HighTower Advisors LLC Reduces Stock Holdings in Intercontinental Exchange, Inc. (NYSE:ICE)

HighTower Advisors LLC decreased its stake in Intercontinental Exchange, Inc. (NYSE:ICE) by 2.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 255,900 shares of the financial services provider’s stock after selling 7,379 shares during the period. HighTower Advisors LLC’s holdings in Intercontinental Exchange were worth $41,050,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Mather Group LLC. grew its holdings in shares of Intercontinental Exchange by 7.5% during the second quarter. Mather Group LLC. now owns 2,206 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 154 shares during the last quarter. Valeo Financial Advisors LLC grew its holdings in shares of Intercontinental Exchange by 1.5% during the second quarter. Valeo Financial Advisors LLC now owns 6,329 shares of the financial services provider’s stock worth $866,000 after purchasing an additional 95 shares during the last quarter. Simplicity Wealth LLC grew its holdings in shares of Intercontinental Exchange by 1.8% during the second quarter. Simplicity Wealth LLC now owns 9,777 shares of the financial services provider’s stock worth $1,338,000 after purchasing an additional 170 shares during the last quarter. BDF Gestion purchased a new position in shares of Intercontinental Exchange during the second quarter worth about $2,849,000. Finally, Manning & Napier Advisors LLC purchased a new position in shares of Intercontinental Exchange during the second quarter worth about $124,508,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, General Counsel Andrew J. Surdykowski sold 2,048 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $159.57, for a total transaction of $326,799.36. Following the completion of the sale, the general counsel now directly owns 44,865 shares of the company’s stock, valued at $7,159,108.05. The trade was a 4.37 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Benjamin Jackson sold 5,828 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $160.00, for a total transaction of $932,480.00. Following the sale, the president now directly owns 156,163 shares of the company’s stock, valued at $24,986,080. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 9,696 shares of company stock valued at $1,554,559. Company insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Intercontinental Exchange from $171.00 to $188.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Barclays lowered their price target on Intercontinental Exchange from $179.00 to $173.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Piper Sandler raised their price target on Intercontinental Exchange from $170.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Morgan Stanley raised their price target on Intercontinental Exchange from $160.00 to $174.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $200.00 price objective on shares of Intercontinental Exchange in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, Intercontinental Exchange has an average rating of “Moderate Buy” and an average target price of $174.13.

Intercontinental Exchange Price Performance

ICE stock opened at $156.14 on Thursday. The firm has a 50 day moving average of $160.47 and a 200-day moving average of $152.37. Intercontinental Exchange, Inc. has a 12-month low of $111.82 and a 12-month high of $167.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.68. The company has a market cap of $89.65 billion, a price-to-earnings ratio of 37.00, a PEG ratio of 2.61 and a beta of 1.08.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings data on Thursday, October 31st. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.55. Intercontinental Exchange had a return on equity of 12.75% and a net margin of 21.31%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm posted $1.46 EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, equities analysts expect that Intercontinental Exchange, Inc. will post 6.07 EPS for the current fiscal year.

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.