Algert Global LLC Invests $1.58 Million in Intercontinental Exchange Inc. $ICE

Key Points

• Algert Global initiated a $1.58 million position in Intercontinental Exchange during the second quarter, while institutional investors collectively own 89.3% of ICE shares.
• ICE reported quarterly earnings of $1.90 per share, beating estimates of $1.84, with revenue of $3.61 billion—up 4.8% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $183.33.
• Company insiders sold shares worth approximately $3.55 million during the quarter, including transactions by the CFO and CTO; insiders own 0.84% of the company.

Algert Global LLC bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 12,874 shares of the financial services provider's stock, valued at approximately $1,585,000.

Several other hedge funds also recently added to or reduced their stakes in the business. J. Stern & Co. LLP boosted its position in Intercontinental Exchange by 17,398.1% in the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after purchasing an additional 53,798,055 shares in the last quarter. BlackRock Inc. purchased a new stake in Intercontinental Exchange during the second quarter worth $6,245,085,000. Norges Bank acquired a new stake in Intercontinental Exchange during the fourth quarter valued at $1,418,228,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Intercontinental Exchange in the second quarter valued at $714,869,000. Finally, Flossbach Von Storch SE purchased a new position in Intercontinental Exchange in the second quarter valued at $649,900,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $162.46 on Friday. The firm has a 50-day simple moving average of $144.90 and a 200-day simple moving average of $151.50. The stock has a market capitalization of $91.20 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth 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. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $177.76.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Piper Sandler dropped their target price on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. TD Cowen reaffirmed a "buy" rating and issued a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. The Goldman Sachs Group lowered their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Barclays reissued an "overweight" rating and issued a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $178.00 target price on shares of Intercontinental Exchange in a research note on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Insider Buying and Selling at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,491 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total value of $389,343.30. Following the completion of the sale, the chief financial officer directly owned 22,698 shares in the company, valued at $3,547,697.40. This represents a 9.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Mayur Kapani sold 4,271 shares of the 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 sale, the chief technology officer directly owned 67,988 shares of the company's stock, valued at approximately $10,279,785.60. This represents a 5.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 23,141 shares of company stock worth $3,554,192. 0.84% of the stock is owned by company insiders.

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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