ARK Investment Management LLC Sells 6,496 Shares of Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• ARK Investment Management LLC has reduced its holdings in Intercontinental Exchange Inc. by 9.7%, selling 6,496 shares and now owning 60,427 shares valued at approximately $10.42 million.
• Several institutional investors have increased their stakes in the company, with Royal Bank of Canada raising its position by 132.9% and acquiring over 5 million additional shares.
• Analysts generally have a favorable outlook on the stock, with a consensus price target of $194.42 and the majority issuing buy or overweight ratings.

ARK Investment Management LLC cut its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 9.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,427 shares of the financial services provider's stock after selling 6,496 shares during the period. ARK Investment Management LLC's holdings in Intercontinental Exchange were worth $10,424,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. REAP Financial Group LLC grew its position in shares of Intercontinental Exchange by 116.7% during the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after buying an additional 91 shares during the period. 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 worth $27,000 after acquiring an additional 103 shares during the period. Menard Financial Group LLC bought a new stake in shares of Intercontinental Exchange during the 4th quarter valued at $29,000. Rakuten Securities Inc. lifted its stake in shares of Intercontinental Exchange by 595.8% in 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, Global Trust Asset Management LLC acquired a new stake in shares of Intercontinental Exchange in the 1st quarter valued at approximately $31,000. 89.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ICE shares. Piper Sandler increased their target price 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. UBS Group lifted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Bank of America lowered their price objective on shares of Intercontinental Exchange from $237.00 to $230.00 and set a "buy" rating for the company in a research report on Wednesday, April 2nd. Barclays boosted their price objective on shares of Intercontinental Exchange from $198.00 to $206.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Finally, Morgan Stanley increased their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $194.42.

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock traded down $1.81 during trading on Monday, hitting $182.63. 2,353,437 shares of the stock were exchanged, compared to its average volume of 1,873,904. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average price of $179.80 and a 200-day moving average price of $170.17. The stock has a market capitalization of $104.76 billion, a price-to-earnings ratio of 37.81, a price-to-earnings-growth ratio of 2.02 and a beta of 1.11. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $185.29.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The financial services provider reported $1.72 earnings per share for the quarter, topping analysts' consensus estimates of $1.70 by $0.02. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.44 billion. Intercontinental Exchange had a return on equity of 13.27% and a net margin of 22.84%. During the same quarter in the previous year, the business earned $1.48 earnings per share. The business's revenue was up 8.0% compared to the same quarter last year. As a group, equities analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.05%. Intercontinental Exchange's dividend payout ratio is 39.75%.

Insider Activity

In other news, General Counsel Andrew J. Surdykowski sold 3,848 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $179.12, for a total value of $689,253.76. Following the transaction, the general counsel directly owned 48,480 shares of the company's stock, valued at $8,683,737.60. This represents a 7.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sharon Bowen sold 795 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $183.30, for a total transaction of $145,723.50. Following the completion of the transaction, the director owned 15,000 shares in the company, valued at approximately $2,749,500. This trade represents a 5.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 226,119 shares of company stock valued at $40,524,217. 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.