Ieq Capital LLC Purchases New Position in Intercontinental Exchange Inc. $ICE

Key Points

• Ieq Capital acquired 8,360 shares of Intercontinental Exchange during the second quarter, worth approximately $1.03 million. Hedge funds and other institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly earnings of $1.90 per share, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $183.33; however, company insiders sold 17,227 shares worth about $2.6 million during the last quarter.

Ieq Capital LLC acquired a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 8,360 shares of the financial services provider's stock, valued at approximately $1,029,000.

Several other hedge funds have also modified their holdings of the company. Ares Financial Consulting LLC bought a new stake in Intercontinental Exchange in the fourth quarter worth $25,000. Brooklands Fund Management Ltd bought a new position in Intercontinental Exchange during the fourth quarter valued at $28,000. Swiss RE Ltd. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth $28,000. Lloyd Advisory Services LLC. purchased a new position in shares of Intercontinental Exchange in the 4th quarter worth $30,000. Finally, Gables Capital Management Inc. bought a new stake in shares of Intercontinental Exchange in the 2nd quarter worth about $31,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Performance

Intercontinental Exchange stock 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 PE ratio of 22.88, a P/E/G ratio of 1.57 and a beta of 0.92. The company has a 50 day moving average price of $143.78 and a 200-day moving average price of $151.48. Intercontinental Exchange Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $179.20.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data 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. 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% on a year-over-year basis. During the same period last year, the business posted $1.81 EPS. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current year.

Insider Transactions at Intercontinental Exchange

In related news, Director William Jefferson Hague sold 1,333 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the sale, the director directly owned 20,132 shares of the company's stock, valued at $2,807,608.72. This represents a 6.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Douglas Foley sold 7,300 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the transaction, the senior vice president owned 19,063 shares in the company, valued at approximately $2,838,099.44. The trade was a 27.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 17,227 shares of company stock worth $2,598,301 over the last quarter. 0.84% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ICE shares. UBS Group reaffirmed a "buy" rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Raymond James Financial set a $208.00 target price on Intercontinental Exchange in a research report on Monday, July 6th. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a report on Thursday, June 11th. The Goldman Sachs Group lowered their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Piper Sandler dropped their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price 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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