Intercontinental Exchange Inc. $ICE Shares Sold by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA reduced its holdings in Intercontinental Exchange Inc. by 41.3%, selling 64,028 shares, which left them with 90,990 shares valued at approximately $16.7 million.
• Intercontinental Exchange reported a 9.8% increase in quarterly revenue year-over-year, amounting to $3.26 billion, and surpassed earnings estimates with $1.81 EPS.
• Recent analyst upgrades have increased the target price for Intercontinental Exchange, with UBS targeting $210 and Barclays targeting $212, reflecting a consensus rating of "Moderate Buy."

Banque Pictet & Cie SA lowered its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 41.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,990 shares of the financial services provider's stock after selling 64,028 shares during the period. Banque Pictet & Cie SA's holdings in Intercontinental Exchange were worth $16,694,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Advisors Capital Management LLC grew its holdings in shares of Intercontinental Exchange by 25.0% in the 1st quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider's stock worth $341,000 after acquiring an additional 396 shares during the period. Capital Investment Advisory Services LLC acquired a new stake in shares of Intercontinental Exchange in the 1st quarter worth approximately $349,000. Sequoia Financial Advisors LLC grew its holdings in shares of Intercontinental Exchange by 18.3% in the 1st quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock worth $2,099,000 after acquiring an additional 1,879 shares during the period. Ritholtz Wealth Management grew its holdings in shares of 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 acquiring an additional 2,732 shares during the period. Finally, First American Bank grew its holdings in shares of Intercontinental Exchange by 2.1% in the 1st quarter. First American Bank now owns 76,332 shares of the financial services provider's stock worth $13,167,000 after acquiring an additional 1,580 shares during the period. Institutional investors and hedge funds own 89.30% of the company's stock.

Intercontinental Exchange Trading Down 0.5%

Shares of Intercontinental Exchange stock opened at $167.20 on Friday. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The firm has a market cap of $95.71 billion, a PE ratio of 32.09, a P/E/G ratio of 2.00 and a beta of 1.10. The business's fifty day moving average is $178.56 and its two-hundred day moving average is $174.90. 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 issued its quarterly 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. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the company posted $1.52 EPS. The business's revenue for the quarter was up 9.8% compared to the same quarter last year. Analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Wall Street Analysts Forecast Growth

ICE has been the topic of a number of recent research reports. UBS Group upped their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. upped their target price on Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research note on Thursday. Barclays upped their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Piper Sandler upped their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Intercontinental Exchange has a consensus rating of "Moderate Buy" and an average price target of $197.36.

Insider Activity at Intercontinental Exchange

In related news, Director Judith A. Sprieser sold 2,900 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $174.51, for a total value of $506,079.00. Following the transaction, the director directly owned 18,169 shares of the company's stock, valued at approximately $3,170,672.19. This trade represents a 13.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,951,705 shares in the company, valued at $357,337,668.45. This trade represents a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 231,669 shares of company stock worth $42,333,438. Company insiders own 1.00% of the company's stock.

Intercontinental Exchange 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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