Intercontinental Exchange Inc. $ICE Shares Acquired by Meeder Asset Management Inc.

Key Points

• Meeder Asset Management significantly increased its stake in Intercontinental Exchange, boosting holdings by 247.9% in the first quarter to 66,395 shares worth about $10.4 million.
• Intercontinental Exchange reported strong quarterly results, posting $2.35 EPS versus the $2.23 consensus and revenue of $3.67 billion, up 20.4% year over year.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and a consensus price target of $181.58, even as several firms trimmed their individual targets.

Meeder Asset Management Inc. raised its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 247.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,395 shares of the financial services provider's stock after purchasing an additional 47,310 shares during the quarter. Meeder Asset Management Inc.'s holdings in Intercontinental Exchange were worth $10,443,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. PNC Financial Services Group Inc. grew its stake in Intercontinental Exchange by 5.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider's stock worth $31,041,000 after purchasing an additional 10,742 shares in the last quarter. USS Investment Management Ltd increased its holdings in shares of Intercontinental Exchange by 37.2% in the 1st quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider's stock valued at $148,960,000 after acquiring an additional 256,851 shares during the last quarter. Walter Public Investments Inc. increased its holdings in shares of Intercontinental Exchange by 13.8% in the 4th quarter. Walter Public Investments Inc. now owns 124,993 shares of the financial services provider's stock valued at $20,244,000 after acquiring an additional 15,129 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after acquiring an additional 413,639 shares in the last quarter. Finally, OFI Invest Asset Management raised its position in shares of Intercontinental Exchange by 51,986.3% during the 4th quarter. OFI Invest Asset Management now owns 400,544 shares of the financial services provider's stock valued at $64,872,000 after acquiring an additional 399,775 shares in the last quarter. 89.30% of the stock is currently owned by hedge funds and other institutional investors.

Intercontinental Exchange Stock Down 0.1%

ICE stock opened at $139.55 on Monday. The stock has a market cap of $78.92 billion, a PE ratio of 20.31, a price-to-earnings-growth ratio of 1.44 and a beta of 0.94. The firm's 50-day simple moving average is $140.83 and its 200 day simple moving average is $154.71. Intercontinental Exchange Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $189.35. 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 posted its earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, beating the consensus estimate of $2.23 by $0.12. The firm had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The firm's revenue was up 20.4% compared to the same quarter last year. During the same period last year, the firm earned $1.72 EPS. As a group, sell-side analysts predict that Intercontinental Exchange Inc. will post 8.07 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a research note on Wednesday, April 8th. They set an "outperform" rating and a $190.00 target price for the company. Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a report on Monday, July 6th. Barclays lowered their price objective on shares of Intercontinental Exchange from $201.00 to $180.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. Piper Sandler cut their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. Finally, The Goldman Sachs Group decreased their target price on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Intercontinental Exchange presently has a consensus rating of "Moderate Buy" and a consensus target price of $181.58.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction that occurred 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 transaction, the director directly owned 20,132 shares in the company, valued at approximately $2,807,608.72. The trade was a 6.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Warren Gardiner sold 2,490 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the sale, the chief financial officer directly owned 25,189 shares of the company's stock, valued at $3,945,604.96. This trade represents a 9.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 13,425 shares of company stock worth $2,046,324. 0.84% of the stock is owned by corporate insiders.

About Intercontinental Exchange

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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