Chemung Canal Trust Co. Reduces Stock Holdings in Intercontinental Exchange, Inc. (NYSE:ICE)

Chemung Canal Trust Co. cut its position in shares of Intercontinental Exchange, Inc. (NYSE:ICE) by 15.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,708 shares of the financial services provider’s stock after selling 3,054 shares during the period. Chemung Canal Trust Co.’s holdings in Intercontinental Exchange were worth $2,490,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Wolff Wiese Magana LLC boosted its stake in 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 buying an additional 147 shares during the period. Northwest Investment Counselors LLC acquired a new position in shares of Intercontinental Exchange during the third quarter worth about $26,000. Financial Management Professionals Inc. grew its holdings in Intercontinental Exchange by 106.1% during the 3rd quarter. Financial Management Professionals Inc. now owns 169 shares of the financial services provider’s stock worth $27,000 after acquiring an additional 87 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in Intercontinental Exchange in the third quarter valued at $29,000. Finally, FSA Wealth Management LLC acquired a new position in shares of Intercontinental Exchange during the 3rd quarter worth about $31,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Raymond James cut Intercontinental Exchange from a “strong-buy” rating to an “outperform” rating and set a $185.00 target price for the company. in a research note on Monday, October 14th. The Goldman Sachs Group upped their target price on shares of Intercontinental Exchange from $171.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, October 3rd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Intercontinental Exchange from $160.00 to $163.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Piper Sandler raised their price objective on Intercontinental Exchange from $170.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley boosted their target price on Intercontinental Exchange from $160.00 to $174.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $175.27.

Intercontinental Exchange Stock Performance

Shares of ICE opened at $157.52 on Friday. Intercontinental Exchange, Inc. has a 1 year low of $124.34 and a 1 year high of $167.99. The stock has a market capitalization of $90.45 billion, a P/E ratio of 37.33, a P/E/G ratio of 2.95 and a beta of 1.10. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.00 and a current ratio of 1.00. The company’s fifty day moving average is $152.94 and its two-hundred day moving average is $155.86.

Intercontinental Exchange (NYSE:ICE) last posted 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. 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 in the prior year, the company posted $1.46 earnings per share. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, sell-side analysts predict that Intercontinental Exchange, Inc. will post 6.05 earnings per share for the current year.

Insider Buying and Selling

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 955 shares of Intercontinental Exchange stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $156.08, for a total transaction of $149,056.40. Following the completion of the transaction, the general counsel now owns 44,702 shares in the company, valued at approximately $6,977,088.16. The trade was a 2.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Benjamin Jackson sold 5,828 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $160.00, for a total transaction of $932,480.00. Following the completion of the sale, the president now owns 156,163 shares in the company, valued at $24,986,080. This represents a 3.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,795 shares of company stock valued at $2,120,572. Corporate insiders own 1.10% of the company’s stock.

Intercontinental Exchange 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.