53.60 billion, a P/E ratio of 25.76, a price-to-earnings-growth ratio of 2.68 and a beta of 0.54. Intercontinental Exchange has a 52 week low of $63.51 and a 52 week high of $101.93. The firm has a fifty day moving average of $94.32 and a two-hundred day moving average of $91.63.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, July 30th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. Intercontinental Exchange had a net margin of 29.01% and a return on equity of 14.18%. The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.39 billion. During the same period last year, the company posted $0.94 earnings per share. The business’s revenue for the quarter was up 7.5% on a year-over-year basis. As a group, equities analysts expect that Intercontinental Exchange will post 4.42 EPS for the current fiscal year.

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,305 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $92.40, for a total value of $397,782.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Mark Wassersug sold 1,916 shares of Intercontinental Exchange stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $100.80, for a total value of $193,132.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 116,902 shares of company stock valued at $11,175,558. Corporate insiders own 1.50% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ellevest Inc. increased its holdings in Intercontinental Exchange by 148.7% in the 2nd quarter. Ellevest Inc. now owns 286 shares of the financial services provider’s stock valued at $26,000 after buying an additional 171 shares during the period. Sandy Spring Bank increased its stake in Intercontinental Exchange by 71.4% in the second quarter. Sandy Spring Bank now owns 360 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 150 shares during the period. CX Institutional increased its stake in Intercontinental Exchange by 214.2% in the second quarter. CX Institutional now owns 377 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 257 shares during the period. Fortis Advisors LLC acquired a new position in Intercontinental Exchange in the first quarter worth about $33,000. Finally, Harvest Group Wealth Management LLC boosted its holdings in Intercontinental Exchange by 72.3% during the second quarter. Harvest Group Wealth Management LLC now owns 448 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 188 shares in the last quarter. Institutional investors and hedge funds own 87.47% 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, European Union, Singapore, Israel, and Canada. It operates in two segments, Trading and Clearing; and Data and Listings.

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