Belpointe Asset Management LLC Acquires 2,234 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Belpointe Asset Management LLC increased its stake in Intercontinental Exchange Inc. by 24.5% during the first quarter, bringing its total holdings to 11,361 shares valued at approximately $1.96 million.
• Intercontinental Exchange reported Q2 earnings of $1.81 EPS, exceeding the expected $1.77, with revenues of $3.26 billion, reflecting a 9.8% year-over-year increase.
• Recent analyst upgrades have led to increased price targets for ICE stock, with Barclays raising theirs from $206 to $212, signaling a strong buy sentiment among investment analysts.

Belpointe Asset Management LLC grew its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 11,361 shares of the financial services provider's stock after purchasing an additional 2,234 shares during the quarter. Belpointe Asset Management LLC's holdings in Intercontinental Exchange were worth $1,960,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Fielder Capital Group LLC raised its stake in shares of Intercontinental Exchange by 2.2% during the 1st quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock worth $484,000 after acquiring an additional 61 shares in the last quarter. E Fund Management Co. Ltd. raised its stake in shares of Intercontinental Exchange by 4.2% during the 1st quarter. E Fund Management Co. Ltd. now owns 1,500 shares of the financial services provider's stock worth $259,000 after acquiring an additional 61 shares in the last quarter. Berkeley Capital Partners LLC raised its stake in shares of Intercontinental Exchange by 1.1% during the 1st quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock worth $973,000 after acquiring an additional 62 shares in the last quarter. GPS Wealth Strategies Group LLC raised its stake in shares of Intercontinental Exchange by 17.2% during the 1st quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock worth $74,000 after acquiring an additional 63 shares in the last quarter. Finally, Values Added Financial LLC raised its stake in shares of Intercontinental Exchange by 4.4% during the 1st quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock worth $264,000 after acquiring an additional 64 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Down 0.7%

ICE stock opened at $172.25 on Thursday. The firm's fifty day simple moving average is $180.94 and its 200-day simple moving average is $174.89. The company has a market capitalization of $98.60 billion, a P/E ratio of 33.06, a price-to-earnings-growth ratio of 2.07 and a beta of 1.10. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. 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 released its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating the consensus estimate of $1.77 by $0.04. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.52 EPS. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Martha A. Tirinnanzi sold 610 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $179.76, for a total value of $109,653.60. Following the sale, the director directly owned 3,519 shares of the company's stock, valued at $632,575.44. This represents a 14.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 3,850 shares of the company's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the completion of the sale, the general counsel directly owned 46,293 shares in the company, valued at $8,255,430.69. This trade represents a 7.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 229,130 shares of company stock worth $41,890,900. Company insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

ICE has been the subject of several recent analyst reports. Barclays boosted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Piper Sandler boosted their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, UBS Group boosted their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Intercontinental Exchange presently has a consensus rating of "Moderate Buy" and a consensus price target of $194.92.

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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