Rosenblatt Securities Believes Intercontinental Exchange (NYSE: ICE) Won’t Stop Here

By Austin Angelo

Rosenblatt Securities analyst Sean Horgan maintained a Buy rating on Intercontinental Exchange (ICEResearch Report) on September 13 and set a price target of $108.00. The company’s shares closed last Tuesday at $100.53, close to its 52-week high of $106.99.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Intercontinental Exchange with a $111.09 average price target, a 10.4% upside from current levels. In a report issued on September 4, Piper Sandler also maintained a Buy rating on the stock with a $117.00 price target.

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Based on Intercontinental Exchange’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.97 billion and net profit of $523 million. In comparison, last year the company earned revenue of $1.63 billion and had a net profit of $472 million.

Based on the recent corporate insider activity of 104 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ICE in relation to earlier this year. Last month, Hill Scott A, the CFO of ICE bought 9,561 shares for a total of $441,239.

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Intercontinental Exchange, Inc. engages in the management of online marketplace. It operates through the Trading and Clearing; and Data and Listings segments. The Trading and Clearing segment offers transaction-based executions and clearing activities. The Data and Listings segment includes securities and subscription-based data services. The company was founded by Jeffrey C. Sprecher in May 2000 and is headquartered in Atlanta, GA.