ARK Investment Management LLC Sells 6,844 Shares of Intercontinental Exchange, Inc. (NYSE:ICE)

ARK Investment Management LLC reduced its holdings in shares of Intercontinental Exchange, Inc. (NYSE:ICE) by 9.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,949 shares of the financial services provider’s stock after selling 6,844 shares during the quarter. ARK Investment Management LLC’s holdings in Intercontinental Exchange were worth $10,915,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ICE. Wolff Wiese Magana LLC grew its holdings in shares of Intercontinental Exchange by 1,470.0% during the third quarter. Wolff Wiese Magana LLC now owns 157 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 147 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Intercontinental Exchange in the third quarter worth about $26,000. Financial Management Professionals Inc. increased its stake in Intercontinental Exchange by 106.1% in the 3rd quarter. Financial Management Professionals Inc. now owns 169 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 87 shares during the period. Fairscale Capital LLC bought a new stake in Intercontinental Exchange during the 2nd quarter valued at $25,000. Finally, New Millennium Group LLC bought a new position in shares of Intercontinental Exchange during the second quarter valued at about $25,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ICE shares. Piper Sandler raised their target price on shares of Intercontinental Exchange from $170.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 8th. TD Cowen initiated coverage on shares of Intercontinental Exchange in a report on Thursday, September 26th. They issued a “buy” rating and a $182.00 price objective for the company. JPMorgan Chase & Co. upped their target price 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 target price on Intercontinental Exchange from $179.00 to $173.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Finally, Morgan Stanley lifted their price target on Intercontinental Exchange from $160.00 to $174.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Intercontinental Exchange has an average rating of “Moderate Buy” and an average price target of $173.93.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $156.11 on Friday. The stock has a market cap of $89.64 billion, a PE ratio of 36.99, a P/E/G ratio of 2.57 and a beta of 1.08. Intercontinental Exchange, Inc. has a twelve month low of $107.76 and a twelve month high of $167.99. The stock has a fifty day simple moving average of $161.71 and a 200-day simple moving average of $148.85. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.68.

Intercontinental Exchange (NYSE:ICE) last issued its quarterly earnings results 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. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Intercontinental Exchange had a net margin of 21.31% and a return on equity of 12.75%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 earnings per share. Equities analysts anticipate that Intercontinental Exchange, Inc. will post 6.09 earnings per share for the current year.

Intercontinental Exchange Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.15%. The ex-dividend date is Monday, December 16th. Intercontinental Exchange’s payout ratio is currently 42.65%.

Insider Buying and Selling at Intercontinental Exchange

In other Intercontinental Exchange news, Director Martha A. Tirinnanzi sold 509 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $158.98, for a total transaction of $80,920.82. Following the transaction, the director now directly owns 3,958 shares in the company, valued at approximately $629,242.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Stuart Glen Williams sold 468 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $162.81, for a total transaction of $76,195.08. Following the completion of the transaction, the chief operating officer now owns 13,530 shares of the company’s stock, valued at approximately $2,202,819.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $80,920.82. Following the completion of the transaction, the director now directly owns 3,958 shares in the company, valued at approximately $629,242.84. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,489 shares of company stock worth $1,202,259. 1.10% of the stock is currently owned by insiders.

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.