Assetmark Inc. Purchases 107,431 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Assetmark Inc. more than doubled its position in Intercontinental Exchange during the first quarter, buying an additional 107,431 shares and bringing its total holding to 208,521 shares valued at about $32.8 million.
• Several other institutions also adjusted their ICE holdings, and overall 89.30% of the stock is owned by institutional investors. Insider selling was modest but notable, with directors and executives selling shares in recent months.
• Analysts remain broadly positive on ICE, with a Moderate Buy consensus and an average price target of $181.58. The company also beat earnings expectations last quarter, reporting $2.35 EPS on $3.67 billion in revenue, up 20.4% year over year.

Assetmark Inc. lifted its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 106.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 208,521 shares of the financial services provider's stock after purchasing an additional 107,431 shares during the quarter. Assetmark Inc.'s holdings in Intercontinental Exchange were worth $32,796,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Ares Financial Consulting LLC bought a new stake in Intercontinental Exchange in the 4th quarter worth approximately $25,000. Holos Integrated Wealth LLC bought a new position in Intercontinental Exchange during the fourth quarter valued at approximately $28,000. Steph & Co. grew its position in Intercontinental Exchange by 104.7% during the fourth quarter. Steph & Co. now owns 174 shares of the financial services provider's stock valued at $28,000 after acquiring an additional 89 shares during the last quarter. Brooklands Fund Management Ltd purchased a new position in shares of Intercontinental Exchange during the fourth quarter worth approximately $28,000. Finally, Swiss RE Ltd. purchased a new position in shares of Intercontinental Exchange during the fourth quarter worth approximately $28,000. 89.30% of the stock is currently owned by institutional investors.

Insider Transactions at Intercontinental Exchange

In other news, Director William Jefferson Hague sold 1,333 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the transaction, the director owned 20,132 shares in the company, valued at $2,807,608.72. This trade represents a 6.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the sale, the general counsel directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 13,425 shares of company stock worth $2,046,324. 0.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

ICE has been the subject of a number of recent research reports. Raymond James Financial set a $208.00 price objective on shares of Intercontinental Exchange in a report on Monday, July 6th. UBS Group decreased their target price on shares of Intercontinental Exchange from $205.00 to $190.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price target for the company. Piper Sandler cut their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, TD Cowen reduced their price objective on Intercontinental Exchange from $193.00 to $153.00 and set a "buy" rating on the stock in a research note on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and a consensus price target of $181.58.

Intercontinental Exchange Price Performance

ICE stock opened at $139.55 on Friday. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $189.35. The company has a market cap of $78.92 billion, a P/E ratio of 20.31, a PEG ratio of 1.46 and a beta of 0.94. The firm has a 50-day moving average of $140.83 and a 200 day moving average of $154.78. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The business had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $2.88 billion. During the same period in the previous year, the firm posted $1.72 EPS. The business's revenue was up 20.4% on a year-over-year basis. On average, sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.07 EPS for the current year.

Intercontinental Exchange Company Profile

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.

Want to see what other hedge funds are holding ICE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intercontinental Exchange Inc. (NYSE:ICE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.