Magnetar Financial LLC Has $2.10 Million Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Magnetar Financial LLC significantly reduced its holdings in Intercontinental Exchange Inc. by 72.9%, now owning just 12,169 shares valued at approximately $2.1 million.
• Company insiders, including CEO Jeffrey C. Sprecher, have sold nearly 450,000 shares of stock recently, amounting to over $81 million in total sales.
• Intercontinental Exchange reported strong financial results with a 9.8% increase in quarterly revenue year-over-year, and a notable earnings per share of $1.81, exceeding analyst expectations.

Magnetar Financial LLC decreased its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 72.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,169 shares of the financial services provider's stock after selling 32,815 shares during the quarter. Magnetar Financial LLC's holdings in Intercontinental Exchange were worth $2,099,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of ICE. Tsfg LLC increased its stake in shares of Intercontinental Exchange by 187.3% in the 1st 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. Rakuten Securities Inc. increased its holdings in Intercontinental Exchange by 595.8% in the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 143 shares during the last quarter. REAP Financial Group LLC grew its stake in shares of Intercontinental Exchange by 116.7% in the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after buying an additional 91 shares in the last quarter. McClarren Financial Advisors Inc. acquired a new stake in shares of Intercontinental Exchange in the first quarter valued at $30,000. Finally, Global Trust Asset Management LLC acquired a new position in Intercontinental Exchange in the 1st quarter valued at about $31,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Performance

Shares of NYSE:ICE traded down $0.17 during midday trading on Wednesday, hitting $174.92. The stock had a trading volume of 1,900,280 shares, compared to its average volume of 2,973,573. The company has a market capitalization of $100.13 billion, a PE ratio of 33.57, a P/E/G ratio of 2.11 and a beta of 1.10. The stock has a 50 day moving average price of $181.88 and a two-hundred day moving average price of $174.66. 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.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate 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 business earned $1.52 earnings per share. As a group, equities analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on ICE shares. Piper Sandler lifted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a report on Tuesday, July 15th. Barclays boosted their target price on Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Finally, UBS Group boosted 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. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $194.92.

Insider Activity at Intercontinental Exchange

In other Intercontinental Exchange news, Director Martha A. Tirinnanzi sold 610 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $179.76, for a total value of $109,653.60. Following the sale, the director owned 3,519 shares of the company's stock, valued at $632,575.44. This represents a 14.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 3,850 shares of the company's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the completion of the transaction, the general counsel owned 46,293 shares in the company, valued at approximately $8,255,430.69. This trade represents a 7.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 231,678 shares of company stock valued at $42,358,043 in the last 90 days. 1.00% of the stock is 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.