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Intercontinental Exchange, Inc.

ICE · NYSE

Market closed$139.65$-2.11 (-1.49%)After hours $139.94 · +0.21%

Key statistics

Previous close$141.76
Open$142.51
Day high$144.55
Day low$139.11
52-week high$189.35
52-week low$121.79
Market cap78.97B
Volume2.58M
Average volume4.25M
P/E ratio18.42
Forward P/E—
EPS7.58
Dividend yield+1.43%

Market context

Why it moved

Intercontinental Exchange (ICE) shares declined amid a broad market selloff driven by deepening concerns over AI stock valuations, with the S&P 500 falling and analysts noting that ICE appears overvalued on traditional earnings multiples despite record open interest in its energy futures contracts.

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What is happening

Recent company-specific developments and publisher coverage.

July 18, 2026Intercontinental Exchange closed modestly lower, underperforming peers amid a broad analyst price target reset and investor concerns about competitive threats from perpetual futures products. Multiple Wall Street firms — including Barclays, Piper Sandler, UBS, Goldman Sachs, and Morgan Stanley — trimmed their price targets, with TD Cowen flagging perpetual futures as a long-term 'terminal value' risk for exchanges. Despite these headwinds, ICE's record energy derivatives open interest and strong Q1 revenues of $3 billion (up 20% YoY) underpin a constructive fundamental backdrop, with analysts maintaining Buy-equivalent ratings and a modelled fair value near $184.

-1.4884

July 17, 2026Intercontinental Exchange closed higher, outperforming the broader S&P 500 which slipped 0.51% amid a tech-led selloff driven by chip weakness. ICE gained ground despite multiple institutional funds flagging the stock as a Q2 detractor, citing AI disruption concerns, potential competition from perpetual futures, and a weak mortgage technology environment. Countering that narrative, ICE reported record natural gas and power futures open interest on July 1, Piper Sandler and Barclays both maintained bullish ratings (though cutting price targets to $190), and Q1 net revenues hit a record $3 billion, up 20% year-over-year — with institutional holders climbing to 86 hedge fund portfolios.

1.373

July 16, 2026Intercontinental Exchange closed modestly higher, buoyed by a broad financial sector rally as strong Q2 bank earnings from Goldman Sachs, JPMorgan, and Bank of America lifted sentiment across the space, with the XLF sector ETF near its 52-week high. Adding to positive momentum, ICE announced record open interest in its North American Financial Natural Gas futures markets — 13.4 million contracts as of July 1, up 9% year-over-year — alongside record global power futures OI of 3.6 million contracts. Despite a challenging YTD backdrop (shares down ~15%), Barclays maintained its bullish stance even as it trimmed its price target, and Oakmark Select Fund defended the stock, calling AI disruption and perpetual futures competition non-credible threats given ICE's strong network effects and record Q1 revenues of $3 billion, up 18% year-over-year.

1.6205

July 15, 2026Intercontinental Exchange closed essentially flat as a broadly positive session — lifted by a cooler-than-expected June CPI report and strong big-bank earnings from Goldman Sachs, Bank of America, and others — failed to move the needle for ICE shares. Key positive catalysts included ICE announcing record open interest in its North American Financial Natural Gas markets, and its blockbuster Q1 2026 earnings backdrop (record $3B in net revenues, EPS up 37% YoY) underscoring structural momentum. Tempering enthusiasm, multiple Wall Street firms recently slashed price targets — Morgan Stanley to $163, Jefferies to $171, Keefe Bruyette to $170, and Barclays to $180 — amid broader concerns over AI disruption to financial services and governance risk tied to ICE's proximity to Cantor/BGC activity. The stock remains down roughly 15% year-to-date, though analysts' average target of ~$184 implies significant mean-reversion potential.

-0.0436

July 14, 2026Intercontinental Exchange closed modestly higher, bucking a broadly weaker market session dragged down by escalating U.S.-Iran tensions, surging oil prices, and a sharp selloff in chip stocks. ICE's relative strength reflects its defensive positioning as a financial infrastructure and data provider — benefiting from energy market volatility that drives volume on its commodity futures platforms, including Brent crude traded on ICE London. Multiple analysts recently trimmed price targets (Barclays to $180, Jefferies to $171, Morgan Stanley to $163), citing valuation concerns after a prolonged drawdown, though consensus targets remain well above current levels, and the company is expanding its derivatives lineup with GPU compute and macro futures contracts.

