Western Wealth Management LLC Purchases New Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Western Wealth Management acquired 6,586 shares of Intercontinental Exchange worth approximately $811,000 during the second quarter. Institutional investors and hedge funds collectively own 89.30% of ICE.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $183.33, despite several firms lowering their targets.
• ICE beat quarterly earnings expectations, reporting $1.90 in adjusted EPS versus $1.84 forecast and $3.61 billion in revenue. However, company insiders have sold 17,227 shares worth about $2.6 million over the past 90 days.

Western Wealth Management LLC acquired a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 6,586 shares of the financial services provider's stock, valued at approximately $811,000.

Several other large investors also recently added to or reduced their stakes in ICE. J. Stern & Co. LLP raised its position in Intercontinental Exchange by 17,398.1% during the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock valued at $8,763,214,000 after buying an additional 53,798,055 shares during the period. BlackRock Inc. purchased a new stake in Intercontinental Exchange in the 2nd quarter worth about $6,245,085,000. Norges Bank acquired a new stake in Intercontinental Exchange during the 4th quarter worth about $1,418,228,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Intercontinental Exchange during the 2nd quarter worth about $714,869,000. Finally, Flossbach Von Storch SE purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $649,900,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,491 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the transaction, the chief financial officer owned 22,698 shares in the company, valued at $3,547,697.40. This represents a 9.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Douglas Foley sold 1,600 shares of the firm's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $160.00, for a total transaction of $256,000.00. Following the transaction, the senior vice president owned 17,463 shares in the company, valued at $2,794,080. This represents a 8.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 17,227 shares of company stock valued at $2,598,301. 0.84% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on ICE. Piper Sandler reduced their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. UBS Group reaffirmed a "buy" rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Wall Street Zen upgraded shares of Intercontinental Exchange from a "sell" rating to a "hold" rating in a research note on Saturday. The Goldman Sachs Group cut their target price on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Barclays restated an "overweight" rating and set a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $183.33.

Intercontinental Exchange Stock Down 0.7%

Shares of Intercontinental Exchange stock opened at $161.93 on Wednesday. The firm has a market cap of $90.90 billion, a price-to-earnings ratio of 22.87, a P/E/G ratio of 1.58 and a beta of 0.92. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $179.20. The stock has a 50-day simple moving average of $143.22 and a 200-day simple moving average of $151.53.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion during 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 quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.81 EPS. On average, equities research analysts expect that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

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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