NewEdge Advisors LLC Buys 8,291 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• NewEdge Advisors increased its Intercontinental Exchange stake by 20.8% in the second quarter, adding 8,291 shares to hold 48,066 shares valued at approximately $5.9 million. Institutional investors collectively own 89.30% of ICE.
• Analysts maintain a generally positive outlook, with ICE receiving a “Moderate Buy” consensus rating and an average price target of $184.17, despite some recent target-price reductions.
• ICE exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus and $3.61 billion in revenue, up 4.8% year over year. Meanwhile, company insiders sold 39,579 shares worth about $6.2 million over the past 90 days.

NewEdge Advisors LLC boosted its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 20.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 48,066 shares of the financial services provider's stock after purchasing an additional 8,291 shares during the quarter. NewEdge Advisors LLC's holdings in Intercontinental Exchange were worth $5,917,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Rakuten Securities Inc. purchased a new position in shares of Intercontinental Exchange during the second quarter valued at $26,000. Brooklands Fund Management Ltd purchased a new stake in Intercontinental Exchange in the fourth quarter worth about $28,000. Swiss RE Ltd. bought a new position in Intercontinental Exchange during the 4th quarter worth about $28,000. Lloyd Advisory Services LLC. bought a new position in Intercontinental Exchange during the 4th quarter worth about $30,000. Finally, Gables Capital Management Inc. purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $31,000. 89.30% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CTO Mayur Kapani sold 4,271 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total value of $645,775.20. Following the completion of the sale, the chief technology officer owned 67,988 shares of the company's stock, valued at $10,279,785.60. This trade represents a 5.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher Edmonds sold 5,000 shares of the business's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $160.59, for a total value of $802,950.00. Following the transaction, the insider owned 14,367 shares in the company, valued at approximately $2,307,196.53. This trade represents a 25.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 39,579 shares of company stock valued at $6,217,715. 0.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ICE shares. Weiss Ratings lowered shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, September 8th. Raymond James Financial reiterated a "strong-buy" rating and set a $218.00 price objective on shares of Intercontinental Exchange in a research note on Tuesday, September 1st. The Goldman Sachs Group cut their price objective on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Barclays restated an "overweight" rating and set a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Morgan Stanley dropped their target price on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research report on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $184.17.

Intercontinental Exchange Stock Performance

ICE stock opened at $157.49 on Monday. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $176.59. The firm has a market cap of $88.41 billion, a price-to-earnings ratio of 22.24, a PEG ratio of 1.53 and a beta of 0.93. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a 50-day simple moving average of $151.14 and a two-hundred day simple moving average of $151.74.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the firm earned $1.81 EPS. The company's quarterly revenue was up 4.8% compared to the same quarter last year. On average, equities analysts forecast that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

About Intercontinental Exchange

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.

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