Intercontinental Exchange Inc. $ICE Stake Lessened by Magellan Asset Management Ltd

Magellan Asset Management Ltd lessened its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 5.8% during the first quarter, Holdings Channel.com reports. The fund owned 1,186,393 shares of the financial services provider’s stock after selling 72,927 shares during the period. Intercontinental Exchange accounts for about 2.4% of Magellan Asset Management Ltd’s holdings, making the stock its 15th biggest holding. Magellan Asset Management Ltd’s holdings in Intercontinental Exchange were worth $186,596,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. ICONIQ Capital LLC boosted its stake in Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock valued at $481,000 after purchasing an additional 56 shares in the last quarter. Mechanics Financial Corp raised its stake in shares of Intercontinental Exchange by 1.0% in the 4th quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider’s stock worth $994,000 after buying an additional 60 shares in the last quarter. Mission Wealth Management LP raised its stake in shares of Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock worth $423,000 after buying an additional 62 shares in the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of Intercontinental Exchange by 1.9% in the fourth quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider’s stock valued at $548,000 after buying an additional 63 shares during the period. Finally, Evergreen Capital Management LLC boosted its stake in Intercontinental Exchange by 1.5% during the fourth quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider’s stock valued at $681,000 after buying an additional 63 shares in the last quarter. Institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Trading Down 2.2%

Shares of NYSE ICE opened at $138.50 on Wednesday. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $189.35. The company has a market cap of $78.32 billion, a price-to-earnings ratio of 20.16, a P/E/G ratio of 1.46 and a beta of 0.94. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The business has a fifty day simple moving average of $140.17 and a 200-day simple moving average of $154.40.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.Intercontinental Exchange’s revenue was up 20.4% on a year-over-year basis. During the same quarter last year, the business posted $1.72 EPS. Sell-side analysts predict that Intercontinental Exchange Inc. will post 8.07 EPS for the current year.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the transaction, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the transaction, the director directly owned 20,132 shares in the company, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 13,425 shares of company stock valued at $2,046,324. Corporate insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ICE shares. UBS Group lowered their target price on Intercontinental Exchange from $205.00 to $190.00 and set a “buy” rating on the stock in a report on Tuesday, July 7th. Raymond James Financial set a $208.00 price objective on shares of Intercontinental Exchange in a research report on Monday, July 6th. Piper Sandler lowered their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a report on Thursday, June 11th. Finally, 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 note on Tuesday, June 30th. One equities 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. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $181.58.

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.