Caisse de depot et placement du Quebec Takes $174.47 Million Position in Intercontinental Exchange Inc. $ICE

Key Points

• Caisse de dépôt et placement du Québec acquired 1.42 million shares of Intercontinental Exchange during the second quarter, worth approximately $174.5 million and representing a 0.25% stake. Institutional investors collectively own 89.3% of ICE.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $183.33. Recent target prices range from $177 to $195.
• ICE exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 estimate and $3.61 billion in revenue, up 4.8% year over year; however, company insiders sold 17,227 shares worth about $2.6 million over the past 90 days.

Caisse de depot et placement du Quebec acquired a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,417,153 shares of the financial services provider's stock, valued at approximately $174,466,000. Caisse de depot et placement du Quebec owned 0.25% of Intercontinental Exchange as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ares Financial Consulting LLC purchased a new stake in Intercontinental Exchange in the 4th quarter valued at about $25,000. Brooklands Fund Management Ltd purchased a new position in Intercontinental Exchange in the fourth quarter valued at about $28,000. Swiss RE Ltd. purchased a new position in Intercontinental Exchange in the fourth quarter valued at about $28,000. Lloyd Advisory Services LLC. acquired a new position in shares of Intercontinental Exchange during the fourth quarter worth about $30,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Intercontinental Exchange in the second quarter worth about $26,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Intercontinental Exchange

In related news, SVP Douglas Foley sold 7,300 shares of the business's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the completion of the sale, the senior vice president owned 19,063 shares of the company's stock, valued at $2,838,099.44. This represents a 27.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Warren Gardiner sold 2,491 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total transaction of $389,343.30. Following the sale, the chief financial officer owned 22,698 shares in the company, valued at approximately $3,547,697.40. This trade represents a 9.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 17,227 shares of company stock valued at $2,598,301. Corporate insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on ICE. The Goldman Sachs Group dropped their target price on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Piper Sandler dropped their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a research note on Thursday, June 11th. Barclays reissued an "overweight" rating and issued a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, UBS Group reaffirmed a "buy" rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

Intercontinental Exchange Stock Up 0.1%

NYSE:ICE opened at $162.01 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $90.95 billion, a price-to-earnings ratio of 22.88, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $179.20. The stock has a 50-day simple moving average of $143.78 and a 200 day simple moving average of $151.48.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its 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 company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.Intercontinental Exchange's quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.81 EPS. Sell-side analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Intercontinental Exchange Company 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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