Phraction Management LLC Cuts Stock Position in Intercontinental Exchange Inc. $ICE

Phraction Management LLC trimmed its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 17.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,023 shares of the financial services provider’s stock after selling 7,550 shares during the quarter. Intercontinental Exchange makes up approximately 2.1% of Phraction Management LLC’s investment portfolio, making the stock its 17th largest position. Phraction Management LLC’s holdings in Intercontinental Exchange were worth $6,609,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Intercontinental Exchange by 1.4% during the first quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider’s stock worth $9,132,211,000 after acquiring an additional 712,179 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider’s stock valued at $1,109,780,000 after purchasing an additional 5,345,388 shares during the last quarter. Amundi lifted its holdings in Intercontinental Exchange by 14.7% in the 1st quarter. Amundi now owns 6,315,706 shares of the financial services provider’s stock valued at $1,060,574,000 after purchasing an additional 810,938 shares in the last quarter. Independent Franchise Partners LLP lifted its holdings in Intercontinental Exchange by 0.5% in the 1st quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider’s stock valued at $1,068,193,000 after purchasing an additional 31,588 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Intercontinental Exchange by 113.9% during the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider’s stock worth $1,025,230,000 after purchasing an additional 3,165,381 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

Intercontinental Exchange Trading Down 1.1%

ICE opened at $160.85 on Friday. The stock has a market capitalization of $92.07 billion, a PE ratio of 30.87, a P/E/G ratio of 1.95 and a beta of 1.08. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The business’s 50 day moving average price is $176.97 and its 200 day moving average price is $174.74.

Intercontinental Exchange (NYSE:ICE) 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 analysts’ consensus estimates of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.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 company earned $1.52 EPS. The company’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, equities research analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Insider Buying and Selling at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 3,850 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total value of $686,570.50. Following the completion of the sale, the general counsel owned 46,293 shares in the company, valued at approximately $8,255,430.69. This trade represents a 7.68% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Stuart Glen Williams sold 939 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $172.04, for a total value of $161,545.56. Following the transaction, the chief operating officer owned 16,624 shares in the company, valued at $2,859,992.96. This trade represents a 5.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 230,874 shares of company stock valued at $42,187,714. 1.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ICE has been the subject of a number of recent research reports. UBS Group increased their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Tuesday, July 8th. Piper Sandler increased their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a report on Tuesday, July 15th. Morgan Stanley decreased their target price on shares of Intercontinental Exchange from $192.00 to $188.00 and set an “equal weight” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. upped their price target on Intercontinental Exchange from $195.00 to $203.00 and gave the company an “overweight” rating in a research report on Thursday, September 25th. Finally, Barclays increased their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the company an “overweight” rating in a report on Friday, August 1st. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $198.20.

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.