AdvisorNet Financial Inc Decreases Stock Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• AdvisorNet Financial Inc reduced its stake in Intercontinental Exchange Inc. by 12.2%, owning 12,283 shares valued at $2,254,000 after selling 1,710 shares in the second quarter.
• Other hedge funds significantly increased their positions, with Tsfg LLC raising its stake by 187.3% and Activest Wealth Management by 4,050.0% in the first quarter.
• Intercontinental Exchange reported a quarterly earnings per share (EPS) of $1.81, surpassing estimates, while revenue increased by 9.8% year-over-year to reach $3.26 billion.

AdvisorNet Financial Inc trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 12.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,283 shares of the financial services provider's stock after selling 1,710 shares during the quarter. AdvisorNet Financial Inc's holdings in Intercontinental Exchange were worth $2,254,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Tsfg LLC increased its stake in shares of Intercontinental Exchange by 187.3% in the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after buying an additional 103 shares during the period. Activest Wealth Management increased its stake in shares of Intercontinental Exchange by 4,050.0% in the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock worth $29,000 after buying an additional 162 shares during the period. Rakuten Securities Inc. increased its position in Intercontinental Exchange by 595.8% during the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 143 shares during the period. REAP Financial Group LLC raised its holdings in Intercontinental Exchange by 116.7% in the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after purchasing an additional 91 shares in the last quarter. Finally, McClarren Financial Advisors Inc. bought a new position in Intercontinental Exchange in the 1st quarter worth $30,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Performance

Shares of ICE stock opened at $170.29 on Tuesday. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company's 50-day moving average is $179.35 and its 200 day moving average is $175.01. The company has a market capitalization of $97.48 billion, a price-to-earnings ratio of 32.69, a price-to-earnings-growth ratio of 2.02 and a beta of 1.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the firm posted $1.52 EPS. Intercontinental Exchange's revenue for the quarter was up 9.8% on a year-over-year basis. Sell-side analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. UBS Group upped their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Piper Sandler upped their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Finally, Barclays upped their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $194.92.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 3,850 shares of the company's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the transaction, the general counsel owned 46,293 shares in the company, valued at approximately $8,255,430.69. This represents a 7.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total transaction of $363,100.24. Following the transaction, the director owned 14,299 shares in the company, valued at $2,550,083.66. This represents a 12.46% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 231,669 shares of company stock worth $42,333,438. 1.00% of the stock is owned by company insiders.

Intercontinental Exchange Company Profile

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.

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