Intercontinental Exchange Inc. $ICE Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its stake in Intercontinental Exchange by 2.2%, now owning approximately 0.37% of the company worth $391.8 million.
• Intercontinental Exchange received multiple upgrades from analysts, with target prices reaching as high as $210 and most analysts rating it as a "Moderate Buy."
• Insider sales included CTO Mayur Kapani selling 10,082 shares, resulting in a 13.39% decrease in his ownership of the company stock.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 2.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,135,661 shares of the financial services provider's stock after selling 48,027 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.37% of Intercontinental Exchange worth $391,830,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Advisors Capital Management LLC grew 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 buying an additional 396 shares in the last quarter. Capital Investment Advisory Services LLC purchased a new stake in Intercontinental Exchange during the first quarter worth approximately $349,000. Sequoia Financial Advisors LLC lifted its stake in Intercontinental Exchange by 18.3% during the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock worth $2,099,000 after purchasing an additional 1,879 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Intercontinental Exchange by 6.3% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 69,143 shares of the financial services provider's stock worth $11,927,000 after purchasing an additional 4,107 shares during the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in Intercontinental Exchange during the second quarter worth approximately $1,075,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Intercontinental Exchange news, CTO Mayur Kapani sold 10,082 shares of the company's 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 owned 65,240 shares of the company's stock, valued at approximately $10,365,331.20. This represents a 13.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Stuart Glen Williams sold 939 shares of the company's stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $172.04, for a total value of $161,545.56. Following the completion of the sale, the chief operating officer directly owned 16,624 shares in the company, valued at $2,859,992.96. This trade represents a 5.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 240,162 shares of company stock valued at $43,642,652 in the last three months. 1.00% of the stock is owned by insiders.

Analysts Set New Price Targets

ICE has been the subject of several recent analyst reports. Raymond James Financial upgraded Intercontinental Exchange from an "outperform" rating to a "strong-buy" rating and set a $210.00 target price for the company in a research note on Monday, October 13th. JPMorgan Chase & Co. boosted their target price on Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a research note on Thursday, September 25th. Weiss Ratings reiterated a "buy (b)" rating on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. Piper Sandler boosted their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Finally, Barclays reiterated an "overweight" rating and issued a $201.00 price objective (down previously from $212.00) on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $198.60.

Intercontinental Exchange Trading Up 0.6%

Shares of ICE stock opened at $157.92 on Friday. The business's fifty day moving average price is $168.73 and its 200 day moving average price is $173.36. 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 $90.39 billion, a PE ratio of 30.38, a P/E/G ratio of 2.20 and a beta of 1.08. 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 announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping 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 firm had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the company posted $1.52 earnings per share. Intercontinental Exchange's quarterly revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS 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.

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