Phraction Management LLC Cuts Stock Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Phraction Management LLC reduced its stake in Intercontinental Exchange Inc. by 17.3%, holding 36,023 shares valued at approximately $6.6 million as of its latest SEC filing.
• Insider sales at Intercontinental Exchange have occurred recently, with directors selling a total of 230,874 shares worth over $42 million in the last quarter.
• The stock is currently down 1.1%, with a 12-month low of $142.29 and a high of $189.35, while analysts maintain an average rating of "Moderate Buy".

Phraction Management LLC lessened its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 17.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 36,023 shares of the financial services provider's stock after selling 7,550 shares during the period. Intercontinental Exchange comprises 2.1% of Phraction Management LLC's holdings, making the stock its 17th biggest position. Phraction Management LLC's holdings in Intercontinental Exchange were worth $6,609,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Tsfg LLC lifted its holdings in Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after buying an additional 103 shares during the period. Activest Wealth Management raised its position in shares of Intercontinental Exchange by 4,050.0% in the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock worth $29,000 after acquiring an additional 162 shares in the last quarter. Rakuten Securities Inc. boosted its position in 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 purchasing an additional 143 shares in the last quarter. Hilltop National Bank purchased a new position in Intercontinental Exchange in the second quarter valued at about $31,000. Finally, McClarren Financial Advisors Inc. bought a new position in Intercontinental Exchange in the first quarter worth about $30,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Intercontinental Exchange news, Director Judith A. Sprieser sold 2,900 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The stock was 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 in the company, valued at approximately $3,170,672.19. This represents a 13.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Duriya M. Farooqui sold 2,036 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total transaction of $363,100.24. Following the transaction, the director directly owned 14,299 shares of the company's stock, valued at approximately $2,550,083.66. This trade represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,874 shares of company stock worth $42,187,714. 1.00% of the stock is currently owned by company insiders.

Intercontinental Exchange Stock Down 1.1%

ICE stock opened at $160.85 on Friday. The firm's fifty day simple moving average is $176.97 and its 200-day simple moving average is $174.74. The company has a market capitalization of $92.07 billion, a P/E ratio of 30.87, a price-to-earnings-growth ratio of 1.95 and a beta of 1.08. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter last year, the company posted $1.52 earnings per share. The firm's revenue was up 9.8% compared to the same quarter last year. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ICE. Barclays raised their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. JPMorgan Chase & Co. upped their price objective on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a report on Thursday, September 25th. Morgan Stanley cut their price target on shares of Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating on the stock in a research note on Wednesday. UBS Group raised their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Piper Sandler lifted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $198.20.

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.

Want to see what other hedge funds are holding ICE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intercontinental Exchange Inc. (NYSE:ICE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.