92,549 Shares in Intercontinental Exchange Inc. $ICE Acquired by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management acquired 92,549 shares of Intercontinental Exchange in the second quarter, valued at approximately $11.4 million. Institutional investors collectively own 89.3% of ICE.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $183.33; recent targets range from $177 to $208.
• ICE reported quarterly EPS of $1.90, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Company insiders sold 23,141 shares worth roughly $3.55 million over the past 90 days.

Rakuten Investment Management Inc. acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the second quarter, according to its most recent filing with the SEC. The fund acquired 92,549 shares of the financial services provider's stock, valued at approximately $11,375,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC boosted its holdings in shares of Intercontinental Exchange by 51.3% in the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after acquiring an additional 1,169 shares during the period. Empowered Funds LLC raised its stake in shares of Intercontinental Exchange by 9.0% during the 1st quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock valued at $2,483,000 after purchasing an additional 1,189 shares during the period. Sivia Capital Partners LLC raised its stake in shares of Intercontinental Exchange by 16.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 289 shares during the period. NewEdge Advisors LLC lifted its holdings in Intercontinental Exchange by 27.9% during the 2nd quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock worth $3,892,000 after purchasing an additional 4,628 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in Intercontinental Exchange by 2.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock worth $48,894,000 after purchasing an additional 6,373 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In other Intercontinental Exchange news, CTO Mayur Kapani sold 4,271 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total value of $645,775.20. Following the completion of the transaction, the chief technology officer owned 67,988 shares of the company's stock, valued at $10,279,785.60. The trade was a 5.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,574 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $161.77, for a total transaction of $739,935.98. Following the completion of the transaction, the general counsel directly owned 43,065 shares in the company, valued at $6,966,625.05. The trade was a 9.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 23,141 shares of company stock valued at $3,554,192 in the last 90 days. 0.84% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. UBS Group reaffirmed a "buy" rating and set a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Piper Sandler lowered their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. TD Cowen restated a "buy" rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Raymond James Financial set a $208.00 price objective on shares of Intercontinental Exchange in a research note on Monday, July 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $178.00 target price on shares of Intercontinental Exchange in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.33.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $162.46 on Friday. The firm has a market capitalization of $91.20 billion, a P/E ratio of 22.95, a P/E/G ratio of 1.58 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 stock's 50-day simple moving average is $144.90 and its two-hundred day simple moving average is $151.50. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $177.76.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the company posted $1.81 EPS. The company's revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities analysts anticipate that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Intercontinental Exchange Profile

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.

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