Intercontinental Exchange Inc. $ICE Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Intercontinental Exchange stake by 5.1% in the third quarter, adding 25,464 shares to hold 521,494 shares worth approximately $79.3 million. Institutional investors collectively own 89.3% of ICE.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $186.31. UBS, Piper Sandler, Deutsche Bank and Goldman Sachs raised or maintained targets near $195, while Jefferies cut its target to $185.
• ICE reported quarterly EPS of $1.90, exceeding estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. Shares opened at $161.25, compared with a 12-month range of $121.79 to $176.05.

Assenagon Asset Management S.A. raised its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 521,494 shares of the financial services provider's stock after acquiring an additional 25,464 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.09% of Intercontinental Exchange worth $79,283,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of ICE. Rakuten Securities Inc. bought a new stake in shares of Intercontinental Exchange during the 2nd quarter worth about $26,000. Gables Capital Management Inc. acquired a new stake in Intercontinental Exchange in the 2nd quarter worth about $31,000. Cornerstone Planning Group LLC raised its stake in Intercontinental Exchange by 33.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock worth $42,000 after purchasing an additional 68 shares in the last quarter. Burkett Financial Services LLC bought a new stake in Intercontinental Exchange in the 3rd quarter valued at about $41,000. Finally, Fiduciary Financial Advisors bought a new stake in Intercontinental Exchange in the 2nd quarter valued at about $33,000. Institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In other news, insider Christopher Edmonds sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $160.59, for a total value of $802,950.00. Following the completion of the transaction, the insider owned 14,367 shares of the company's stock, valued at approximately $2,307,196.53. This represents a 25.82% decrease in their position. The sale 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 4,574 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $161.77, for a total value of $739,935.98. Following the completion of the transaction, the general counsel owned 43,065 shares of the company's stock, valued at approximately $6,966,625.05. The trade was a 9.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 41,179 shares of company stock valued at $6,473,715 over the last three months. Insiders own 0.84% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. UBS Group restated a "buy" rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Piper Sandler reissued an "overweight" rating and set a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, October 2nd. Jefferies Financial Group lowered their target price on Intercontinental Exchange from $189.00 to $185.00 in a research report on Wednesday, October 7th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $178.00 target price (up from $169.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, The Goldman Sachs Group lifted their target price on Intercontinental Exchange from $192.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $186.31.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $161.25 on Friday. The firm has a market cap of $90.52 billion, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 1.50 and a beta of 0.94. The company's 50 day moving average is $156.49 and its 200-day moving average is $150.87. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $176.05. 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 issued its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%. The business had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. During the same quarter in the prior year, the firm posted $1.81 EPS. The firm's quarterly revenue was up 4.8% on a year-over-year basis. Sell-side analysts predict that Intercontinental Exchange Inc. will post 8.19 earnings per share for the current year.

About Intercontinental Exchange

Intercontinental Exchange, Inc NYSE: ICE operates global exchanges, clearinghouses, data services and technology platforms. The company provides marketplaces and infrastructure that support the trading, clearing and management of risk across financial and commodity markets.

Its businesses include the New York Stock Exchange, ICE Futures exchanges and ICE Clear clearinghouses. ICE offers trading and clearing services for equities, equity options, interest rates, currencies, energy, agricultural commodities, metals and other contracts.

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