Intercontinental Exchange Inc. $ICE Holdings Cut by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management reduced its Intercontinental Exchange stake by 5.4% in the second quarter, selling 68,303 shares and retaining 1.21 million shares valued at approximately $148.5 million. Institutional investors and hedge funds collectively own 89.3% of ICE.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $184.17. Several firms raised their targets, although Wall Street Zen downgraded the stock to “sell.”
• ICE shares opened at $154.44, while the company’s latest quarterly results exceeded expectations: adjusted EPS was $1.90 versus an $1.84 estimate, and revenue rose 4.8% year over year to $3.61 billion.

Envestnet Asset Management Inc. lessened its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,205,888 shares of the financial services provider's stock after selling 68,303 shares during the period. Envestnet Asset Management Inc. owned 0.21% of Intercontinental Exchange worth $148,457,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Johnson Financial Group LLC grew its stake in Intercontinental Exchange by 4.0% during the 4th quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider's stock valued at $277,000 after acquiring an additional 65 shares in the last quarter. Cornerstone Planning Group LLC boosted its stake in Intercontinental Exchange by 33.5% during the first quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after buying an additional 68 shares during the last quarter. Burns J W & Co. Inc. NY grew its holdings in Intercontinental Exchange by 0.6% in the 1st quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider's stock valued at $1,917,000 after buying an additional 69 shares in the last quarter. Capstone Financial Advisors Inc. increased its stake in shares of Intercontinental Exchange by 1.4% in the 2nd quarter. Capstone Financial Advisors Inc. now owns 5,116 shares of the financial services provider's stock worth $630,000 after acquiring an additional 69 shares during the last quarter. Finally, AlphaCentric Advisors LLC raised its holdings in shares of Intercontinental Exchange by 6.0% during the 1st quarter. AlphaCentric Advisors LLC now owns 1,256 shares of the financial services provider's stock worth $198,000 after acquiring an additional 71 shares during the period. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Christopher Edmonds sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $160.59, for a total transaction of $802,950.00. Following the sale, the insider owned 14,367 shares in the company, valued at approximately $2,307,196.53. This trade represents a 25.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Andrew Surdykowski sold 4,574 shares of the firm's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $161.77, for a total value of $739,935.98. Following the sale, the general counsel owned 43,065 shares in the company, valued at $6,966,625.05. This trade represents a 9.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 41,179 shares of company stock valued at $6,473,715. Corporate insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $178.00 price objective on shares of Intercontinental Exchange in a research report on Friday, July 31st. UBS Group restated a "buy" rating and set a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. TD Cowen reaffirmed a "buy" rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Barclays reiterated an "overweight" rating and issued a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, Wall Street Zen downgraded Intercontinental Exchange from a "hold" rating to a "sell" rating in a research report on Saturday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $184.17.

Intercontinental Exchange Trading Down 1.6%

Shares of ICE opened at $154.44 on Friday. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $176.05. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $86.70 billion, a P/E ratio of 21.81, a PEG ratio of 1.52 and a beta of 0.93. The firm's 50-day moving average is $154.71 and its two-hundred day moving average is $151.27.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period last year, the firm earned $1.81 EPS. On average, research analysts predict that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.

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.