Kirtland Hills Capital Management LLC Buys Shares of 21,030 Intercontinental Exchange Inc. $ICE

Key Points

• Kirtland Hills Capital Management initiated a position in Intercontinental Exchange, purchasing 21,030 shares valued at approximately $2.59 million. Institutional investors and hedge funds collectively own 89.3% of ICE’s outstanding shares.
• Analysts maintain a generally positive outlook, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $183.33, despite several recent target-price reductions.
• Intercontinental Exchange exceeded quarterly expectations, reporting earnings of $1.90 per share versus the $1.84 consensus and revenue of $3.61 billion. However, company insiders have sold 20,200 shares worth roughly $3.04 million over the past 90 days.

Kirtland Hills Capital Management LLC bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 21,030 shares of the financial services provider's stock, valued at approximately $2,589,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ares Financial Consulting LLC acquired a new stake in shares of Intercontinental Exchange during the 4th quarter worth approximately $25,000. Rakuten Securities Inc. purchased a new stake in shares of Intercontinental Exchange during the 2nd quarter valued at approximately $26,000. Brooklands Fund Management Ltd acquired a new position in Intercontinental Exchange in the fourth quarter valued at approximately $28,000. Swiss RE Ltd. acquired a new position in Intercontinental Exchange in the fourth quarter valued at approximately $28,000. Finally, Lloyd Advisory Services LLC. purchased a new position in Intercontinental Exchange in the fourth quarter worth approximately $30,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Raymond James Financial set a $208.00 target price on Intercontinental Exchange in a research note on Monday, July 6th. The Goldman Sachs Group lowered their price target on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Weiss Ratings downgraded Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. TD Cowen reissued a "buy" rating and set a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, Piper Sandler reduced their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $183.33.

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock opened at $161.29 on Friday. The stock has a market capitalization of $90.55 billion, a price-to-earnings ratio of 22.78, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The business has a 50-day moving average of $142.34 and a 200 day moving average of $151.69. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $181.65.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The business's revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.81 earnings per share. As a group, sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current year.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,491 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the sale, the chief financial officer directly owned 22,698 shares in the company, valued at $3,547,697.40. This represents a 9.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel directly owned 45,473 shares of the company's stock, valued at $6,891,887.88. This represents a 9.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 20,200 shares of company stock valued at $3,035,385. 0.84% of the stock is owned by corporate insiders.

Intercontinental Exchange Profile

Intercontinental Exchange NYSE: ICE is a global operator of exchanges, clearing houses and data services that provides infrastructure for the trading, clearing, settlement and information needs of financial and commodity markets. Founded in 2000 by Jeffrey C. Sprecher as an electronic energy trading platform, the company has grown through organic expansion and acquisitions to operate a broad portfolio of assets spanning listed equities, futures and options, fixed income, and over-the-counter derivatives.

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