Westpac Banking Corp Sells 4,497 Shares of Intercontinental Exchange Inc. $ICE

Westpac Banking Corp reduced its holdings in Intercontinental Exchange Inc. (NYSE:ICE) by 13.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 28,054 shares of the financial services provider’s stock after selling 4,497 shares during the quarter. Westpac Banking Corp’s holdings in Intercontinental Exchange were worth $4,544,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. ICONIQ Capital LLC grew its position in shares of Intercontinental Exchange by 2.2% in the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock worth $481,000 after buying an additional 56 shares during the last quarter. Mechanics Financial Corp grew its position in shares of Intercontinental Exchange by 1.0% in the 4th quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider’s stock worth $994,000 after buying an additional 60 shares during the last quarter. Mission Wealth Management LP grew its position in shares of Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock worth $423,000 after buying an additional 62 shares during the last quarter. Aaron Wealth Advisors LLC grew its position in shares of Intercontinental Exchange by 1.9% in the 4th quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider’s stock worth $548,000 after buying an additional 63 shares during the last quarter. Finally, Evergreen Capital Management LLC grew its position in shares of Intercontinental Exchange by 1.5% in the 4th quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider’s stock worth $681,000 after buying an additional 63 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods assumed coverage on Intercontinental Exchange in a research report on Wednesday, April 8th. They issued an “outperform” rating and a $190.00 price objective on the stock. Wall Street Zen upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday, February 7th. Weiss Ratings cut Intercontinental Exchange from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, April 24th. Piper Sandler restated an “overweight” rating and issued a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Finally, Morgan Stanley raised their target price on Intercontinental Exchange from $183.00 to $187.00 and gave the company an “equal weight” rating in a research note on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $194.60.

Insider Buying and Selling

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the transaction, the chief financial officer owned 25,189 shares in the company, valued at approximately $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total value of $100,903.76. Following the transaction, the director owned 15,077 shares of the company’s stock, valued at $2,280,848.56. The trade was a 4.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,001 shares of company stock worth $1,847,820 over the last three months. 0.84% of the stock is owned by corporate insiders.

Intercontinental Exchange Trading Down 1.7%

ICE opened at $142.53 on Wednesday. The stock has a market cap of $80.60 billion, a PE ratio of 20.75, a PEG ratio of 1.39 and a beta of 0.92. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The business has a 50 day moving average of $157.12 and a 200-day moving average of $160.10. Intercontinental Exchange Inc. has a 52 week low of $136.67 and a 52 week high of $189.35.

Intercontinental Exchange (NYSE:ICE) last released its earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $0.12. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.72 EPS. Equities research analysts predict that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current fiscal year.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.