Daiichi Life Insurance Co. Ltd. Makes New Investment in Intercontinental Exchange Inc. $ICE

Key Points

• Daiichi Life Insurance opened a new Intercontinental Exchange position, purchasing 24,413 shares worth approximately $3.0 million in the second quarter. Institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly EPS of $1.90, exceeding the $1.84 analyst consensus, while revenue reached $3.61 billion and increased 4.8% year over year.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $183.33, compared with the stock’s reported price of $161.29. Meanwhile, insiders sold 20,200 shares worth about $3.04 million over the past 90 days.

Daiichi Life Insurance Co. Ltd. bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 24,413 shares of the financial services provider's stock, valued at approximately $3,005,000.

A number of other institutional investors also recently modified their holdings of the business. ICONIQ Capital LLC increased its position in Intercontinental Exchange by 2.2% during the second quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock worth $481,000 after acquiring an additional 56 shares during the period. Mission Wealth Management LP boosted its holdings in Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock valued at $423,000 after purchasing an additional 62 shares during the period. Johnson Financial Group LLC grew its position in shares of Intercontinental Exchange by 4.0% during the 4th quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider's stock worth $277,000 after purchasing an additional 65 shares in the last quarter. Cornerstone Planning Group LLC grew its position in shares of Intercontinental Exchange by 33.5% during the 1st quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after purchasing an additional 68 shares in the last quarter. Finally, Burns J W & Co. Inc. NY increased its holdings in shares of Intercontinental Exchange by 0.6% during the first quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider's stock worth $1,917,000 after purchasing an additional 69 shares during the period. Institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In related news, CFO Warren Gardiner sold 2,491 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Douglas Foley sold 7,300 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $148.88, for a total value of $1,086,824.00. Following the completion of the sale, the senior vice president directly owned 19,063 shares in the company, valued at $2,838,099.44. This trade represents a 27.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 20,200 shares of company stock worth $3,035,385. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock opened at $161.29 on Monday. The company has a 50 day moving average of $142.34 and a 200-day moving average of $151.54. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $181.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The company has a market cap of $90.55 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data 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 net margin of 30.08% and a return on equity of 14.95%. The business had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. During the same period last year, the firm posted $1.81 earnings per share. The firm's quarterly revenue was up 4.8% compared to the same quarter last year. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ICE has been the subject of a number of analyst reports. Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a research report on Monday, July 6th. The Goldman Sachs Group reduced 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. Morgan Stanley lowered their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research note on Friday, July 10th. Piper Sandler dropped their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a report on Wednesday, July 15th. Finally, UBS Group reiterated a "buy" rating and set 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 given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $183.33.

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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