Engineers Gate Manager LP Buys 63,456 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Engineers Gate Manager LP increased its Intercontinental Exchange stake by 86.5% in the second quarter, purchasing 63,456 additional shares for a total holding valued at approximately $16.8 million.
• ICE reported quarterly EPS of $1.90, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. The stock opened at $156.80, and institutional investors own 89.3% of outstanding shares.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $184.17; however, company insiders sold more than 40,900 shares worth $6.4 million over the past 90 days.

Engineers Gate Manager LP raised its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 86.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 136,793 shares of the financial services provider's stock after purchasing an additional 63,456 shares during the period. Engineers Gate Manager LP's holdings in Intercontinental Exchange were worth $16,841,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of ICE. Cidel Asset Management Inc. increased its holdings in shares of Intercontinental Exchange by 11.8% during the 2nd quarter. Cidel Asset Management Inc. now owns 2,205 shares of the financial services provider's stock worth $271,000 after purchasing an additional 232 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Intercontinental Exchange by 6.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 5,513 shares of the financial services provider's stock valued at $679,000 after buying an additional 319 shares in the last quarter. Community Bank N.A. raised its stake in shares of Intercontinental Exchange by 84.7% in the 2nd quarter. Community Bank N.A. now owns 761 shares of the financial services provider's stock valued at $94,000 after buying an additional 349 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Intercontinental Exchange by 20.8% during the 2nd quarter. NewEdge Advisors LLC now owns 48,066 shares of the financial services provider's stock worth $5,917,000 after acquiring an additional 8,291 shares during the period. Finally, Arizona State Retirement System lifted its holdings in shares of Intercontinental Exchange by 0.6% during the 2nd quarter. Arizona State Retirement System now owns 157,174 shares of the financial services provider's stock worth $19,350,000 after acquiring an additional 926 shares during the period. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Performance

ICE stock opened at $156.80 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The company has a 50 day moving average price of $150.17 and a 200 day moving average price of $151.70. Intercontinental Exchange Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $176.59. The stock has a market capitalization of $88.02 billion, a PE ratio of 22.15, a price-to-earnings-growth ratio of 1.53 and a beta of 0.93.

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

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ICE shares. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a research note on Thursday, June 11th. Morgan Stanley decreased their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a report on Friday, July 10th. TD Cowen reiterated a "buy" rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a "buy" rating and issued a $178.00 target price on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Piper Sandler decreased their price target on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. 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 stock. Based on data from MarketBeat, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and an average price target of $184.17.

Insider Buying and Selling

In related news, insider Christopher Edmonds sold 5,000 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $160.59, for a total value of $802,950.00. Following the completion of the sale, the insider owned 14,367 shares in the company, valued at approximately $2,307,196.53. This represents a 25.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Andrew J. Surdykowski sold 4,574 shares of the firm's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $161.77, for a total value of $739,935.98. Following the transaction, the general counsel owned 43,065 shares in the company, valued at approximately $6,966,625.05. This trade represents a 9.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 40,912 shares of company stock worth $6,403,616 over the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

About Intercontinental Exchange

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces for trading and clearing a range of financial and commodity products, including energy, agricultural commodities, interest rates, credit and equities.

ICE owns and operates the New York Stock Exchange and related equity markets, as well as futures and options exchanges in North America and Europe. Its businesses also include ICE Data Services, which provides market data, analytics, connectivity and other information services to financial institutions and corporations.

Through ICE Mortgage Technology, the company offers software and digital platforms designed to support residential mortgage origination, processing, servicing and related workflows.

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