ARK Investment Management LLC Sells 4,744 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• ARK Investment Management LLC sold 4,744 shares of Intercontinental Exchange Inc., reducing its stake by 7.9% to 55,683 shares, valued at approximately $10.2 million.
• Intercontinental Exchange reported $1.81 EPS, exceeding expectations, with a revenue of $3.26 billion, which was significantly above the anticipated $2.50 billion.
• Recent analyst ratings have been mixed, with Morgan Stanley lowering their price target while Raymond James upgraded the stock to "strong-buy" with a target of $210.00.

ARK Investment Management LLC decreased its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 7.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 55,683 shares of the financial services provider's stock after selling 4,744 shares during the quarter. ARK Investment Management LLC's holdings in Intercontinental Exchange were worth $10,216,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Princeton Global Asset Management LLC bought a new position in shares of Intercontinental Exchange during the 2nd quarter worth $28,000. Tsfg LLC grew 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 buying an additional 103 shares in the last quarter. Activest Wealth Management grew its holdings 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 buying an additional 162 shares in the last quarter. Hilltop National Bank purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $31,000. Finally, McClarren Financial Advisors Inc. purchased a new stake in shares of Intercontinental Exchange in the first quarter worth about $30,000. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock opened at $156.78 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $89.74 billion, a PE ratio of 30.09, a price-to-earnings-growth ratio of 2.17 and a beta of 1.08. The business's 50-day moving average price is $169.72 and its 200-day moving average price is $173.45. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35.

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

Analysts Set New Price Targets

ICE has been the topic of a number of recent analyst reports. Morgan Stanley lowered their price target on shares of Intercontinental Exchange from $188.00 to $178.00 and set an "equal weight" rating on the stock in a report on Tuesday. Weiss Ratings reissued a "buy (b)" rating on shares of Intercontinental Exchange in a report on Wednesday, October 8th. Raymond James Financial raised shares of Intercontinental Exchange from an "outperform" rating to a "strong-buy" rating and set a $210.00 price target on the stock in a report on Monday, October 13th. Barclays reissued an "overweight" rating and issued a $201.00 price target (down from $212.00) on shares of Intercontinental Exchange in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. boosted their target price on Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a research report on Thursday, September 25th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $198.60.

Insider Activity at Intercontinental Exchange

In related news, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Judith A. Sprieser sold 2,900 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total value of $506,079.00. Following the transaction, the director owned 18,169 shares of the company's stock, valued at approximately $3,170,672.19. This represents a 13.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 240,956 shares of company stock valued at $43,789,542 over the last 90 days. Company insiders own 1.00% of the company's stock.

About Intercontinental Exchange

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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