Allspring Global Investments Holdings LLC Boosts Stock Position in Intercontinental Exchange Inc. $ICE

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Intercontinental Exchange Inc. (ICE) by 6.6% during the second quarter, bringing its total shares to 886,369 worth approximately $161,195,000.
• CEO Jeffrey C. Sprecher sold 150,000 shares of ICE at an average price of $183.09, totaling over $27 million, resulting in a decrease of his ownership by 7.14%.
• Equity research analysts have recently given a "moderate buy" rating for ICE, with a consensus price target of $197.10, following strong quarterly earnings results exceeding analyst expectations.

Allspring Global Investments Holdings LLC boosted its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 886,369 shares of the financial services provider's stock after acquiring an additional 55,057 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.15% of Intercontinental Exchange worth $161,195,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ICE. Tsfg LLC boosted its holdings in Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 103 shares during the period. Rakuten Securities Inc. raised 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 in the last quarter. Activest Wealth Management raised 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 in the last quarter. McClarren Financial Advisors Inc. bought a new stake in Intercontinental Exchange during the 1st quarter valued at $30,000. Finally, Global Trust Asset Management LLC bought a new stake in Intercontinental Exchange during the 1st quarter valued at $31,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Activity at Intercontinental Exchange

In related news, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the transaction, the chief executive officer directly owned 1,951,705 shares of the company's stock, valued at $357,337,668.45. This represents a 7.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $686,570.50. Following the transaction, the general counsel directly owned 46,293 shares in the company, valued at $8,255,430.69. This represents a 7.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 240,956 shares of company stock worth $43,789,542 over the last ninety days. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods raised Intercontinental Exchange to a "moderate buy" rating in a research report on Monday, October 6th. Morgan Stanley decreased their target price on Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 1st. Piper Sandler lifted their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. lifted their target price on Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research report on Thursday, September 25th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Intercontinental Exchange in a research report on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $197.10.

Intercontinental Exchange Trading Down 1.1%

ICE opened at $157.51 on Monday. The firm has a market cap of $90.16 billion, a price-to-earnings ratio of 30.23, a PEG ratio of 1.93 and a beta of 1.08. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35. The stock has a fifty day moving average price of $174.01 and a 200-day moving average price of $174.11.

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

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