ABN Amro Investment Solutions Cuts Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• ABN Amro Investment Solutions reduced its Intercontinental Exchange stake by 5.5% in the second quarter, selling 22,817 shares and retaining 389,754 shares valued at approximately $48 million.
• Institutional investors own 89.3% of ICE, while company insiders sold 16,454 shares worth about $2.47 million over the past quarter.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33. ICE also exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus estimate.

ABN Amro Investment Solutions lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 389,754 shares of the financial services provider's stock after selling 22,817 shares during the period. ABN Amro Investment Solutions owned about 0.07% of Intercontinental Exchange worth $47,983,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Intercontinental Exchange by 51.3% in the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after acquiring an additional 1,169 shares during the last quarter. Empowered Funds LLC raised its stake in Intercontinental Exchange by 9.0% during the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock worth $2,483,000 after purchasing an additional 1,189 shares during the period. Sivia Capital Partners LLC raised its stake in Intercontinental Exchange by 16.2% during the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock worth $381,000 after purchasing an additional 289 shares during the period. NewEdge Advisors LLC boosted its holdings in Intercontinental Exchange by 27.9% in the 2nd quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock valued at $3,892,000 after purchasing an additional 4,628 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in Intercontinental Exchange by 2.4% in the 2nd quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock valued at $48,894,000 after purchasing an additional 6,373 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Insiders Place Their Bets

In other news, CFO Warren Gardiner sold 2,490 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the transaction, the chief financial officer directly owned 25,189 shares of the company's stock, valued at $3,945,604.96. This represents a 9.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the sale, the general counsel owned 45,473 shares of the company's stock, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 16,454 shares of company stock valued at $2,469,349. Corporate insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

ICE has been the subject of several analyst reports. Morgan Stanley lowered their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a research report on Friday, July 10th. Piper Sandler decreased their price target on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. Weiss Ratings cut Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $178.00 price objective on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, UBS Group restated a "buy" rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Intercontinental Exchange Price Performance

Shares of ICE opened at $155.34 on Friday. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $183.13. The firm's fifty day simple moving average is $140.32 and its 200-day simple moving average is $152.25. The firm has a market capitalization of $87.21 billion, a price-to-earnings ratio of 21.94, a PEG ratio of 1.49 and a beta of 0.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company's revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.81 EPS. Equities analysts forecast that Intercontinental Exchange Inc. will post 8.08 EPS for the current fiscal year.

Intercontinental Exchange Company Profile

Intercontinental Exchange NYSE: ICE is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.

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