Zacks Research Has Negative Outlook of ICE FY2024 Earnings

Intercontinental Exchange, Inc. (NYSE:ICE) – Equities researchers at Zacks Research cut their FY2024 earnings estimates for Intercontinental Exchange in a research note issued to investors on Tuesday, January 28th. Zacks Research analyst T. De now expects that the financial services provider will post earnings of $6.05 per share for the year, down from their prior estimate of $6.07. The consensus estimate for Intercontinental Exchange’s current full-year earnings is $6.05 per share. Zacks Research also issued estimates for Intercontinental Exchange’s Q4 2024 earnings at $1.50 EPS, Q2 2026 earnings at $1.74 EPS and Q4 2026 earnings at $1.94 EPS.

Several other brokerages have also recently commented on ICE. JPMorgan Chase & Co. dropped their target price on shares of Intercontinental Exchange from $190.00 to $189.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Royal Bank of Canada restated an “outperform” rating and set a $200.00 price target on shares of Intercontinental Exchange in a report on Tuesday, January 7th. Raymond James lowered shares of Intercontinental Exchange from a “strong-buy” rating to an “outperform” rating and set a $185.00 price target on the stock. in a report on Monday, October 14th. Barclays decreased their price objective on Intercontinental Exchange from $187.00 to $179.00 and set an “overweight” rating for the company in a report on Monday, January 13th. Finally, Bank of America upped their price target on Intercontinental Exchange from $168.00 to $175.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $175.27.

Intercontinental Exchange Stock Performance

Shares of ICE stock opened at $159.45 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50-day simple moving average of $153.10 and a 200 day simple moving average of $156.33. Intercontinental Exchange has a 52 week low of $124.34 and a 52 week high of $167.99. The company has a market capitalization of $91.55 billion, a price-to-earnings ratio of 37.78, a PEG ratio of 2.95 and a beta of 1.10.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, October 31st. The financial services provider reported $1.55 EPS for the quarter, hitting analysts’ consensus estimates of $1.55. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Intercontinental Exchange had a return on equity of 12.75% and a net margin of 21.31%. Intercontinental Exchange’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company posted $1.46 earnings per share.

Hedge Funds Weigh In On Intercontinental Exchange

A number of hedge funds have recently bought and sold shares of the company. TigerOak Management L.L.C. purchased a new stake in shares of Intercontinental Exchange in the fourth quarter valued at about $1,129,000. Manchester Capital Management LLC increased its stake in Intercontinental Exchange by 16.1% in the 4th quarter. Manchester Capital Management LLC now owns 2,775 shares of the financial services provider’s stock valued at $414,000 after buying an additional 384 shares during the last quarter. Center for Financial Planning Inc. lifted its position in shares of Intercontinental Exchange by 12.6% during the 4th quarter. Center for Financial Planning Inc. now owns 2,802 shares of the financial services provider’s stock worth $417,000 after buying an additional 314 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in shares of Intercontinental Exchange by 2.0% in the 4th quarter. Valeo Financial Advisors LLC now owns 6,821 shares of the financial services provider’s stock worth $1,016,000 after buying an additional 137 shares during the last quarter. Finally, V Square Quantitative Management LLC grew its holdings in shares of Intercontinental Exchange by 9.4% in the fourth quarter. V Square Quantitative Management LLC now owns 10,437 shares of the financial services provider’s stock valued at $1,555,000 after acquiring an additional 899 shares in the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, President Benjamin Jackson sold 5,828 shares of Intercontinental Exchange stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $160.00, for a total transaction of $932,480.00. Following the completion of the transaction, the president now directly owns 156,163 shares in the company, valued at $24,986,080. This trade represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Mayur Kapani sold 5,661 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $147.59, for a total value of $835,506.99. Following the completion of the sale, the chief technology officer now directly owns 66,548 shares of the company’s stock, valued at approximately $9,821,819.32. This trade represents a 7.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,795 shares of company stock valued at $2,120,572 over the last ninety days. 1.10% of the stock is owned by corporate insiders.

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.