Wealthfront Advisers Increases Stake in Intercontinental Exchange

Wealthfront Advisers LLC has raised its investment in Intercontinental Exchange Inc. (NYSE: ICE) by 5.7% during the second quarter of 2023, as reported in its recent Form 13F filing with the Securities and Exchange Commission (SEC). The advisory firm now holds a total of 53,941 shares in the financial services provider, valued at approximately $9.9 million following the acquisition of an additional 2,898 shares during this timeframe.

The interest in Intercontinental Exchange extends beyond Wealthfront Advisers. Several other institutional investors and hedge funds have also adjusted their positions. Advisors Capital Management LLC, for instance, increased its stake by 25.0% in the first quarter, bringing its total holdings to 1,978 shares, valued at around $341,000. Similarly, Capital Investment Advisory Services LLC initiated a new stake valued at $349,000, while Sequoia Financial Advisors LLC raised its position by 18.3%, owning 12,168 shares worth approximately $2.1 million. Sumitomo Mitsui DS Asset Management Company Ltd also enhanced its holdings by 6.3%, now possessing 69,143 shares valued at $11.9 million. Overall, institutional investors currently control 89.3% of the company’s stock.

Analyst Insights and Ratings Changes

Analysts have varied opinions on Intercontinental Exchange’s stock. Morgan Stanley recently lowered its target price from $188.00 to $178.00 while maintaining an “equal weight” rating. In contrast, JPMorgan Chase & Co. raised its price target from $195.00 to $203.00 and assigned an “overweight” rating. Barclays also updated its outlook, issuing a price target of $201.00, down from $212.00, while Piper Sandler increased its target from $180.00 to $202.00.

Currently, the stock has one “Strong Buy” rating, eight “Buy” ratings, and two “Hold” ratings, according to data from MarketBeat.com. The consensus rating is classified as a “Moderate Buy,” with an average price target of $198.60.

Insider Trading Activity

In addition to institutional movements, insider trading has also been notable at Intercontinental Exchange. Director Judith A. Sprieser sold 2,900 shares on September 4, 2023, at an average price of $174.51, resulting in a total sale of approximately $506,079. Post-sale, she holds 18,169 shares valued at around $3.17 million, reflecting a 13.76% decrease in her position. Senior Vice President Douglas Foley also sold 1,600 shares on September 12, 2023, for a total of $280,992, reducing his holdings by 5.84%.

Over the last quarter, insiders have sold 240,162 shares of the company, amounting to a total value of approximately $43.6 million. Currently, insiders own 1.0% of the stock.

Intercontinental Exchange’s stock opened at $157.71 on Monday. The company’s 50-day moving average stands at $168.26, while the 200-day moving average is at $173.68. The company has reported a one-year low of $142.29 and a high of $189.35.

Financial Performance

Intercontinental Exchange’s most recent quarterly earnings report, issued on July 31, 2023, revealed earnings per share (EPS) of $1.81, surpassing the consensus estimate of $1.77 by $0.04. The company reported a revenue of $3.26 billion, significantly exceeding the expected $2.50 billion. This represents a year-over-year revenue growth of 9.8%. Analysts project an EPS of $6.73 for the current fiscal year.

Intercontinental Exchange, along with its subsidiaries, provides market infrastructure, data services, and technology solutions to financial institutions, corporations, and government entities across various regions, including the United States, the United Kingdom, the European Union, and more.

For further insights into institutional holdings and insider trades, interested parties can visit HoldingsChannel.com for the latest updates on Intercontinental Exchange Inc.