Intercontinental Exchange Inc. $ICE Shares Sold by Ethic Inc.

Key Points

• Ethic Inc. reduced its stake in Intercontinental Exchange by 6.3%, holding 70,706 shares worth approximately $12.85 million after selling 4,769 shares in the second quarter.
• Intercontinental Exchange reported a 9.8% year-over-year increase in revenue to $3.26 billion, with earnings per share of $1.81 which exceeded analysts' expectations.
• Various analysts have raised their price targets for Intercontinental Exchange, with Piper Sandler increasing its target from $180 to $202, maintaining an "overweight" rating.

Ethic Inc. cut its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 6.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,706 shares of the financial services provider's stock after selling 4,769 shares during the quarter. Ethic Inc.'s holdings in Intercontinental Exchange were worth $12,851,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisors Capital Management LLC lifted its position in shares of Intercontinental Exchange by 25.0% during the first quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider's stock worth $341,000 after purchasing an additional 396 shares during the last quarter. Capital Investment Advisory Services LLC acquired a new position in shares of Intercontinental Exchange during the first quarter valued at $349,000. Sequoia Financial Advisors LLC increased 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. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Intercontinental Exchange by 6.3% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 69,143 shares of the financial services provider's stock valued at $11,927,000 after purchasing an additional 4,107 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Intercontinental Exchange by 12.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 35,169 shares of the financial services provider's stock valued at $6,067,000 after buying an additional 3,760 shares during the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Performance

Shares of ICE opened at $155.87 on Wednesday. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company has a market cap of $89.22 billion, a PE ratio of 29.88, a price-to-earnings-growth ratio of 2.17 and a beta of 1.08. The firm has a 50-day moving average of $169.72 and a 200-day moving average of $173.45. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.77 by $0.04. The company had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company's revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.52 earnings per share. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on ICE. Piper Sandler raised their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. UBS Group increased their price target 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. JPMorgan Chase & Co. increased their price objective on Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research report on Thursday, September 25th. Morgan Stanley reduced their target price on Intercontinental Exchange from $188.00 to $178.00 and set an "equal weight" rating for the company in a research report on Tuesday. Finally, Barclays reiterated an "overweight" rating and issued a $201.00 price target (down from $212.00) on shares of Intercontinental Exchange in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $198.60.

Insiders Place Their Bets

In other Intercontinental Exchange news, Director Judith A. Sprieser sold 2,900 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $174.51, for a total transaction of $506,079.00. Following the transaction, the director owned 18,169 shares in the company, valued at $3,170,672.19. This trade represents a 13.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Mayur Kapani sold 10,082 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $158.88, for a total value of $1,601,828.16. Following the sale, the chief technology officer directly owned 65,240 shares in the company, valued at approximately $10,365,331.20. This trade represents a 13.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 240,956 shares of company stock worth $43,789,542. 1.00% of the stock is currently owned by insiders.

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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