SVB Wealth LLC Cuts Stake in Intercontinental Exchange Inc. $ICE

SVB Wealth LLC cut its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 19.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,005 shares of the financial services provider’s stock after selling 6,883 shares during the period. SVB Wealth LLC’s holdings in Intercontinental Exchange were worth $4,562,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of research analysts recently weighed in on ICE shares. TD Cowen reduced their target price on Intercontinental Exchange from $193.00 to $153.00 and set a “buy” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target for the company in a research note on Friday, March 6th. Piper Sandler restated an “overweight” rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research note on Thursday, June 11th. Finally, Morgan Stanley boosted their target price on Intercontinental Exchange from $183.00 to $187.00 and gave the stock an “equal weight” rating in a report on Friday, April 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Intercontinental Exchange currently has a consensus rating of “Moderate Buy” and a consensus target price of $189.36.

Intercontinental Exchange News Roundup

Here are the key news stories impacting Intercontinental Exchange this week:

• Positive Sentiment: ICE announced a joint venture with OKX to build U.S.-regulated infrastructure that will connect traditional finance and digital assets, potentially opening new revenue opportunities in tokenized equities and futures. Intercontinental Exchange and OKX Establish Joint Venture to Bridge Traditional and Digital Asset Markets
• Positive Sentiment: The company also launched ICE GreenTrace, a new environmental registry technology service, expanding its market infrastructure footprint into carbon credit registries. ICE Launches ICE GreenTrace its New Environmental Registry Technology Service
• Neutral Sentiment: Former New York Governor Andrew Cuomo was named to help lead the OKX-ICE venture, which adds visibility to the project but does not yet change fundamentals because it still needs regulatory approval. Andrew Cuomo to lead joint TradFi-crypto venture between OKX and Intercontinental Exchange
• Neutral Sentiment: TD Cowen trimmed its price target on ICE to $153 from $193, though it kept a buy rating, signaling continued upside but slightly less optimism than before. Intercontinental Exchange price target lowered by TD Cowen

Intercontinental Exchange Stock Performance

NYSE:ICE opened at $131.23 on Tuesday. The firm’s fifty day simple moving average is $150.73 and its 200 day simple moving average is $158.44. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a twelve month low of $129.82 and a twelve month high of $189.35. The firm has a market capitalization of $74.21 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 1.28 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the firm earned $1.72 EPS. The firm’s quarterly revenue was up 20.4% compared to the same quarter last year. As a group, equities research analysts expect that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the sale, the director 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Warren Gardiner sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total value of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares in the company, valued at approximately $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 13,425 shares of company stock valued at $2,046,324. 0.84% of the stock is owned by insiders.

Intercontinental Exchange Profile

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.