Smallwood Wealth Investment Management LLC lowered its position in shares of Intercontinental Exchange Inc. (NYSE:ICE – Free Report) by 38.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,837 shares of the financial services provider’s stock after selling 12,921 shares during the period. Intercontinental Exchange comprises about 1.3% of Smallwood Wealth Investment Management LLC’s investment portfolio, making the stock its 17th biggest holding. Smallwood Wealth Investment Management LLC’s holdings in Intercontinental Exchange were worth $3,168,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Intercontinental Exchange during the second quarter worth about $6,245,085,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Intercontinental Exchange during the 2nd quarter valued at about $714,869,000. Flossbach Von Storch SE bought a new position in Intercontinental Exchange during the 2nd quarter valued at approximately $649,900,000. Bank of America Corp DE purchased a new stake in Intercontinental Exchange in the 2nd quarter worth approximately $521,557,000. Finally, Jupiter Topco LLC purchased a new stake in Intercontinental Exchange in the 2nd quarter worth approximately $474,012,000. Institutional investors own 89.30% of the company’s stock.
Intercontinental Exchange Trading Up 2.3%
NYSE ICE opened at $174.91 on Thursday. The firm has a market capitalization of $97.75 billion, a PE ratio of 23.86, a P/E/G ratio of 1.50 and a beta of 0.84. The stock’s 50 day moving average is $158.20 and its 200 day moving average is $154.63. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $176.05. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.68.
Intercontinental Exchange (NYSE:ICE – Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The financial services provider reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.05. The business had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $2.74 billion. Intercontinental Exchange had a return on equity of 15.32% and a net margin of 29.62%. The firm’s quarterly revenue was up 14.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.71 earnings per share. Research analysts forecast that Intercontinental Exchange Inc. will post 8.21 earnings per share for the current fiscal year.
Key Headlines Impacting Intercontinental Exchange
Here are the key news stories impacting Intercontinental Exchange this week:
- Positive Sentiment: Shares reached a fresh all-time high. The record suggests strong investor momentum. Bank of America Securities also maintained its Buy rating, reinforcing a favorable analyst view. ICE reaches a fresh all-time high Bank of America maintains Buy rating
- Positive Sentiment: Gateway Mortgage chose ICE’s servicing platform. Its selection of MSP and integrated servicing solutions adds a customer and may support ICE’s mortgage-technology business and recurring revenue. Gateway Mortgage selects ICE servicing solutions
- Positive Sentiment: ICE is pursuing new derivatives-market opportunities. Its planned exchange using Hyperliquid infrastructure could broaden its reach and create future trading-fee potential, though the opportunity faces regulatory and legal uncertainty. ICE plans a derivatives exchange using Hyperliquid
- Neutral Sentiment: ICE released October trading statistics. The monthly report provides investors with operating data, but the supplied article details no figures to indicate whether activity improved. CFO Warren Gardiner is also scheduled to speak at a November 17 investor conference, offering a potential update but no new guidance yet. ICE reports October statistics ICE CFO to present at investor conference
- Negative Sentiment: A lawsuit could complicate the new futures opportunity. Cboe and Citadel Securities are challenging the CFTC’s approval of stock perpetual futures. If the challenge succeeds, it could delay or constrain the U.S. market ICE hopes to enter. Cboe and Citadel sue over approval of stock perpetual futures
Insider Buying and Selling
In other Intercontinental Exchange news, insider Christopher Edmonds sold 5,000 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $160.59, for a total value of $802,950.00. Following the sale, the insider owned 14,367 shares in the company, valued at approximately $2,307,196.53. This represents a 25.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Mayur Kapani sold 4,271 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total transaction of $645,775.20. Following the transaction, the chief technology officer directly owned 67,988 shares of the company’s stock, valued at $10,279,785.60. This represents a 5.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 36,309 shares of company stock worth $5,787,841 over the last 90 days. Corporate insiders own 0.84% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on ICE. TD Cowen boosted their target price on Intercontinental Exchange from $167.00 to $182.00 and gave the company a “hold” rating in a research note on Friday, October 30th. Wells Fargo & Company raised their price target on Intercontinental Exchange from $160.00 to $167.00 and gave the stock an “underweight” rating in a research note on Friday, October 30th. The Goldman Sachs Group lifted their price target on shares of Intercontinental Exchange from $192.00 to $195.00 and gave the company a “buy” rating in a report on Friday, October 2nd. Wall Street Zen raised shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Saturday, October 10th. Finally, Bank of America upped their price objective on shares of Intercontinental Exchange from $232.00 to $236.00 and gave the stock a “buy” rating in a report on Friday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $189.25.
View Our Latest Stock Analysis on ICE
About Intercontinental Exchange
Intercontinental Exchange, Inc (NYSE:ICE) is a global operator of exchanges, clearinghouses, data services and technology platforms. The company owns and operates the New York Stock Exchange and other exchanges serving equity, options, futures and over-the-counter markets. Its marketplaces support trading in areas including energy, agricultural commodities, interest rates, currencies, equity indexes and individual stocks.
ICE also provides clearing and settlement services that help manage counterparty and transaction risk, along with market data, analytics, connectivity and other technology solutions for financial institutions and businesses.
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