Alyeska Investment Group L.P. Raises Position in Intercontinental Exchange Inc. $ICE

Key Points

• Alyeska Investment Group L.P. significantly increased its stake in Intercontinental Exchange by 8,722.4%, acquiring 829,846 additional shares, bringing its total ownership to approximately 839,360 shares valued at $144.79 million.
• Intercontinental Exchange reported strong earnings, with $1.81 per share for the last quarter, exceeding analysts' expectations of $1.77, and a revenue of $3.26 billion, which is a 9.8% year-over-year increase.
• Several analysts have raised their price targets for ICE, with UBS Group increasing their target from $195 to $210, reflecting a consensus rating of "Moderate Buy" and an average price target of $194.92.

Alyeska Investment Group L.P. grew its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 8,722.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 839,360 shares of the financial services provider's stock after buying an additional 829,846 shares during the quarter. Alyeska Investment Group L.P. owned 0.15% of Intercontinental Exchange worth $144,790,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock worth $1,109,780,000 after purchasing an additional 5,345,388 shares during the period. Royal Bank of Canada raised its position in Intercontinental Exchange by 132.9% in the 4th quarter. Royal Bank of Canada now owns 9,121,352 shares of the financial services provider's stock worth $1,359,173,000 after purchasing an additional 5,204,309 shares during the period. Nuveen LLC purchased a new position in Intercontinental Exchange in the 1st quarter worth $575,383,000. Wellington Management Group LLP raised its position in Intercontinental Exchange by 113.9% in the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock worth $1,025,230,000 after purchasing an additional 3,165,381 shares during the period. Finally, GAMMA Investing LLC raised its position in Intercontinental Exchange by 24,394.4% in the 1st quarter. GAMMA Investing LLC now owns 2,264,753 shares of the financial services provider's stock worth $3,906,700,000 after purchasing an additional 2,255,507 shares during the period. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Trading Down 0.2%

Intercontinental Exchange stock traded down $0.26 during trading hours on Friday, reaching $174.26. The stock had a trading volume of 3,104,192 shares, compared to its average volume of 2,714,532. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $189.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The company has a fifty day simple moving average of $181.49 and a 200-day simple moving average of $174.77. The stock has a market cap of $99.75 billion, a PE ratio of 33.45, a PEG ratio of 2.08 and a beta of 1.10.

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

Analyst Ratings Changes

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

Insider Buying and Selling at Intercontinental Exchange

In related news, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the sale, the chief executive officer owned 1,951,705 shares of the company's stock, valued at $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Duriya M. Farooqui sold 2,036 shares of the business's stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the sale, the director directly owned 14,299 shares in the company, valued at $2,550,083.66. The trade was a 12.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 227,830 shares of company stock valued at $41,668,789 over the last three months. 1.00% of the stock is currently owned by corporate insiders.

About Intercontinental Exchange

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.