Synergy Asset Management LLC Reduces Stake in Intercontinental Exchange, Inc. (NYSE:ICE)

Synergy Asset Management LLC cut its stake in shares of Intercontinental Exchange, Inc. (NYSE:ICE) by 3.4% during the second quarter, HoldingsChannel reports. The firm owned 91,245 shares of the financial services provider’s stock after selling 3,183 shares during the quarter. Intercontinental Exchange comprises 2.0% of Synergy Asset Management LLC’s holdings, making the stock its 11th largest position. Synergy Asset Management LLC’s holdings in Intercontinental Exchange were worth $12,491,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ICE. Arizona State Retirement System lifted its position in Intercontinental Exchange by 1.1% in the second quarter. Arizona State Retirement System now owns 166,004 shares of the financial services provider’s stock worth $22,724,000 after buying an additional 1,754 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Intercontinental Exchange by 17.0% during the second quarter. Victory Capital Management Inc. now owns 251,633 shares of the financial services provider’s stock valued at $34,446,000 after buying an additional 36,616 shares during the last quarter. Denver PWM LLC purchased a new stake in shares of Intercontinental Exchange in the second quarter worth approximately $27,000. 9258 Wealth Management LLC boosted its holdings in Intercontinental Exchange by 5.6% during the 2nd quarter. 9258 Wealth Management LLC now owns 8,241 shares of the financial services provider’s stock valued at $1,128,000 after acquiring an additional 438 shares during the period. Finally, Kornitzer Capital Management Inc. KS grew its position in Intercontinental Exchange by 0.4% in the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 95,517 shares of the financial services provider’s stock valued at $13,075,000 after acquiring an additional 414 shares during the last quarter. 89.30% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $168.00 price target on shares of Intercontinental Exchange in a report on Tuesday, August 6th. Citigroup lifted their price target on shares of Intercontinental Exchange from $160.00 to $162.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Argus reissued a “buy” rating and issued a $153.00 price objective on shares of Intercontinental Exchange in a research note on Tuesday, May 21st. Barclays raised their price target on Intercontinental Exchange from $159.00 to $167.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Finally, StockNews.com lowered shares of Intercontinental Exchange from a “hold” rating to a “sell” rating in a research note on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Intercontinental Exchange presently has an average rating of “Moderate Buy” and an average price target of $154.93.

Insiders Place Their Bets

In other news, Director Judith A. Sprieser sold 1,941 shares of the company’s stock in a transaction on Tuesday, August 27th. The shares were sold at an average price of $160.69, for a total value of $311,899.29. Following the sale, the director now directly owns 26,908 shares of the company’s stock, valued at approximately $4,323,846.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Martha A. Tirinnanzi sold 509 shares of the 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 sale, the director now owns 3,958 shares in the company, valued at $629,242.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Judith A. Sprieser sold 1,941 shares of the stock in a transaction on Tuesday, August 27th. The stock was sold at an average price of $160.69, for a total transaction of $311,899.29. Following the completion of the sale, the director now owns 26,908 shares in the company, valued at approximately $4,323,846.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,346 shares of company stock valued at $9,472,911. 1.10% of the stock is owned by insiders.

Intercontinental Exchange Stock Performance

NYSE:ICE traded up $0.45 during trading hours on Friday, hitting $163.05. 114,071 shares of the company were exchanged, compared to its average volume of 2,436,415. The company’s 50 day moving average price is $151.62 and its 200-day moving average price is $140.99. The stock has a market capitalization of $93.52 billion, a price-to-earnings ratio of 37.29, a PEG ratio of 2.84 and a beta of 1.08. Intercontinental Exchange, Inc. has a 52-week low of $104.49 and a 52-week high of $163.71. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.99 and a quick ratio of 0.99.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, August 1st. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.03. The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.31 billion. Intercontinental Exchange had a return on equity of 12.70% and a net margin of 21.43%. The firm’s revenue was up 22.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.43 EPS. As a group, research analysts forecast that Intercontinental Exchange, Inc. will post 6.04 earnings per share for the current year.

Intercontinental Exchange Company Profile

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.