Flputnam Investment Management Co. Purchases Shares of 108,802 Intercontinental Exchange Inc. $ICE

Key Points

• Flputnam Investment Management acquired 108,802 shares of Intercontinental Exchange, valued at approximately $13.4 million. Institutional investors collectively own 89.3% of ICE’s outstanding stock.
• Analysts maintain a generally positive outlook, with one Strong Buy, nine Buy, and two Hold ratings. ICE has an average “Moderate Buy” rating and a consensus price target of $183.33.
• ICE reported quarterly earnings of $1.90 per share, beating estimates of $1.84, while revenue reached $3.61 billion and rose 4.8% year over year. Shares opened at $154.55, below the consensus analyst target.

Flputnam Investment Management Co. acquired a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 108,802 shares of the financial services provider's stock, valued at approximately $13,395,000.

Several other institutional investors have also recently made changes to their positions in the company. ICONIQ Capital LLC boosted its holdings 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 buying an additional 56 shares in the last quarter. Mission Wealth Management LP grew its position in Intercontinental Exchange by 2.4% during the fourth quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock valued at $423,000 after buying an additional 62 shares during the period. Evergreen Capital Management LLC increased its holdings in Intercontinental Exchange by 1.5% in the fourth quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider's stock valued at $681,000 after buying an additional 63 shares in the last quarter. Johnson Financial Group LLC increased its holdings in Intercontinental Exchange by 4.0% in the fourth quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider's stock valued at $277,000 after buying an additional 65 shares in the last quarter. Finally, Cornerstone Planning Group LLC raised its position in shares of Intercontinental Exchange by 33.5% in the first quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after acquiring an additional 68 shares during the period. 89.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ICE shares. The Goldman Sachs Group lowered their target price on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. UBS Group restated a "buy" rating and issued a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Piper Sandler reduced 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. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Finally, Raymond James Financial set a $208.00 price objective on Intercontinental Exchange in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Intercontinental Exchange presently has an average rating of "Moderate Buy" and an average target price of $183.33.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the transaction, the chief financial officer directly owned 25,189 shares of the company's stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel owned 45,473 shares in the company, valued at $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,725 shares of company stock valued at $3,115,124 over the last ninety days. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Stock Down 0.1%

Shares of ICE opened at $154.55 on Monday. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $182.86. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $140.59 and a two-hundred day simple moving average of $152.10. The company has a market capitalization of $86.76 billion, a PE ratio of 21.83, a price-to-earnings-growth ratio of 1.52 and a beta of 0.92.

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

Want to see what other hedge funds are holding ICE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intercontinental Exchange Inc. (NYSE:ICE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source