Nippon Life Global Investors Americas Inc. Has $50.06 Million Position in Intercontinental Exchange Inc. $ICE

Key Points

• Nippon Life Global Investors Americas Inc. has increased its stake in Intercontinental Exchange Inc. by 208.2% in the first quarter, now owning 290,210 shares valued at approximately $50.06 million.
• Other institutional investors, including Price T Rowe Associates and Royal Bank of Canada, have also significantly boosted their holdings, reflecting a strong interest with 89.30% of stock owned by institutional investors.
• Analysts' target prices for Intercontinental Exchange have been raised, with UBS Group and Barclays giving it buy and overweight ratings, indicating solid future growth prospects.

Nippon Life Global Investors Americas Inc. increased its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 208.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 290,210 shares of the financial services provider's stock after buying an additional 196,040 shares during the quarter. Intercontinental Exchange accounts for about 2.5% of Nippon Life Global Investors Americas Inc.'s investment portfolio, making the stock its 14th largest position. Nippon Life Global Investors Americas Inc. owned 0.05% of Intercontinental Exchange worth $50,061,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of ICE. REAP Financial Group LLC lifted its position in shares of Intercontinental Exchange by 116.7% during the 4th 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 during the period. Tsfg LLC lifted its position in shares of Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after buying an additional 103 shares during the period. Menard Financial Group LLC bought a new position in shares of Intercontinental Exchange during the 4th quarter worth approximately $29,000. Rakuten Securities Inc. lifted its position in shares of Intercontinental Exchange by 595.8% during the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after buying an additional 143 shares during the period. Finally, Activest Wealth Management lifted its position in shares of Intercontinental Exchange by 4,050.0% during the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock worth $29,000 after buying an additional 162 shares during the period. Institutional investors own 89.30% of the company's stock.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, CEO Jeffrey C. Sprecher sold 150,000 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,951,705 shares of the company's stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 3,850 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total value of $686,570.50. Following the completion of the transaction, the general counsel directly owned 46,293 shares of the company's stock, valued at approximately $8,255,430.69. The trade was a 7.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 230,730 shares of company stock valued at $42,174,868. Insiders own 1.00% of the company's stock.

Intercontinental Exchange Trading Down 0.2%

Shares of Intercontinental Exchange stock traded down $0.42 during trading on Monday, hitting $173.85. 2,322,612 shares of the company were exchanged, compared to its average volume of 2,730,560. The firm has a market capitalization of $99.52 billion, a P/E ratio of 33.37, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10. Intercontinental Exchange Inc. has a 1-year low of $142.29 and a 1-year high of $189.35. The firm's fifty day moving average price is $181.29 and its 200 day moving average price is $174.92. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01.

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

Wall Street Analysts Forecast Growth

ICE has been the subject of several analyst reports. Piper Sandler raised their target price on 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 price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, UBS Group lifted their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. 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.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $194.92.

Intercontinental Exchange 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.