Envestnet Portfolio Solutions Inc. Decreases Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Envestnet Portfolio Solutions Inc. reduced its holdings in Intercontinental Exchange Inc. by 20.9% in Q2, owning 33,557 shares worth approximately $6.16 million after selling 8,892 shares during the period.
• Several institutional investors have increased their stakes in Intercontinental Exchange, with Brighton Jones LLC and other firms boosting their positions significantly in recent months.
• A recent report from Raymond James Financial upgraded ICE from "outperform" to "strong-buy," setting a new price target of $210.00, reflecting increased investor confidence in the company.

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 20.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 33,557 shares of the financial services provider's stock after selling 8,892 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Intercontinental Exchange were worth $6,157,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in ICE. Brighton Jones LLC boosted its position in Intercontinental Exchange by 51.3% during the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after purchasing an additional 1,169 shares during the period. GAMMA Investing LLC lifted its holdings in Intercontinental Exchange by 42.0% in the 1st quarter. GAMMA Investing LLC now owns 13,129 shares of the financial services provider's stock worth $2,265,000 after buying an additional 3,883 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in Intercontinental Exchange by 12.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 35,169 shares of the financial services provider's stock worth $6,067,000 after buying an additional 3,760 shares in the last quarter. Ritholtz Wealth Management lifted its holdings in Intercontinental Exchange by 52.3% in the 1st quarter. Ritholtz Wealth Management now owns 7,953 shares of the financial services provider's stock worth $1,372,000 after buying an additional 2,732 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in Intercontinental Exchange by 66.9% in the 1st quarter. Exchange Traded Concepts LLC now owns 584 shares of the financial services provider's stock worth $101,000 after buying an additional 234 shares in the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Intercontinental Exchange news, CTO Mayur Kapani sold 10,082 shares of the company's stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $158.88, for a total value of $1,601,828.16. Following the completion of the transaction, the chief technology officer owned 65,240 shares in the company, valued at approximately $10,365,331.20. This represents a 13.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $2,550,083.66. This trade represents a 12.46% 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 quarter. Corporate insiders own 1.00% of the company's stock.

Intercontinental Exchange Price Performance

ICE opened at $158.25 on Wednesday. The firm has a market cap of $90.58 billion, a price-to-earnings ratio of 30.37, a price-to-earnings-growth ratio of 2.21 and a beta of 1.08. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The company's 50-day moving average price is $172.83 and its 200 day moving average price is $173.89. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. Intercontinental Exchange's quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 earnings per share. As a group, sell-side analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on ICE shares. Raymond James Financial upgraded shares of Intercontinental Exchange from an "outperform" rating to a "strong-buy" rating and set a $210.00 price objective on the stock in a report on Monday. Piper Sandler boosted their price objective 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. Barclays reiterated an "overweight" rating and issued a $201.00 price objective (down previously from $212.00) on shares of Intercontinental Exchange in a report on Wednesday, October 8th. UBS Group boosted their price objective 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, JPMorgan Chase & Co. boosted their price objective on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a 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 given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $199.60.

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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