Amundi Sells 765,337 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Amundi reduced its Intercontinental Exchange stake by 15.3% in the second quarter, selling 765,337 shares and retaining 4.23 million shares valued at approximately $521 million.
• Institutional investors own 89.3% of ICE, while company insiders sold 40,912 shares worth $6.4 million over the past three months.
• ICE recently beat quarterly earnings expectations, reporting $1.90 in EPS versus $1.84 expected and $3.61 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $184.17.

Amundi trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 15.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,231,742 shares of the financial services provider's stock after selling 765,337 shares during the quarter. Amundi owned 0.75% of Intercontinental Exchange worth $520,970,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Rakuten Securities Inc. bought a new position in Intercontinental Exchange during the 2nd quarter valued at $26,000. Brooklands Fund Management Ltd bought a new position in shares of Intercontinental Exchange during the 4th quarter worth approximately $28,000. Swiss RE Ltd. bought a new position in shares of Intercontinental Exchange during the 4th quarter worth approximately $28,000. Lloyd Advisory Services LLC. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth approximately $30,000. Finally, Gables Capital Management Inc. purchased a new position in shares of Intercontinental Exchange in the 2nd quarter worth approximately $31,000. Institutional investors own 89.30% of the company's stock.

Insider Buying and Selling at Intercontinental Exchange

In other news, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $160.00, for a total transaction of $256,000.00. Following the sale, the senior vice president directly owned 17,463 shares in the company, valued at $2,794,080. This represents a 8.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Martha A. Tirinnanzi sold 1,340 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $161.16, for a total transaction of $215,954.40. Following the completion of the sale, the director directly owned 3,747 shares in the company, valued at approximately $603,866.52. The trade was a 26.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 40,912 shares of company stock worth $6,403,616 in the last three months. 0.84% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Stock Up 0.0%

ICE opened at $161.34 on Tuesday. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $176.59. The company has a market cap of $90.57 billion, a PE ratio of 22.79, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The company has a 50 day moving average of $148.88 and a 200 day moving average of $151.66.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. The business had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The business's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.81 EPS. On average, sell-side analysts expect that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently commented on ICE. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $178.00 price target on shares of Intercontinental Exchange in a research report on Friday, July 31st. Morgan Stanley cut their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research report on Friday, July 10th. The Goldman Sachs Group reduced their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Piper Sandler decreased their target price on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. Finally, Barclays reissued an "overweight" rating and issued a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $184.17.

About Intercontinental Exchange

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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