Kodai Capital Management LP Purchases Shares of 196,388 Intercontinental Exchange Inc. $ICE

Key Points

• Kodai Capital Management LP acquired 196,388 shares of Intercontinental Exchange Inc. (ICE), valued at approximately $33.9 million, making it the firm's 24th largest position.
• Several institutional investors boosted their stakes in ICE, with Price T Rowe Associates increasing their position by 491.3% and GAMMA Investing LLC raising theirs by 24,394.4% in the first quarter.
• ICE recently reported earnings of $1.81 per share, exceeding estimates, and the stock has a consensus rating of "Moderate Buy" with an average price target of $194.92.

Kodai Capital Management LP acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 196,388 shares of the financial services provider's stock, valued at approximately $33,877,000. Intercontinental Exchange accounts for 1.3% of Kodai Capital Management LP's investment portfolio, making the stock its 24th largest holding.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. REAP Financial Group LLC lifted 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 purchasing an additional 91 shares during the period. Tsfg LLC increased its holdings in Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock valued at $27,000 after acquiring an additional 103 shares in the last quarter. Menard Financial Group LLC purchased a new position in Intercontinental Exchange during the 4th quarter valued at about $29,000. Rakuten Securities Inc. increased its holdings in Intercontinental Exchange by 595.8% during the 1st quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 143 shares in the last quarter. Finally, McClarren Financial Advisors Inc. purchased a new position in Intercontinental Exchange during the 1st quarter valued at about $30,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of several recent research reports. Morgan Stanley raised their target price on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a report on Monday, May 5th. Barclays raised their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Piper Sandler raised their target price 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. Finally, UBS Group raised their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Trading Down 0.9%

Intercontinental Exchange stock traded down $1.66 during trading on Tuesday, reaching $174.94. The company had a trading volume of 3,226,343 shares, compared to its average volume of 2,985,197. Intercontinental Exchange Inc. has a 12-month low of $142.29 and a 12-month high of $189.35. The stock's 50 day moving average price is $182.00 and its two-hundred day moving average price is $174.66. The firm has a market capitalization of $100.14 billion, a price-to-earnings ratio of 33.58, a PEG ratio of 2.11 and a beta of 1.10. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01.

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

Insider Transactions at Intercontinental Exchange

In related news, Director Duriya M. Farooqui sold 2,036 shares of the business's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total value of $363,100.24. Following the completion of the sale, the director directly owned 14,299 shares in the company, valued at approximately $2,550,083.66. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Martha A. Tirinnanzi sold 610 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $179.76, for a total transaction of $109,653.60. Following the completion of the sale, the director owned 3,519 shares of the company's stock, valued at approximately $632,575.44. The trade was a 14.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 449,993 shares of company stock valued at $81,486,507 in the last quarter. Insiders own 1.00% of the company's stock.

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.