NewEdge Wealth LLC Acquires New Stake in Intercontinental Exchange Inc. $ICE

Key Points

• NewEdge Wealth acquired 17,597 shares of Intercontinental Exchange during the second quarter, valued at approximately $2.17 million. Institutional investors and hedge funds collectively own 89.3% of ICE.
• ICE reported quarterly earnings of $1.90 per share, beating estimates of $1.84, while revenue reached $3.61 billion and increased 4.8% year over year.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $183.33, compared with the reported share price of $158.68.

NewEdge Wealth LLC bought a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 17,597 shares of the financial services provider's stock, valued at approximately $2,166,000.

Several other hedge funds also recently modified their holdings of ICE. Ares Financial Consulting LLC acquired a new position in shares of Intercontinental Exchange in the fourth quarter valued at approximately $25,000. Brooklands Fund Management Ltd acquired a new stake in shares of Intercontinental Exchange during the fourth quarter worth $28,000. Swiss RE Ltd. purchased a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $28,000. Lloyd Advisory Services LLC. acquired a new position in Intercontinental Exchange in the fourth quarter valued at $30,000. Finally, Kemnay Advisory Services Inc. purchased a new position in Intercontinental Exchange during the fourth quarter worth about $37,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Up 0.9%

Shares of NYSE:ICE opened at $158.68 on Friday. The stock has a 50-day simple moving average of $141.92 and a 200-day simple moving average of $151.63. The stock has a market capitalization of $89.08 billion, a P/E ratio of 22.41, a PEG ratio of 1.55 and a beta of 0.92. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $181.65. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $2.63 billion. During the same quarter last year, the firm posted $1.81 earnings per share. Intercontinental Exchange's revenue for the quarter was up 4.8% compared to the same quarter last year. Equities analysts forecast that Intercontinental Exchange Inc. will post 8.11 earnings per share for the current year.

Insider Buying and Selling at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the sale, the general counsel owned 45,473 shares of the company's stock, valued at $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the sale, the director owned 20,132 shares of the company's stock, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 17,709 shares of company stock worth $2,646,042. Insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group reaffirmed a "buy" rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Piper Sandler lowered their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a report on Wednesday, July 15th. The Goldman Sachs Group dropped their price target on shares of 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 shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 11th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $178.00 price target on shares of Intercontinental Exchange in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $183.33.

Intercontinental Exchange Company 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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