Intercontinental Exchange Inc. $ICE Stock: Banque Pictet & Cie SA Lowers Position

Key Points

• Banque Pictet & Cie SA cut its Intercontinental Exchange position by 20.2% in the third quarter, selling 7,693 shares and retaining 30,338 shares valued at approximately $4.6 million.
• Institutional ownership remains high at 89.3%, while several other funds increased their stakes during the quarter.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $186.31, compared with the stock’s reported price of $161.25.

Banque Pictet & Cie SA lowered its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 20.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,338 shares of the financial services provider's stock after selling 7,693 shares during the period. Banque Pictet & Cie SA's holdings in Intercontinental Exchange were worth $4,612,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. James T. Borello RIA boosted its stake in Intercontinental Exchange by 143.0% in the third quarter. James T. Borello RIA now owns 209 shares of the financial services provider's stock worth $32,000 after buying an additional 123 shares in the last quarter. Cyndeo Wealth Partners LLC grew its position in Intercontinental Exchange by 72.1% during the third quarter. Cyndeo Wealth Partners LLC now owns 24,335 shares of the financial services provider's stock valued at $3,700,000 after acquiring an additional 10,192 shares during the last quarter. Aspiriant LLC bought a new position in Intercontinental Exchange during the third quarter valued at approximately $222,000. Pension & Wealth Management Advisors Inc. raised its stake in shares of Intercontinental Exchange by 2,113.0% during the third quarter. Pension & Wealth Management Advisors Inc. now owns 1,018 shares of the financial services provider's stock worth $155,000 after acquiring an additional 972 shares in the last quarter. Finally, Chemistry Wealth Management LLC raised its stake in shares of Intercontinental Exchange by 0.9% during the third quarter. Chemistry Wealth Management LLC now owns 7,773 shares of the financial services provider's stock worth $1,182,000 after acquiring an additional 68 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ICE shares. Wall Street Zen upgraded shares of Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Saturday, October 10th. Barclays reaffirmed an "overweight" rating and issued a $189.00 price objective (up from $182.00) on shares of Intercontinental Exchange in a research note on Wednesday, October 7th. Weiss Ratings raised shares of Intercontinental Exchange from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, October 6th. Jefferies Financial Group decreased their target price on shares of Intercontinental Exchange from $189.00 to $185.00 in a research report on Wednesday, October 7th. Finally, Morgan Stanley lifted their target price on shares of Intercontinental Exchange from $163.00 to $173.00 and gave the stock an "equal weight" rating in a research report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $186.31.

Insider Activity

In other news, General Counsel Andrew Surdykowski sold 4,574 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total value of $739,935.98. Following the transaction, the general counsel owned 43,065 shares in the company, valued at approximately $6,966,625.05. This trade represents a 9.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Martha Tirinnanzi sold 1,340 shares of Intercontinental Exchange stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $161.16, for a total transaction of $215,954.40. Following the completion of the transaction, the director directly owned 3,747 shares in the company, valued at approximately $603,866.52. The trade was a 26.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 41,179 shares of company stock valued at $6,473,715. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Up 1.8%

NYSE ICE opened at $161.25 on Friday. The firm has a market cap of $90.52 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 1.53 and a beta of 0.94. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $176.05. The stock has a 50-day moving average of $156.49 and a 200-day moving average of $150.87. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, beating 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 during the quarter, compared to analysts' expectations of $2.63 billion. During the same period in the prior year, the business posted $1.81 EPS. Intercontinental Exchange's quarterly revenue was up 4.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.19 EPS for the current year.

About Intercontinental Exchange

Intercontinental Exchange, Inc NYSE: ICE is a global operator of exchanges, clearinghouses, data services and technology platforms. The company owns and operates the New York Stock Exchange and other exchanges serving equity, options, futures and over-the-counter markets. Its marketplaces support trading in areas including energy, agricultural commodities, interest rates, currencies, equity indexes and individual stocks.

ICE also provides clearing and settlement services that help manage counterparty and transaction risk, along with market data, analytics, connectivity and other technology solutions for financial institutions and businesses.

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