State of Alaska Department of Revenue Sells 2,895 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• The State of Alaska Department of Revenue reduced its stake in Intercontinental Exchange Inc. by 4.3%, selling 2,895 shares in the second quarter, bringing its total holdings to 64,436 shares valued at approximately $11.82 million.
• Analysts have recently increased their price targets for Intercontinental Exchange, with UBS raising its target to $210 and Barclays to $212, both reinforcing a "buy" or "overweight" rating.
• Intercontinental Exchange reported $1.81 earnings per share for the last quarter, exceeding estimates, and had revenues of $3.26 billion, marking a 9.8% increase year-over-year.

State of Alaska Department of Revenue trimmed its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 4.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,436 shares of the financial services provider's stock after selling 2,895 shares during the period. State of Alaska Department of Revenue's holdings in Intercontinental Exchange were worth $11,822,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Tsfg LLC increased its stake in Intercontinental Exchange by 187.3% in the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after buying an additional 103 shares during the last quarter. Rakuten Securities Inc. increased its position in shares of Intercontinental Exchange by 595.8% in the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 143 shares during the last quarter. Activest Wealth Management increased its position in shares of Intercontinental Exchange by 4,050.0% in the first 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 during the last quarter. McClarren Financial Advisors Inc. bought a new stake in Intercontinental Exchange during the first quarter worth about $30,000. Finally, Global Trust Asset Management LLC acquired a new position in Intercontinental Exchange during the first quarter valued at approximately $31,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on ICE shares. UBS Group boosted their price target on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Barclays upped their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Piper Sandler lifted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. upped their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a report on Thursday. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $197.36.

Intercontinental Exchange Stock Performance

Shares of ICE stock opened at $167.69 on Friday. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $189.35. The company has a market capitalization of $95.99 billion, a price-to-earnings ratio of 32.19, a PEG ratio of 2.00 and a beta of 1.10. The company has a 50-day simple moving average of $178.30 and a 200 day simple moving average of $174.94. 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 issued its quarterly earnings data 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 the consensus estimate of $2.50 billion. During the same period last year, the business posted $1.52 earnings per share. The business's revenue for the quarter was up 9.8% compared to the same quarter last year. On average, sell-side analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Insider Activity

In other news, General Counsel Andrew J. Surdykowski sold 3,850 shares of Intercontinental Exchange stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $178.33, for a total transaction of $686,570.50. Following the completion of the sale, the general counsel owned 46,293 shares of the company's stock, valued at approximately $8,255,430.69. This trade represents a 7.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $175.62, for a total transaction of $280,992.00. Following the completion of the sale, the senior vice president directly owned 25,796 shares of the company's stock, valued at approximately $4,530,293.52. The trade was a 5.84% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 231,669 shares of company stock worth $42,333,438. 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.

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