Global Retirement Partners LLC Acquires Shares of 8,534 Intercontinental Exchange Inc. $ICE

Key Points

• Global Retirement Partners purchased 8,534 shares of Intercontinental Exchange in the second quarter, valued at approximately $1.05 million. Institutional investors collectively own 89.3% of ICE’s outstanding stock.
• Analysts maintain a generally positive view, with an average rating of “Moderate Buy” and an average price target of $183.33, although some firms recently lowered targets and Wall Street Zen downgraded the stock to “sell.”
• ICE shares opened at $156.30, while the company’s latest quarterly results exceeded expectations with $1.90 in EPS and $3.61 billion in revenue, up 4.8% year over year.

Global Retirement Partners LLC bought a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 8,534 shares of the financial services provider's stock, valued at approximately $1,051,000.

Several other institutional investors and hedge funds have also made changes to their positions in ICE. J. Stern & Co. LLP increased its stake in Intercontinental Exchange by 17,398.1% during the 4th quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after buying an additional 53,798,055 shares during the period. Norges Bank purchased a new position in Intercontinental Exchange in the 4th quarter valued at about $1,418,228,000. Viking Global Investors LP purchased a new position in Intercontinental Exchange in the 4th quarter valued at about $777,926,000. Bank of New York Mellon Corp acquired a new stake in shares of Intercontinental Exchange during the second quarter valued at about $379,968,000. Finally, Boston Partners grew its stake in shares of Intercontinental Exchange by 148.6% during the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider's stock valued at $519,701,000 after acquiring an additional 1,914,851 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ICE shares. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $178.00 price objective on shares of Intercontinental Exchange in a research note on Friday, July 31st. Morgan Stanley reduced their target price on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a research note on Friday, July 10th. Piper Sandler decreased their price target on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. 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. Finally, Wall Street Zen cut shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. 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 stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $183.33.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, Director William Jefferson Hague sold 1,333 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the sale, the director owned 20,132 shares in the company, valued at $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Mayur Kapani sold 4,271 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total transaction of $645,775.20. Following the sale, the chief technology officer directly owned 67,988 shares in the company, valued at $10,279,785.60. This trade represents a 5.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 18,376 shares of company stock valued at $2,746,946 over the last quarter. Insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Up 1.3%

Shares of NYSE ICE opened at $156.30 on Wednesday. The stock's 50 day moving average price is $141.20 and its two-hundred day moving average price is $151.86. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $181.72. The stock has a market capitalization of $87.75 billion, a P/E ratio of 22.08, a PEG ratio of 1.52 and a beta of 0.92. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same quarter last year, the firm earned $1.81 EPS. The business's revenue was up 4.8% on a year-over-year basis. On average, analysts anticipate that Intercontinental Exchange Inc. will post 8.11 earnings per share 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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