Intercontinental Exchange Inc. $ICE Shares Sold by Aberdeen Group plc

Key Points

• Aberdeen Group plc reduced its stake in Intercontinental Exchange Inc. by 10.1%, selling 68,323 shares during the second quarter, leaving them with approximately 607,582 shares valued at $110,677,000.
• Intercontinental Exchange reported a 9.8% increase in revenue year-over-year, achieving $3.26 billion for the quarter, and posted earnings per share of $1.81, surpassing estimates.
• Equity analysts have varied target price updates for Intercontinental Exchange, with UBS Group raising their target from $195 to $210, while Morgan Stanley lowered theirs from $192 to $188, showcasing mixed sentiment in the market.

Aberdeen Group plc cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 10.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 607,582 shares of the financial services provider's stock after selling 68,323 shares during the quarter. Aberdeen Group plc owned about 0.11% of Intercontinental Exchange worth $110,677,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Tsfg LLC boosted its position in Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after acquiring an additional 103 shares during the last quarter. Activest Wealth Management boosted its position in Intercontinental Exchange by 4,050.0% during the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock worth $29,000 after acquiring an additional 162 shares during the last quarter. Rakuten Securities Inc. boosted its position in Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after acquiring an additional 143 shares during the last quarter. Hilltop National Bank purchased a new position in Intercontinental Exchange during the second quarter worth about $31,000. Finally, McClarren Financial Advisors Inc. purchased a new position in Intercontinental Exchange during the first quarter worth about $30,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $157.51 on Friday. The company's 50 day simple moving average is $174.01 and its 200-day simple moving average is $174.13. The company has a market capitalization of $90.16 billion, a price-to-earnings ratio of 30.23, a price-to-earnings-growth ratio of 1.94 and a beta of 1.08. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. 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 released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating 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 business's revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.52 EPS. As a group, equities research 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 the stock. UBS Group lifted their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Morgan Stanley reduced their target price on shares of Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 1st. JPMorgan Chase & Co. lifted their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a research note on Thursday, September 25th. Piper Sandler lifted their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Finally, Barclays reaffirmed an "overweight" rating and set a $201.00 target price (down from $212.00) on shares of Intercontinental Exchange in a research note on Wednesday. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $197.10.

Insiders Place Their Bets

In related news, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $175.62, for a total value of $280,992.00. Following the completion of the transaction, the senior vice president owned 25,796 shares in the company, valued at approximately $4,530,293.52. The trade was a 5.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Mayur Kapani sold 10,082 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $158.88, for a total transaction of $1,601,828.16. Following the completion of the transaction, the chief technology officer owned 65,240 shares of the company's stock, valued at $10,365,331.20. This trade represents a 13.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 240,956 shares of company stock worth $43,789,542. Insiders own 1.00% of the company's stock.

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.

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