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

Key Points

• SOA Wealth Advisors cut its Intercontinental Exchange stake by 86.3% in the second quarter, leaving it with 1,710 shares valued at approximately $211,000. Other institutional investors increased their positions, and institutions collectively own 89.3% of ICE.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $183.33. Recent targets range from $178 to $195, although Goldman Sachs lowered its target to $180.
• ICE shares opened at $151.33, while the company’s latest quarterly results exceeded expectations: EPS was $1.90 versus an estimated $1.84, and revenue rose 4.8% year over year to $3.61 billion.

SOA Wealth Advisors LLC. decreased its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 86.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,710 shares of the financial services provider's stock after selling 10,751 shares during the period. SOA Wealth Advisors LLC.'s holdings in Intercontinental Exchange were worth $211,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Sky Investment Group LLC boosted its stake in shares of Intercontinental Exchange by 12.7% during the 2nd quarter. Sky Investment Group LLC now owns 5,592 shares of the financial services provider's stock worth $688,000 after acquiring an additional 632 shares in the last quarter. Oak Thistle LLC acquired a new stake in shares of Intercontinental Exchange during the 2nd quarter valued at about $2,451,000. Webster Bank N. A. increased its stake in shares of Intercontinental Exchange by 8.6% in the 2nd quarter. Webster Bank N. A. now owns 25,318 shares of the financial services provider's stock valued at $3,117,000 after purchasing an additional 1,996 shares in the last quarter. Altrafin AG increased its stake in shares of Intercontinental Exchange by 5.5% in the 2nd quarter. Altrafin AG now owns 63,098 shares of the financial services provider's stock valued at $7,768,000 after purchasing an additional 3,270 shares in the last quarter. Finally, Merit Financial Group LLC raised its holdings in Intercontinental Exchange by 2.0% in the 2nd quarter. Merit Financial Group LLC now owns 14,916 shares of the financial services provider's stock worth $1,836,000 after purchasing an additional 290 shares during the period. Institutional investors and hedge funds own 89.30% of the company's stock.

Insiders Place Their Bets

In other news, Director William Jefferson Hague sold 1,333 shares of the firm's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the transaction, the director owned 20,132 shares in the company, valued at $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the sale, the director directly owned 15,077 shares in the company, valued at $2,280,848.56. This represents a 4.24% 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 16,454 shares of company stock valued at $2,469,349. 0.84% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ICE shares. Barclays reiterated an "overweight" rating and set a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. The Goldman Sachs Group cut their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $178.00 target price on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, UBS Group reissued a "buy" rating and issued a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Intercontinental Exchange has a consensus rating of "Moderate Buy" and a consensus target price of $183.33.

Intercontinental Exchange Stock Up 0.1%

ICE opened at $151.33 on Thursday. The company has a market cap of $84.96 billion, a PE ratio of 21.37, a price-to-earnings-growth ratio of 1.49 and a beta of 0.92. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $183.65. The company has a 50-day moving average price of $140.05 and a 200 day moving average price of $152.37. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The company had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. During the same period in the previous year, the firm posted $1.81 EPS. Intercontinental Exchange's revenue was up 4.8% compared to the same quarter last year. Sell-side analysts expect that Intercontinental Exchange Inc. will post 8.08 earnings per share for the current fiscal year.

Intercontinental Exchange Profile

Intercontinental Exchange NYSE: ICE is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.

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