Veritas Asset Management LLP Sells 163,460 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Veritas Asset Management reduced its Intercontinental Exchange stake by 7.6%, selling 163,460 shares during the second quarter. The firm still owned 1.98 million shares valued at approximately $244.2 million, while institutional investors held 89.3% of ICE.
• Intercontinental Exchange reported quarterly earnings of $1.90 per share, exceeding estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Shares recently traded at $157.67, down 2.2%.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $184.17. However, company insiders sold 40,912 shares worth approximately $6.4 million during the quarter.

Veritas Asset Management LLP cut its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 7.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,983,591 shares of the financial services provider's stock after selling 163,460 shares during the quarter. Intercontinental Exchange accounts for about 4.5% of Veritas Asset Management LLP's investment portfolio, making the stock its 11th largest holding. Veritas Asset Management LLP owned approximately 0.35% of Intercontinental Exchange worth $244,200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ICE. Arizona State Retirement System grew its holdings in shares of Intercontinental Exchange by 0.6% in the second quarter. Arizona State Retirement System now owns 157,174 shares of the financial services provider's stock worth $19,350,000 after purchasing an additional 926 shares during the last quarter. Carmignac Gestion boosted its position in Intercontinental Exchange by 80.0% during the 2nd quarter. Carmignac Gestion now owns 2,070,226 shares of the financial services provider's stock valued at $254,861,000 after buying an additional 920,153 shares during the period. Empirical Finance LLC grew its holdings in Intercontinental Exchange by 9.1% in the 2nd quarter. Empirical Finance LLC now owns 9,673 shares of the financial services provider's stock worth $1,191,000 after acquiring an additional 803 shares during the last quarter. Nykredit A S purchased a new position in shares of Intercontinental Exchange in the second quarter valued at about $20,885,000. Finally, Parkside Financial Bank & Trust increased its position in shares of Intercontinental Exchange by 209.0% in the second quarter. Parkside Financial Bank & Trust now owns 5,627 shares of the financial services provider's stock valued at $693,000 after acquiring an additional 3,806 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Down 2.2%

Shares of ICE traded down $3.59 on Tuesday, reaching $157.67. The stock had a trading volume of 5,725,995 shares, compared to its average volume of 3,956,329. The firm has a market capitalization of $88.51 billion, a price-to-earnings ratio of 22.27, a price-to-earnings-growth ratio of 1.57 and a beta of 0.93. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The company has a 50-day simple moving average of $149.58 and a 200-day simple moving average of $151.68. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $176.59.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.81 earnings per share. Sell-side analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ICE. UBS Group reiterated a "buy" rating and set a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $178.00 price target on shares of Intercontinental Exchange in a research report on Friday, July 31st. Weiss Ratings upgraded Intercontinental Exchange from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. Raymond James Financial reiterated a "strong-buy" rating and issued a $218.00 price objective on shares of Intercontinental Exchange in a research report on Tuesday, September 1st. Finally, Wall Street Zen downgraded Intercontinental Exchange from a "hold" rating to a "sell" rating in a report on Saturday. 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. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $184.17.

Insider Activity

In other news, General Counsel Andrew Surdykowski sold 4,574 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total value of $739,935.98. Following the sale, the general counsel directly owned 43,065 shares of the company's stock, valued at $6,966,625.05. This represents a 9.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Benjamin Jackson sold 12,862 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $160.09, for a total transaction of $2,059,077.58. Following the completion of the transaction, the president owned 164,264 shares of the company's stock, valued at approximately $26,297,023.76. The trade was a 7.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 40,912 shares of company stock worth $6,403,616. 0.84% of the stock is currently owned by corporate insiders.

About Intercontinental Exchange

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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