Marks Group Wealth Management Inc Cuts Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Marks Group Wealth Management Inc has reduced its stake in Intercontinental Exchange Inc. by 1.8%, owning 117,434 shares valued at approximately $21.5 million, making it their second largest investment.
• Other hedge funds, including Tsfg LLC and Activest Wealth Management, have increased their investments in Intercontinental Exchange, indicating notable institutional interest.
• Intercontinental Exchange's stock price saw a 0.9% increase, with analysts maintaining a consensus rating of "Moderate Buy" and an average price target of $198.20.

Marks Group Wealth Management Inc decreased its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 1.8% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 117,434 shares of the financial services provider's stock after selling 2,143 shares during the quarter. Intercontinental Exchange accounts for about 2.0% of Marks Group Wealth Management Inc's investment portfolio, making the stock its 2nd biggest position. Marks Group Wealth Management Inc's holdings in Intercontinental Exchange were worth $21,546,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Tsfg LLC grew its stake in shares of 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 buying an additional 103 shares during the last quarter. Activest Wealth Management grew its stake 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 buying an additional 162 shares during the last quarter. Rakuten Securities Inc. grew its stake in shares of 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 buying an additional 143 shares during the last quarter. Hilltop National Bank bought a new position in shares of Intercontinental Exchange during the second quarter valued at approximately $31,000. Finally, McClarren Financial Advisors Inc. bought a new position in Intercontinental Exchange in the first quarter worth approximately $30,000. Institutional investors own 89.30% of the company's stock.

Insider Activity

In other news, COO Stuart Glen Williams sold 939 shares of the stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $172.04, for a total transaction of $161,545.56. Following the completion of the sale, the chief operating officer owned 16,624 shares in the company, valued at approximately $2,859,992.96. This represents a 5.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Judith A. Sprieser sold 2,900 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total value of $506,079.00. Following the sale, the director owned 18,169 shares of the company's stock, valued at approximately $3,170,672.19. This represents a 13.76% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 230,874 shares of company stock worth $42,187,714. Company insiders own 1.00% of the company's stock.

Intercontinental Exchange Stock Up 0.9%

Intercontinental Exchange stock opened at $162.47 on Monday. The business has a fifty day moving average of $176.53 and a two-hundred day moving average of $174.67. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market cap of $93.00 billion, a P/E ratio of 31.18, a P/E/G ratio of 1.98 and a beta of 1.08. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results 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. The company had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.Intercontinental Exchange's revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 earnings per share. On average, analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ICE shares. UBS Group increased their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Weiss Ratings reissued a "buy (b)" rating on shares of Intercontinental Exchange in a research note on Saturday, September 27th. Piper Sandler increased their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. JPMorgan Chase & Co. increased their price objective on Intercontinental Exchange from $195.00 to $203.00 and gave the stock an "overweight" rating in a research note on Thursday, September 25th. Finally, Morgan Stanley dropped their price objective on Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating on the stock in a research note on Wednesday, October 1st. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange has a consensus rating of "Moderate Buy" and an average price target of $198.20.

Intercontinental Exchange Company 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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