Cullen Investment Group LTD. Sells 6,191 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Cullen Investment Group LTD. reduced its stake in Intercontinental Exchange by 84.5%, dropping from 7,324 shares to 1,133 shares in the second quarter, valuing its ownership at approximately $208,000.
• Multiple institutional investors have increased their positions in Intercontinental Exchange, with notable increases including a 4,050% rise from Activest Wealth Management in the first quarter.
• Analysts have raised their price targets for Intercontinental Exchange, with Barclays setting a new target of $212.00 and ten analysts rating the stock as a “Buy.”

Cullen Investment Group LTD. lessened its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 84.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,133 shares of the financial services provider's stock after selling 6,191 shares during the quarter. Cullen Investment Group LTD.'s holdings in Intercontinental Exchange were worth $208,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Intercontinental Exchange by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock valued at $9,132,211,000 after purchasing an additional 712,179 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Intercontinental Exchange by 491.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock worth $1,109,780,000 after acquiring an additional 5,345,388 shares during the last quarter. Amundi boosted its stake in Intercontinental Exchange by 14.7% during the 1st quarter. Amundi now owns 6,315,706 shares of the financial services provider's stock worth $1,060,574,000 after acquiring an additional 810,938 shares during the last quarter. Independent Franchise Partners LLP boosted its stake in Intercontinental Exchange by 0.5% during the 1st quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock worth $1,068,193,000 after acquiring an additional 31,588 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Intercontinental Exchange by 113.9% during the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock worth $1,025,230,000 after acquiring an additional 3,165,381 shares during the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total value of $27,463,500.00. Following the transaction, the chief executive officer directly owned 1,951,705 shares in the company, valued at $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Judith A. Sprieser sold 2,900 shares of the company's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total transaction of $506,079.00. Following the completion of the transaction, the director owned 18,169 shares in the company, valued at approximately $3,170,672.19. This represents a 13.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 230,730 shares of company stock valued at $42,171,892. Corporate insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ICE. Barclays lifted 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. UBS Group raised their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Piper Sandler raised 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. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $194.92.

Intercontinental Exchange Stock Down 1.1%

ICE traded down $1.93 during trading on Friday, reaching $169.20. 921,278 shares of the stock were exchanged, compared to its average volume of 2,970,333. The stock has a market cap of $96.85 billion, a P/E ratio of 32.48, a price-to-earnings-growth ratio of 2.05 and a beta of 1.10. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The stock's 50 day moving average price is $179.80 and its two-hundred day moving average price is $174.96. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01.

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, topping analysts' consensus estimates 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 firm's revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.52 earnings per share. Equities analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

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.