Insider Selling: Intercontinental Exchange (NYSE:ICE) Director Sells 1,340 Shares

Intercontinental Exchange Inc. (NYSE:ICE) Director Martha Tirinnanzi sold 1,340 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $161.16, for a total value of $215,954.40. Following the transaction, the director owned 3,747 shares of the company’s stock, valued at $603,866.52. This trade represents a 26.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Intercontinental Exchange Trading Up 0.8%

NYSE:ICE traded up $1.22 on Friday, reaching $162.46. 3,000,844 shares of the company’s stock were exchanged, compared to its average volume of 3,957,768. 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 firm has a market capitalization of $91.20 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. The business has a fifty day moving average of $144.32 and a 200-day moving average of $151.43. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $177.76.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.81 earnings per share. As a group, analysts expect that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have commented on ICE. Barclays reissued an “overweight” rating and issued a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Raymond James Financial set a $208.00 price objective on Intercontinental Exchange in a research report on Monday, July 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $178.00 price objective on shares of Intercontinental Exchange in a research note on Friday, July 31st. Piper Sandler decreased their target price on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Finally, Weiss Ratings raised Intercontinental Exchange from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Intercontinental Exchange currently has an average rating of “Moderate Buy” and a consensus target price of $183.33.

Hedge Funds Weigh In On Intercontinental Exchange

A number of institutional investors and hedge funds have recently modified their holdings of ICE. PNC Financial Services Group Inc. grew its position in Intercontinental Exchange by 5.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider’s stock valued at $31,041,000 after buying an additional 10,742 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Intercontinental Exchange in the 2nd quarter worth $6,245,085,000. USS Investment Management Ltd boosted its holdings in shares of Intercontinental Exchange by 37.2% in the first quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider’s stock valued at $148,960,000 after acquiring an additional 256,851 shares in the last quarter. Walter Public Investments Inc. increased its stake in shares of Intercontinental Exchange by 13.8% during the fourth quarter. Walter Public Investments Inc. now owns 124,993 shares of the financial services provider’s stock worth $20,244,000 after acquiring an additional 15,129 shares during the period. Finally, Nicholas Company Inc. raised its holdings in Intercontinental Exchange by 10.1% during the fourth quarter. Nicholas Company Inc. now owns 437,155 shares of the financial services provider’s stock worth $70,802,000 after purchasing an additional 40,240 shares in the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

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.