Oak Asset Management LLC Lowers Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Oak Asset Management LLC has reduced its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 10.3%, selling 2,812 shares during the second quarter, now holding 24,436 shares valued at approximately $4.48 million.
• Intercontinental Exchange reported a 9.8% increase in revenue year-over-year for the second quarter, totaling $3.26 billion and surpassing analyst expectations.
• Several analysts have recently revised their price targets for Intercontinental Exchange, with numbers ranging from $202 to $212, indicating a general optimism towards the company's stock performance.

Oak Asset Management LLC trimmed its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 10.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,436 shares of the financial services provider's stock after selling 2,812 shares during the quarter. Intercontinental Exchange accounts for 1.6% of Oak Asset Management LLC's portfolio, making the stock its 17th largest position. Oak Asset Management LLC's holdings in Intercontinental Exchange were worth $4,483,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. REAP Financial Group LLC increased its position in Intercontinental Exchange by 116.7% in the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after purchasing an additional 91 shares during the period. Tsfg LLC lifted its holdings in shares of Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after purchasing an additional 103 shares in the last quarter. Menard Financial Group LLC bought a new position in shares of Intercontinental Exchange during the 4th quarter valued at about $29,000. Rakuten Securities Inc. lifted its holdings in shares of Intercontinental Exchange by 595.8% during the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 143 shares in the last quarter. Finally, Activest Wealth Management lifted its stake in Intercontinental Exchange by 4,050.0% in the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 162 shares in the last quarter. 89.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ICE shares. Piper Sandler boosted their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Barclays upped their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, UBS Group upped their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $194.92.

Insider Buying and Selling

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the sale, the chief executive officer owned 1,951,705 shares of the company's stock, valued at $357,337,668.45. This trade represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Duriya M. Farooqui sold 2,036 shares of the firm's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the completion of the sale, the director directly owned 14,299 shares of the company's stock, valued at approximately $2,550,083.66. The trade was a 12.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 231,669 shares of company stock valued at $42,333,438 in the last quarter. 1.00% of the stock is currently owned by insiders.

Intercontinental Exchange Stock Performance

Shares of NYSE ICE traded down $2.12 during midday trading on Tuesday, hitting $168.00. 1,134,595 shares of the stock traded hands, compared to its average volume of 2,989,617. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The firm has a 50-day moving average of $179.35 and a two-hundred day moving average of $175.01. The firm has a market capitalization of $96.17 billion, a P/E ratio of 32.25, a PEG ratio of 2.02 and a beta of 1.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $1.81 EPS 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 company had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $2.50 billion. During the same period last year, the firm earned $1.52 EPS. Intercontinental Exchange's revenue for the quarter was up 9.8% compared to the same quarter last year. On average, equities 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.