Soros Capital Management LLC Sells 133,834 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Soros Capital Management LLC significantly reduced its stake in Intercontinental Exchange Inc. by 86.4%, leaving it with only 21,006 shares, which now represents 0.9% of its portfolio.
• Other institutional investors, such as Vanguard Group Inc. and Royal Bank of Canada, have increased their holdings in Intercontinental Exchange, indicating a mixed trend among institutional investments.
• Intercontinental Exchange reported stronger-than-expected quarterly earnings with $3.26 billion in revenue, surpassing estimates and showing a 9.8% year-over-year revenue growth.

Soros Capital Management LLC trimmed its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 86.4% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 21,006 shares of the financial services provider's stock after selling 133,834 shares during the quarter. Intercontinental Exchange comprises approximately 0.9% of Soros Capital Management LLC's portfolio, making the stock its 26th biggest position. Soros Capital Management LLC's holdings in Intercontinental Exchange were worth $3,624,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Tandem Wealth Advisors LLC grew its stake in shares of Intercontinental Exchange by 18.2% in the first quarter. Tandem Wealth Advisors LLC now owns 3,920 shares of the financial services provider's stock worth $676,000 after acquiring an additional 603 shares during the period. Freedom Investment Management Inc. purchased a new stake in Intercontinental Exchange in the first quarter worth approximately $212,000. Independent Franchise Partners LLP grew its position in Intercontinental Exchange by 0.5% in the 1st quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock worth $1,068,193,000 after purchasing an additional 31,588 shares during the period. ICONIQ Capital LLC grew its position in Intercontinental Exchange by 11.5% in the 1st quarter. ICONIQ Capital LLC now owns 2,565 shares of the financial services provider's stock worth $442,000 after purchasing an additional 264 shares during the period. Finally, Quantitative Investment Management LLC raised its stake in Intercontinental Exchange by 17.3% during the 1st quarter. Quantitative Investment Management LLC now owns 23,135 shares of the financial services provider's stock valued at $3,990,000 after buying an additional 3,404 shares during the last quarter. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

ICE traded down $0.18 during trading on Thursday, hitting $177.12. 2,170,883 shares of the company traded hands, compared to its average volume of 3,129,241. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market cap of $101.39 billion, a PE ratio of 26.86, a P/E/G ratio of 2.11 and a beta of 1.11. The stock's 50-day simple moving average is $182.15 and its two-hundred day simple moving average is $174.36. 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 released its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating the consensus estimate of $1.77 by $0.04. The business had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The business's revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 EPS. As a group, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on ICE. Piper Sandler lifted their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Keefe, Bruyette & Woods raised their target price on Intercontinental Exchange from $183.00 to $189.00 and gave the stock an "outperform" rating in a research report on Friday, May 2nd. Morgan Stanley upped their price target on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research report on Monday, May 5th. UBS Group raised their price objective 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. Finally, Barclays boosted their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $194.92.

Insider Activity at Intercontinental Exchange

In other news, Director Sharon Bowen sold 795 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $183.30, for a total transaction of $145,723.50. Following the completion of the transaction, the director directly owned 15,000 shares in the company, valued at approximately $2,749,500. This represents a 5.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $177.48, for a total transaction of $283,968.00. Following the completion of the transaction, the senior vice president directly owned 27,313 shares of the company's stock, valued at $4,847,511.24. The trade was a 5.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 448,569 shares of company stock valued at $81,233,566 in the last 90 days. 1.00% of the stock is currently owned by insiders.

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.