Tower Bridge Advisors Sells 368 Shares of Intercontinental Exchange, Inc. (NYSE:ICE)

Tower Bridge Advisors reduced its stake in shares of Intercontinental Exchange, Inc. (NYSE:ICE) by 0.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 38,653 shares of the financial services provider’s stock after selling 368 shares during the period. Tower Bridge Advisors’ holdings in Intercontinental Exchange were worth $6,209,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. New Millennium Group LLC bought a new stake in Intercontinental Exchange during the second quarter worth about $25,000. International Assets Investment Management LLC purchased a new position in shares of Intercontinental Exchange during the 2nd quarter valued at about $25,000. Fairscale Capital LLC purchased a new position in shares of Intercontinental Exchange during the 2nd quarter valued at about $25,000. Wolff Wiese Magana LLC lifted its position in Intercontinental Exchange by 1,470.0% in the 3rd quarter. Wolff Wiese Magana LLC now owns 157 shares of the financial services provider’s stock worth $25,000 after buying an additional 147 shares during the last quarter. Finally, Northwest Investment Counselors LLC purchased a new stake in Intercontinental Exchange in the third quarter worth approximately $26,000. 89.30% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, COO Stuart Glen Williams sold 468 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $162.81, for a total value of $76,195.08. Following the sale, the chief operating officer now directly owns 13,530 shares of the company’s stock, valued at $2,202,819.30. This represents a 3.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Martha A. Tirinnanzi sold 509 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $158.98, for a total value of $80,920.82. Following the transaction, the director now directly owns 3,958 shares of the company’s stock, valued at $629,242.84. This represents a 11.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,489 shares of company stock worth $1,202,259 over the last three months. Company insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Piper Sandler lifted their price target on shares of Intercontinental Exchange from $170.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. JPMorgan Chase & Co. lifted their target price on shares of Intercontinental Exchange from $171.00 to $188.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. Barclays cut their price target on shares of Intercontinental Exchange from $179.00 to $173.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $168.00 price objective on shares of Intercontinental Exchange in a report on Tuesday, August 6th. Finally, StockNews.com raised Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Intercontinental Exchange has an average rating of “Moderate Buy” and an average price target of $174.13.

Intercontinental Exchange Stock Performance

Shares of ICE stock opened at $155.55 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.68. The stock has a fifty day moving average of $160.97 and a 200 day moving average of $150.07. The firm has a market capitalization of $89.31 billion, a price-to-earnings ratio of 36.86, a PEG ratio of 2.57 and a beta of 1.08. Intercontinental Exchange, Inc. has a 52 week low of $110.64 and a 52 week high of $167.99.

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