Intercontinental Exchange Inc. $ICE Shares Sold by Campbell Newman Asset Management Inc.

Key Points

• Campbell Newman Asset Management Inc. reduced its stake in Intercontinental Exchange, Inc. by 3.6%, now holding 209,783 shares valued at approximately $38.5 million.
• Brokerage analysts have set new price targets for Intercontinental Exchange, with JPMorgan, Barclays, UBS, and Piper Sandler raising their targets to a range of $203 to $212, indicating a positive outlook on the stock.
• Intercontinental Exchange reported a quarterly earnings per share (EPS) of $1.81, exceeding estimates, with revenue of $3.26 billion, reflecting a 9.8% increase from the previous year.

Campbell Newman Asset Management Inc. cut its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 209,783 shares of the financial services provider's stock after selling 7,889 shares during the period. Intercontinental Exchange accounts for about 3.1% of Campbell Newman Asset Management Inc.'s investment portfolio, making the stock its 10th biggest position. Campbell Newman Asset Management Inc.'s holdings in Intercontinental Exchange were worth $38,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of ICE. Tsfg LLC lifted its holdings in Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after buying an additional 103 shares in the last quarter. Rakuten Securities Inc. raised its position in shares of 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. Activest Wealth Management lifted its stake in shares of Intercontinental Exchange by 4,050.0% during the first quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 162 shares during the period. McClarren Financial Advisors Inc. acquired a new position in shares of Intercontinental Exchange during the first quarter valued at $30,000. Finally, Global Trust Asset Management LLC bought a new position in Intercontinental Exchange in the first quarter valued at about $31,000. 89.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ICE. JPMorgan Chase & Co. boosted their price objective on Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a report on Thursday, September 25th. Barclays boosted their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. UBS Group raised their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Finally, Piper Sandler upped their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $197.36.

Intercontinental Exchange Trading Up 0.1%

Shares of NYSE ICE opened at $167.91 on Tuesday. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The stock has a market cap of $96.11 billion, a price-to-earnings ratio of 32.23, a P/E/G ratio of 2.00 and a beta of 1.10. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The company's fifty day moving average is $178.05 and its 200-day moving average is $174.95.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, topping the consensus estimate 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 return on equity of 13.66% and a net margin of 23.92%.The firm's revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.52 EPS. Equities research analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Insider Activity at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 3,850 shares of Intercontinental Exchange stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $178.33, for a total transaction of $686,570.50. Following the transaction, the general counsel owned 46,293 shares in the company, valued at $8,255,430.69. The trade was a 7.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Duriya M. Farooqui sold 2,036 shares of the stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total value of $363,100.24. Following the sale, the director directly owned 14,299 shares of the company's stock, valued at approximately $2,550,083.66. The trade was a 12.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 230,874 shares of company stock valued at $42,187,714 over the last 90 days. Insiders own 1.00% of the company's stock.

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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