Beacon Pointe Advisors LLC Acquires New Shares in Intercontinental Exchange Inc. $ICE

Key Points

• Beacon Pointe Advisors initiated a position in Intercontinental Exchange, purchasing 10,359 shares valued at approximately $1.28 million. Institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly adjusted earnings of $1.90 per share, beating estimates of $1.84, while revenue reached $3.61 billion and increased 4.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33, compared with the stock’s reported opening price of $162.46.

Beacon Pointe Advisors LLC bought a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,359 shares of the financial services provider's stock, valued at approximately $1,276,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC boosted its position 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 valued at $514,000 after acquiring an additional 1,169 shares during the period. Empowered Funds LLC grew its stake in shares of Intercontinental Exchange by 9.0% in the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock worth $2,483,000 after acquiring an additional 1,189 shares during the last quarter. Sivia Capital Partners LLC increased its position in Intercontinental Exchange by 16.2% during the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock worth $381,000 after acquiring an additional 289 shares during the period. NewEdge Advisors LLC increased its position in Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock worth $3,892,000 after acquiring an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake 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 valued at $48,894,000 after purchasing an additional 6,373 shares during the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Up 0.1%

Shares of NYSE:ICE opened at $162.46 on Monday. The company's fifty day moving average is $144.90 and its 200-day moving average is $151.38. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $177.76. The company has a market capitalization of $91.20 billion, a PE ratio of 22.95, a P/E/G ratio of 1.58 and a beta of 0.92.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Barclays reiterated an "overweight" rating and issued a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a research note 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 note on Tuesday, June 30th. Piper Sandler cut their price target on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a report on Wednesday, July 15th. Morgan Stanley reduced their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a research report on Friday, July 10th. Finally, Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Insider Activity

In related 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 transaction 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 $10,279,785.60. The trade was a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Martha A. Tirinnanzi sold 1,340 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $161.16, for a total transaction of $215,954.40. Following the sale, the director owned 3,747 shares of the company's stock, valued at $603,866.52. The trade was a 26.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 23,141 shares of company stock worth $3,554,192. Corporate insiders own 0.84% of the company's stock.

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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