Intercontinental Exchange Inc. $ICE Shares Sold by Mawer Investment Management Ltd.

Key Points

• Mawer Investment Management cut its ICE stake by 11.4%, selling 232,382 shares in the third quarter. It still held 1,799,200 shares, valued at approximately $273.5 million.
• ICE reported quarterly earnings of $2.02 per share, beating the $1.97 analyst consensus; revenue rose 14.7% year over year to $3.63 billion.
• Analysts’ consensus rating was “Moderate Buy”, with an average price target of $189.25, compared with the cited share price of $178.43.

Mawer Investment Management Ltd. lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 11.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,799,200 shares of the financial services provider's stock after selling 232,382 shares during the quarter. Intercontinental Exchange accounts for 2.0% of Mawer Investment Management Ltd.'s investment portfolio, making the stock its 16th biggest position. Mawer Investment Management Ltd. owned 0.32% of Intercontinental Exchange worth $273,532,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Intercontinental Exchange in the second quarter valued at $6,245,085,000. State Street Corp raised its position in Intercontinental Exchange by 1.6% during the second quarter. State Street Corp now owns 25,966,680 shares of the financial services provider's stock valued at $3,196,758,000 after purchasing an additional 415,490 shares in the last quarter. Wellington Management Group LLP raised its position in Intercontinental Exchange by 16.1% during the second quarter. Wellington Management Group LLP now owns 11,812,273 shares of the financial services provider's stock valued at $1,454,209,000 after purchasing an additional 1,634,385 shares in the last quarter. Amundi raised its position in Intercontinental Exchange by 49.6% during the first quarter. Amundi now owns 4,997,079 shares of the financial services provider's stock valued at $785,941,000 after purchasing an additional 1,656,220 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Intercontinental Exchange during the second quarter worth about $714,869,000. 89.30% of the stock is owned by institutional investors.

Trending Headlines about Intercontinental Exchange

Investors following ICE have been watching these headlines:

• Positive Sentiment: ICE and OKX have launched a joint venture to create a venue for tokenized stock trading. The initiative could extend ICE’s reach into digital-asset markets, though its financial impact will depend on adoption and execution. Article: Intercontinental Exchange and OKX launch tokenized stock trading venue through joint venture
• Positive Sentiment: Analyst sentiment is favorable: ICE has a consensus “Moderate Buy” rating and an average price target of $189.25, above the roughly $178 share price cited in the coverage. Article: Intercontinental Exchange stock has consensus price target of $189.25
• Negative Sentiment: Three insiders disclosed stock sales: CTO Mayur Kapani sold 4,272 shares, General Counsel Andrew Surdykowski sold 4,575, and Director Sharon Bowen sold 2,100. Each retained shares, but the transactions could be a modest negative sentiment signal. SEC filing: Mayur Kapani transaction SEC filing: Andrew Surdykowski transaction SEC filing: Sharon Bowen transaction

Analysts Set New Price Targets

A number of research firms have recently issued reports on ICE. The Goldman Sachs Group upped their price objective on Intercontinental Exchange from $192.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, October 2nd. Keefe, Bruyette & Woods raised their price objective on Intercontinental Exchange from $180.00 to $190.00 and gave the company an "outperform" rating in a report on Friday, October 30th. UBS Group restated a "buy" rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Rothschild & Co Redburn boosted their target price on Intercontinental Exchange from $173.00 to $181.00 and gave the stock a "buy" rating in a research report on Thursday, September 10th. Finally, Argus cut their target price on Intercontinental Exchange from $190.00 to $187.00 and set a "buy" rating for the company in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $189.25.

Intercontinental Exchange Trading Up 0.3%

Shares of Intercontinental Exchange stock traded up $0.57 on Friday, hitting $178.43. The stock had a trading volume of 2,203,731 shares, compared to its average volume of 3,534,859. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.68. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $181.38. The stock's 50-day simple moving average is $160.31 and its two-hundred day simple moving average is $154.73. The stock has a market cap of $99.72 billion, a price-to-earnings ratio of 24.34, a PEG ratio of 1.57 and a beta of 0.84.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, October 29th. The financial services provider reported $2.02 EPS for the quarter, beating analysts' consensus estimates of $1.97 by $0.05. Intercontinental Exchange had a net margin of 29.62% and a return on equity of 15.32%. The company had revenue of $3.63 billion during the quarter, compared to analyst estimates of $2.74 billion. During the same period in the prior year, the business posted $1.71 EPS. The firm's revenue was up 14.7% compared to the same quarter last year. As a group, sell-side analysts predict that Intercontinental Exchange Inc. will post 8.21 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Andrew J. Surdykowski sold 4,575 shares of the company's stock in a transaction dated Tuesday, November 10th. The shares were sold at an average price of $175.05, for a total transaction of $800,853.75. Following the completion of the transaction, the general counsel directly owned 40,554 shares of the company's stock, valued at approximately $7,098,977.70. This represents a 10.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Mayur Kapani sold 4,272 shares of the stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $179.05, for a total transaction of $764,901.60. Following the sale, the chief technology officer owned 69,480 shares of the company's stock, valued at approximately $12,440,394. This represents a 5.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 56,272 shares of company stock worth $9,403,571. 0.84% of the stock is currently owned by insiders.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc. NYSE: ICE operates exchanges, clearing houses and technology businesses serving financial and commodity markets. Its platforms support the trading and clearing of futures, options and other products across areas such as energy, agriculture, interest rates and equities. The company also provides market data, analytics and connectivity services to financial institutions and other market participants. Intercontinental Exchange owns the New York Stock Exchange and operates exchanges and clearing houses in multiple markets around the world.

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.