Quadcap Wealth Management LLC Decreases Position in Intercontinental Exchange Inc. $ICE

Key Points

• Quadcap Wealth Management LLC reduced its stake in Intercontinental Exchange (ICE) by 26.4%, selling 1,628 shares, leaving it with a total of 4,534 shares valued at approximately $782,000.
• Several other institutional investors have increased their positions in ICE, including REAP Financial Group, which grew its stake by 116.7% recently.
• ICE's stock has received various positive price target updates from analysts, with the consensus now set at $194.92, reflecting strong investor sentiment towards the company.

Quadcap Wealth Management LLC reduced its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 26.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,534 shares of the financial services provider's stock after selling 1,628 shares during the period. Quadcap Wealth Management LLC's holdings in Intercontinental Exchange were worth $782,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Intercontinental Exchange by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock worth $9,132,211,000 after acquiring an additional 712,179 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Intercontinental Exchange by 132.9% in the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock valued at $1,359,173,000 after purchasing an additional 5,204,309 shares during the period. Northern Trust Corp increased its position in shares of Intercontinental Exchange by 9.7% in the 4th quarter. Northern Trust Corp now owns 7,422,007 shares of the financial services provider's stock valued at $1,105,953,000 after buying an additional 655,247 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock valued at $1,109,780,000 after buying an additional 5,345,388 shares in the last quarter. Finally, Independent Franchise Partners LLP increased its position in shares of Intercontinental Exchange by 0.5% in the 1st quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock valued at $1,068,193,000 after buying an additional 31,588 shares in the last quarter. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Trading Down 0.3%

Shares of Intercontinental Exchange stock traded down $0.54 during trading on Friday, hitting $176.60. The company's stock had a trading volume of 1,775,543 shares, compared to its average volume of 3,016,317. The stock has a market cap of $101.09 billion, a price-to-earnings ratio of 33.90, a price-to-earnings-growth ratio of 2.11 and a beta of 1.11. 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 52 week low of $142.29 and a 52 week high of $189.35. The stock has a 50-day moving average price of $182.07 and a two-hundred day moving average price of $174.55.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.04. The business had revenue of $3.26 billion for the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. Intercontinental Exchange's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.52 earnings per share. Equities research analysts anticipate that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Morgan Stanley increased their target price on Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Piper Sandler raised their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. UBS Group raised their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Finally, Barclays raised their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $194.92.

Insider Activity

In other news, SVP Douglas Foley sold 1,600 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $177.48, for a total transaction of $283,968.00. Following the transaction, the senior vice president owned 27,313 shares in the company, valued at approximately $4,847,511.24. This represents a 5.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction dated 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 owned 14,299 shares in the company, valued at $2,550,083.66. This represents a 12.46% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 449,993 shares of company stock valued at $81,486,507. Corporate insiders own 1.00% of the company's stock.

About Intercontinental Exchange

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.