Strs Ohio Purchases New Stake in Intercontinental Exchange Inc. $ICE

Key Points

• Strs Ohio acquired 204,686 shares of Intercontinental Exchange Inc. (NYSE:ICE) valued at approximately $35 million in the first quarter, indicating strong institutional interest in the stock.
• Insider activity reported the CFO and a director sold shares, with a total of 229,130 shares sold in the last three months, representing a significant decrease in their ownership.
• Wall Street analysts have raised their price targets for ICE stock, with UBS and Barclays increasing their targets to $210.00 and $212.00 respectively, reflecting positive expectations for the company’s growth.

Strs Ohio purchased a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 204,686 shares of the financial services provider's stock, valued at approximately $35,308,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ICE. Fielder Capital Group LLC raised its holdings in shares of Intercontinental Exchange by 2.2% during the first quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock valued at $484,000 after acquiring an additional 61 shares during the last quarter. E Fund Management Co. Ltd. grew its position in shares of Intercontinental Exchange by 4.2% in the first quarter. E Fund Management Co. Ltd. now owns 1,500 shares of the financial services provider's stock valued at $259,000 after purchasing an additional 61 shares in the last quarter. Berkeley Capital Partners LLC lifted its position in Intercontinental Exchange by 1.1% during the first quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock worth $973,000 after buying an additional 62 shares in the last quarter. GPS Wealth Strategies Group LLC lifted its position in Intercontinental Exchange by 17.2% during the first quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock worth $74,000 after buying an additional 63 shares in the last quarter. Finally, Values Added Financial LLC grew its holdings in Intercontinental Exchange by 4.4% in the 1st quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock valued at $264,000 after buying an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Down 1.1%

NYSE:ICE traded down $1.95 during midday trading on Monday, reaching $172.02. The company had a trading volume of 2,669,551 shares, compared to its average volume of 2,967,727. The stock's fifty day simple moving average is $180.62 and its 200-day simple moving average is $175.02. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 12-month low of $142.29 and a 12-month high of $189.35. The firm has a market capitalization of $98.47 billion, a price-to-earnings ratio of 33.02, a PEG ratio of 2.07 and a beta of 1.10.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.04. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The business had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter last year, the business posted $1.52 EPS. The business's quarterly revenue was up 9.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ICE. UBS Group boosted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Piper Sandler raised their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, Barclays increased their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $194.92.

Insider Activity

In other Intercontinental Exchange news, Director Martha A. Tirinnanzi sold 610 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $179.76, for a total value of $109,653.60. Following the transaction, the director directly owned 3,519 shares in the company, valued at $632,575.44. This represents a 14.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Duriya M. Farooqui sold 2,036 shares of the stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total transaction of $363,100.24. Following the completion of the transaction, the director owned 14,299 shares in the company, valued at $2,550,083.66. This represents a 12.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 230,730 shares of company stock valued at $42,171,892 over the last 90 days. Insiders own 1.00% 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.