Intercontinental Exchange Inc. $ICE Shares Sold by Opal Wealth Advisors LLC

Key Points

• Opal Wealth Advisors LLC has reduced its position in Intercontinental Exchange Inc. by 21.3%, holding 15,591 shares valued at approximately $2.86 million.
• Major institutional investors have shown interest in Intercontinental Exchange, with Price T Rowe Associates increasing its position by 491.3% and GAMMA Investing boosting its stake by a staggering 24,394.4%.
• Intercontinental Exchange reported earnings of $1.81 per share for the last quarter, exceeding expectations and reflecting a 9.8% year-over-year revenue increase.

Opal Wealth Advisors LLC reduced its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 21.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,591 shares of the financial services provider's stock after selling 4,216 shares during the period. Intercontinental Exchange comprises approximately 0.8% of Opal Wealth Advisors LLC's holdings, making the stock its 17th largest holding. Opal Wealth Advisors LLC's holdings in Intercontinental Exchange were worth $2,860,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in Intercontinental Exchange by 491.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock worth $1,109,780,000 after buying an additional 5,345,388 shares during the period. Nuveen LLC acquired a new stake in Intercontinental Exchange in the first quarter worth $575,383,000. Wellington Management Group LLP increased its position in Intercontinental Exchange by 113.9% in the first quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock worth $1,025,230,000 after buying an additional 3,165,381 shares during the period. GAMMA Investing LLC increased its position in Intercontinental Exchange by 24,394.4% in the first quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock worth $3,906,700,000 after buying an additional 2,255,507 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Intercontinental Exchange by 50.6% in the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock worth $1,023,534,000 after buying an additional 1,993,084 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Trading Up 0.3%

NYSE:ICE opened at $170.29 on Tuesday. 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 1-year low of $142.29 and a 1-year high of $189.35. The firm has a market capitalization of $97.48 billion, a price-to-earnings ratio of 32.69, a price-to-earnings-growth ratio of 2.02 and a beta of 1.10. The stock has a fifty day simple moving average of $179.35 and a 200 day simple moving average of $175.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the company posted $1.52 EPS. Intercontinental Exchange's revenue for the quarter was up 9.8% on a year-over-year basis. Sell-side analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Insiders Place Their Bets

In other Intercontinental Exchange 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 of the company's stock, valued at $8,255,430.69. The trade was a 7.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Duriya M. Farooqui sold 2,036 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total value of $363,100.24. Following the transaction, the director directly owned 14,299 shares in the company, valued at approximately $2,550,083.66. This trade represents a 12.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 231,669 shares of company stock worth $42,333,438 over the last three months. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

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

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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