Intercontinental Exchange Inc. $ICE Shares Sold by Parnassus Investments LLC

Key Points

• Parnassus Investments LLC has decreased its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 5.4%, now holding approximately 6.88 million shares, making up 2.9% of its portfolio.
• Wall Street analysts are optimistic about Intercontinental Exchange, with ten analysts rating it as a Buy and a consensus target price of $194.92.
• Intercontinental Exchange reported a strong quarterly earnings performance, exceeding analysts' expectations with $1.81 EPS and revenue of $3.26 billion, reflecting a 9.8% year-over-year growth.

Parnassus Investments LLC trimmed its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,881,733 shares of the financial services provider's stock after selling 391,553 shares during the quarter. Intercontinental Exchange accounts for approximately 2.9% of Parnassus Investments LLC's portfolio, making the stock its 8th largest holding. Parnassus Investments LLC owned about 1.20% of Intercontinental Exchange worth $1,187,099,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. REAP Financial Group LLC boosted its holdings in Intercontinental Exchange by 116.7% during the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after buying an additional 91 shares in the last quarter. Tsfg LLC raised its position in Intercontinental Exchange by 187.3% during the first quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after acquiring an additional 103 shares during the last quarter. Menard Financial Group LLC acquired a new position in Intercontinental Exchange during the fourth quarter worth about $29,000. Rakuten Securities Inc. raised its position in Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after acquiring an additional 143 shares during the last quarter. Finally, McClarren Financial Advisors Inc. acquired a new position in Intercontinental Exchange during the first quarter worth about $30,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Stock Down 0.9%

NYSE:ICE traded down $1.66 during trading hours on Tuesday, hitting $174.94. The stock had a trading volume of 2,059,092 shares, compared to its average volume of 2,976,565. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The business has a 50 day simple moving average of $182.00 and a two-hundred day simple moving average of $174.66. The company has a market cap of $100.14 billion, a PE ratio of 33.58, a price-to-earnings-growth ratio of 2.11 and a beta of 1.10.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.04. The company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. Intercontinental Exchange's revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the company earned $1.52 earnings per share. Analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on ICE shares. Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the stock an "equal weight" rating in a report on Monday, May 5th. Barclays lifted their price target on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. UBS Group lifted their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. Finally, Piper Sandler raised their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $194.92.

Insider Activity

In related news, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the completion of the transaction, the director directly owned 14,299 shares in the company, valued at $2,550,083.66. This represents a 12.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Warren Gardiner sold 1,570 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $178.45, for a total value of $280,166.50. Following the transaction, the chief financial officer owned 22,106 shares of the company's stock, valued at approximately $3,944,815.70. The trade was a 6.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 449,993 shares of company stock worth $81,486,507 over the last 90 days. Insiders own 1.00% of the company's stock.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.