Belmont Capital LLC Acquires Shares of 8,071 Intercontinental Exchange Inc. $ICE

Key Points

• Belmont Capital LLC has made a new investment in Intercontinental Exchange Inc. (NYSE: ICE), acquiring 8,071 shares valued at approximately $1,392,000.
• Multiple institutional investors have increased their holdings in Intercontinental Exchange, contributing to a total of 89.30% institutional ownership of the company’s stock.
• Analysts have raised their price targets for Intercontinental Exchange, with UBS Group setting a new target at $210.00 and 10 analysts rating the stock as a Buy.

Belmont Capital LLC bought a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 8,071 shares of the financial services provider's stock, valued at approximately $1,392,000.

Several other hedge funds have also recently bought and sold shares of the company. Governors Lane LP lifted its holdings in shares of Intercontinental Exchange by 88.0% during the fourth quarter. Governors Lane LP now owns 127,100 shares of the financial services provider's stock worth $18,939,000 after purchasing an additional 59,500 shares during the period. Tema Etfs LLC acquired a new position in shares of Intercontinental Exchange during the 4th quarter valued at $1,107,000. Capital Investment Advisory Services LLC acquired a new position in shares of Intercontinental Exchange during the 1st quarter valued at $349,000. Sequoia Financial Advisors LLC lifted its position in shares of Intercontinental Exchange by 18.3% during the 1st quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock valued at $2,099,000 after acquiring an additional 1,879 shares during the period. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new position in shares of Intercontinental Exchange during the fourth quarter valued at about $28,949,000. 89.30% of the stock is owned by institutional investors.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the sale, the chief executive officer directly owned 1,951,705 shares of the company's stock, valued at approximately $357,337,668.45. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Duriya M. Farooqui sold 2,036 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the sale, the director owned 14,299 shares in the company, valued at approximately $2,550,083.66. The trade was a 12.46% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 227,830 shares of company stock worth $41,668,789. 1.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

Intercontinental Exchange Stock Performance

ICE traded down $0.26 during midday trading on Friday, hitting $174.26. 3,104,192 shares of the company traded hands, compared to its average volume of 2,714,532. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $99.75 billion, a PE ratio of 33.45, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10. The company's 50-day moving average is $181.49 and its 200 day moving average is $174.83. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results 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. The business had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.52 EPS. On average, research analysts expect that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Intercontinental Exchange Company 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.