1.7818

July 11, 2026Intercontinental Exchange closed essentially flat despite a wave of analyst price-target cuts triggered by softer-than-expected June trading volumes, particularly in financial and energy futures. Both UBS (target cut to $190 from $205) and Jefferies (to $171 from $199) trimmed estimates ahead of the July 30 Q2 earnings call, with Morgan Stanley also lowering its target to $163, citing weaker CDS clearing and fixed income execution revenue. While near-term volume headwinds are real, ICE's June open interest rose 20% year-over-year and the company expanded its benchmark role by taking over LBMA platinum and palladium auctions, suggesting the longer-term franchise remains intact.

0.111

July 10, 2026Intercontinental Exchange closed lower as a wave of analyst price-target cuts weighed on sentiment after June trading data revealed softer-than-expected second-quarter volumes, particularly in financial and energy futures. Deutsche Bank trimmed its target to $169 from $178, while Barclays lowered its target to $180 from $201 (maintaining Overweight), and UBS cut its target to $190 from $205 citing Q2 volumes running 5% below estimates. Adding to the pressure, renewed U.S.-Iran military strikes reignited oil-price and inflation fears, roiling broader markets ahead of ICE's July 30 earnings call.

-1.5018

July 9, 2026Intercontinental Exchange closed modestly higher despite a broader market selloff triggered by escalating U.S.-Iran tensions that sent oil surging and pressured risk assets. Investor focus remains on UBS's recent price target cut to $190 (from $205, Buy maintained) after Q2 volumes came in 5% below estimates, though ICE's strong June metrics — including 20% y/y growth in total open interest, record financials OI of 56.8M lots, and NYSE equity options ADV up 47% — alongside a new LBMA platinum/palladium benchmark role and AI-powered fixed income analytics launch, underscore the platform's durable growth narrative ahead of Q2 earnings.

0.5277

Yahoo Finance UK · July 17, 2026Intercontinental Exchange (ICE) Hits Record Natural Gas Open Interest As LNG Demand GrowsSimply Wall Street · July 17, 2026ICE (ICE) Stock Trades Near Fair Value Following Record Open InterestFinancialContent · July 14, 2026ICE’s North American Financial Natural Gas Markets Reach Record Open Interest as Customers Manage Supply and Demand Dynamics Across Natural Gas HubsBusiness Wire · July 14, 2026ICE’s North American Financial Natural Gas Markets Reach Record Open Interest as Customers Manage Supply and Demand Dynamics Across Natural Gas HubsMoomoo · July 7, 2026UBS Maintains Intercontinental Exchange(ICE.US) With Buy Rating, Cuts Target Price to $190Stock Titan · July 7, 2026ICE takes over LBMA platinum and palladium auctionsBusiness Wire · July 6, 2026Intercontinental Exchange Reports June and Second Quarter 2026 StatisticsBusiness Wire · July 1, 2026ICE and NATIVX to Launch Energy-Normalized Compute Futures Contracts
Benzinga · July 15, 2026Piper Sandler Maintains Overweight on Intercontinental Exchange, Lowers Price Target to $190
Benzinga · July 10, 2026Morgan Stanley Maintains Equal-Weight on Intercontinental Exchange, Lowers Price Target to $163
Mt Newswire · July 10, 2026Jefferies & Co Adjusts Intercontinental Exchange Price Target to $171 From $199
Mt Newswire · July 10, 2026Morgan Stanley Adjusts Price Target on Intercontinental Exchange to $163 From $187
Mt Newswire · July 9, 2026Barclays Adjusts Price Target on Intercontinental Exchange to $180 From $201
Mt Newswire · July 9, 2026Deutsche Bank Adjusts Intercontinental Exchange Price Target to $169 From $178
Benzinga · July 9, 2026Barclays Maintains Overweight on Intercontinental Exchange, Lowers Price Target to $180
Mt Newswire · July 7, 2026UBS Adjusts Price Target on Intercontinental Exchange to $190 From $205

Peers

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