Morgan Stanley Issues Pessimistic Forecast for Intercontinental Exchange (NYSE:ICE) Stock Price

Intercontinental Exchange (NYSE:ICE) had its price objective cut by Morgan Stanley from $192.00 to $188.00 in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the financial services provider’s stock.

ICE has been the subject of a number of other research reports. Piper Sandler boosted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a research report on Tuesday, July 15th. UBS Group boosted their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the stock an “overweight” rating in a research report on Thursday, September 25th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $198.20.

Intercontinental Exchange Price Performance

Shares of NYSE:ICE opened at $162.47 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The firm has a 50-day simple moving average of $176.53 and a 200 day simple moving average of $174.67. The company has a market cap of $93.00 billion, a PE ratio of 31.18, a P/E/G ratio of 1.96 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the firm earned $1.52 EPS. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Intercontinental Exchange will post 6.73 EPS for the current year.

Insider Transactions at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 3,850 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total value of $686,570.50. Following the completion of the sale, the general counsel directly owned 46,293 shares of the company’s stock, valued at approximately $8,255,430.69. This represents a 7.68% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the sale, the chief executive officer directly owned 1,951,705 shares of the company’s stock, valued at approximately $357,337,668.45. This represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 230,874 shares of company stock worth $42,187,714 in the last quarter. 1.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Intercontinental Exchange

A number of institutional investors have recently made changes to their positions in ICE. Norges Bank acquired a new stake in Intercontinental Exchange during the second quarter valued at approximately $1,542,780,000. Price T Rowe Associates Inc. MD lifted its stake in Intercontinental Exchange by 491.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider’s stock valued at $1,109,780,000 after purchasing an additional 5,345,388 shares during the last quarter. Nuveen LLC acquired a new stake in Intercontinental Exchange during the first quarter valued at approximately $575,383,000. Wellington Management Group LLP lifted its stake in Intercontinental Exchange by 113.9% during the first quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider’s stock valued at $1,025,230,000 after purchasing an additional 3,165,381 shares during the last quarter. Finally, Sands Capital Management LLC lifted its stake in Intercontinental Exchange by 97.3% during the second quarter. Sands Capital Management LLC now owns 5,313,039 shares of the financial services provider’s stock valued at $974,783,000 after purchasing an additional 2,620,310 shares during the last quarter. 89.30% of the stock is owned by institutional investors and hedge funds.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.