Intercontinental Exchange Inc. $ICE Shares Purchased by Mission Wealth Management LP

Key Points

• Mission Wealth Management LP increased its Intercontinental Exchange stake by 738.6% in the second quarter, ending with 21,846 shares valued at approximately $2.69 million. Institutional investors collectively own 89.3% of ICE.
• Intercontinental Exchange reported quarterly earnings of $1.90 per share, beating estimates of $1.84, while revenue reached $3.61 billion and rose 4.8% year over year.
• Analysts remain generally bullish, with a consensus “Moderate Buy” rating and an average price target of $183.33 versus the stock’s reported $151.33 price. However, insiders sold 16,454 shares worth about $2.47 million over the past three months.

Mission Wealth Management LP increased its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 738.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 21,846 shares of the financial services provider's stock after buying an additional 19,241 shares during the quarter. Mission Wealth Management LP's holdings in Intercontinental Exchange were worth $2,690,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ICONIQ Capital LLC grew its position in Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock worth $481,000 after purchasing an additional 56 shares during the last quarter. Evergreen Capital Management LLC grew its position in Intercontinental Exchange by 1.5% in the 4th quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider's stock valued at $681,000 after buying an additional 63 shares during the last quarter. Sather Financial Group Inc increased its stake in Intercontinental Exchange by 4.7% in the 4th quarter. Sather Financial Group Inc now owns 1,440 shares of the financial services provider's stock valued at $233,000 after buying an additional 64 shares during the period. Johnson Financial Group LLC raised its position 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 worth $277,000 after buying an additional 65 shares during the last quarter. Finally, Cornerstone Planning Group LLC lifted its stake in shares of Intercontinental Exchange by 33.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after acquiring an additional 68 shares during the period. Institutional investors and hedge funds own 89.30% of the company's stock.

Insider Activity at Intercontinental Exchange

In other news, SVP Douglas Foley sold 7,300 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $148.88, for a total value of $1,086,824.00. Following the transaction, the senior vice president directly owned 19,063 shares of the company's stock, valued at $2,838,099.44. This trade represents a 27.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sharon Bowen sold 667 shares of the business's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total transaction of $100,903.76. Following the sale, the director directly owned 15,077 shares in the company, valued at approximately $2,280,848.56. This trade represents a 4.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 16,454 shares of company stock worth $2,469,349. 0.84% of the stock is owned by corporate insiders.

Intercontinental Exchange Stock Performance

ICE stock opened at $151.33 on Thursday. The company has a 50-day simple moving average of $140.05 and a 200 day simple moving average of $152.37. The company has a market capitalization of $84.96 billion, a P/E ratio of 21.37, a PEG ratio of 1.49 and a beta of 0.92. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $183.65.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. During the same quarter last year, the company earned $1.81 EPS. Intercontinental Exchange's quarterly revenue was up 4.8% on a year-over-year basis. Sell-side analysts predict that Intercontinental Exchange Inc. will post 8.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ICE has been the topic of a number of analyst reports. Piper Sandler decreased their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $178.00 price target on shares of Intercontinental Exchange in a report on Friday, July 31st. UBS Group restated a "buy" rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. TD Cowen reaffirmed a "buy" rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, Barclays reiterated an "overweight" rating and issued a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $183.33.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source