NFJ Investment Group LLC Sells 51,482 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• NFJ Investment Group LLC reduced its holdings in Intercontinental Exchange Inc. by 55.0%, owning 42,162 shares valued at approximately $7.27 million after selling 51,482 shares in the first quarter.
• Intercontinental Exchange reported $1.81 EPS for the last quarter, exceeding expectations and reflecting a 9.8% year-over-year revenue growth.
• Several analysts have upgraded their price targets for Intercontinental Exchange, with Piper Sandler and UBS Group setting new targets of $202.00 and $210.00, respectively.

NFJ Investment Group LLC cut its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 55.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,162 shares of the financial services provider's stock after selling 51,482 shares during the quarter. NFJ Investment Group LLC's holdings in Intercontinental Exchange were worth $7,273,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. REAP Financial Group LLC raised its holdings in Intercontinental Exchange by 116.7% during the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 91 shares during the period. Tsfg LLC raised its holdings in Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 103 shares during the period. Menard Financial Group LLC bought a new stake in Intercontinental Exchange during the fourth quarter valued at about $29,000. Rakuten Securities Inc. raised its holdings in Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 143 shares during the period. Finally, Activest Wealth Management grew its position 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 purchasing an additional 162 shares in the last quarter. 89.30% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Barclays lifted their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. UBS Group lifted their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Piper Sandler lifted their target price on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $194.92.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, Director Martha A. Tirinnanzi sold 610 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $179.76, for a total transaction of $109,653.60. Following the sale, the director directly owned 3,519 shares of the company's stock, valued at $632,575.44. The trade was a 14.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Warren Gardiner sold 1,570 shares of the company's stock in a transaction that occurred on Wednesday, August 20th. The shares were sold at an average price of $178.45, for a total value of $280,166.50. Following the transaction, the chief financial officer directly owned 22,106 shares in the company, valued at approximately $3,944,815.70. This represents a 6.63% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 227,830 shares of company stock valued at $41,668,789 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Intercontinental Exchange Trading Down 0.2%

NYSE ICE traded down $0.26 during trading hours on Friday, hitting $174.26. 3,104,192 shares of the company were exchanged, compared to its average volume of 2,730,560. The stock has a 50-day moving average price of $181.49 and a 200 day moving average price of $174.88. 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 Inc. has a 52 week low of $142.29 and a 52 week high of $189.35. The stock has a market cap of $99.75 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10.

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, topping the consensus estimate 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 analysts' expectations of $2.50 billion. During the same period in the previous year, the firm posted $1.52 earnings per share. The firm's revenue for the quarter was up 9.8% on a year-over-year basis. Analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

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.