Waverly Advisors LLC Lowers Stock Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Waverly Advisors cut its Intercontinental Exchange stake by 47.5% in the second quarter, selling 17,236 shares and retaining 19,056 shares valued at approximately $2.35 million. Institutional investors overall own 89.3% of ICE.
• ICE reported quarterly earnings of $1.90 per share, exceeding the $1.84 analyst consensus, while revenue reached $3.61 billion and increased 4.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $184.17, compared with the stock’s reported price of $157.49.

Waverly Advisors LLC cut its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 47.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,056 shares of the financial services provider's stock after selling 17,236 shares during the quarter. Waverly Advisors LLC's holdings in Intercontinental Exchange were worth $2,346,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Rakuten Securities Inc. purchased a new stake in Intercontinental Exchange during the second quarter worth about $26,000. Brooklands Fund Management Ltd purchased a new position in shares of Intercontinental Exchange in the fourth quarter valued at approximately $28,000. Swiss RE Ltd. purchased a new position in shares of Intercontinental Exchange in the fourth quarter valued at approximately $28,000. Lloyd Advisory Services LLC. acquired a new position in shares of Intercontinental Exchange in the fourth quarter valued at approximately $30,000. Finally, Gables Capital Management Inc. acquired a new position in shares of Intercontinental Exchange in the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Up 1.1%

Shares of Intercontinental Exchange stock opened at $157.49 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $176.59. The company has a market capitalization of $88.41 billion, a P/E ratio of 22.24, a P/E/G ratio of 1.53 and a beta of 0.93. The company has a 50 day moving average of $151.14 and a 200 day moving average of $151.76.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company's quarterly revenue was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.81 EPS. As a group, research analysts forecast that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ICE shares. Barclays reiterated an "overweight" rating and set a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Piper Sandler cut their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. TD Cowen reiterated a "buy" rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Morgan Stanley lowered their target price on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a research note on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $184.17.

Insider Activity

In other Intercontinental Exchange news, SVP Douglas Foley sold 7,300 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the completion of the sale, the senior vice president directly owned 19,063 shares of the company's stock, valued at $2,838,099.44. The trade was a 27.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Mayur Kapani sold 4,271 shares of the company's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total value of $645,775.20. Following the transaction, the chief technology officer directly owned 67,988 shares of the company's stock, valued at approximately $10,279,785.60. This represents a 5.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 39,579 shares of company stock valued at $6,217,715. Insiders own 0.84% of the company's stock.

About Intercontinental Exchange

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.

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