Alliancebernstein L.P. Sells 60,402 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Alliancebernstein L.P. reduced its position in Intercontinental Exchange Inc. by 3.4%, owning approximately 1,722,495 shares valued at $297.13 million after the sale.
• Several other institutional investors increased their stakes in Intercontinental Exchange, with notable increases such as REAP Financial Group's stake growing by 116.7%.
• Intercontinental Exchange reported an earnings per share of $1.81, surpassing analyst expectations, with revenues of $3.26 billion, marking a 9.8% year-over-year increase.

Alliancebernstein L.P. trimmed its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,722,495 shares of the financial services provider's stock after selling 60,402 shares during the period. Alliancebernstein L.P. owned approximately 0.30% of Intercontinental Exchange worth $297,130,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. REAP Financial Group LLC increased its stake in shares of Intercontinental Exchange by 116.7% in the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after buying an additional 91 shares during the period. Tsfg LLC increased its position in 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 purchasing an additional 103 shares during the period. Menard Financial Group LLC bought a new stake in Intercontinental Exchange during the 4th quarter worth about $29,000. Rakuten Securities Inc. lifted 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. Finally, Activest Wealth Management lifted its position in Intercontinental Exchange by 4,050.0% during the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 162 shares during the period. Institutional investors and hedge funds own 89.30% of the company's stock.

Insiders Place Their Bets

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,951,705 shares in the company, valued at $357,337,668.45. This trade represents a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Martha A. Tirinnanzi sold 610 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $179.76, for a total value of $109,653.60. Following the sale, the director owned 3,519 shares in the company, valued at approximately $632,575.44. This represents a 14.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 227,830 shares of company stock worth $41,668,789 in the last 90 days. Company insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of a number of recent research reports. UBS Group boosted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Barclays lifted their target price 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. Finally, Piper Sandler increased their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $194.92.

Intercontinental Exchange Stock Down 0.2%

Shares of Intercontinental Exchange stock traded down $0.42 on Monday, hitting $173.85. The company had a trading volume of 2,322,612 shares, compared to its average volume of 2,975,498. The stock has a 50-day moving average of $181.49 and a 200-day moving average of $174.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The firm has a market capitalization of $99.52 billion, a P/E ratio of 33.37, a P/E/G ratio of 2.08 and a beta of 1.10.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping analysts' consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the prior year, the business earned $1.52 EPS. The company's revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange 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.