Lecap Asset Management Ltd. Makes New $1.08 Million Investment in Intercontinental Exchange Inc. $ICE

Key Points

• Lecap Asset Management Ltd. invested approximately $1.08 million in Intercontinental Exchange Inc. by acquiring 5,859 shares during the second quarter.
• Several brokerages have varying target price adjustments for ICE, with Barclays increasing it to $212.00 while Morgan Stanley reduced it to $188.00, indicating mixed analyst sentiment.
• Intercontinental Exchange reported a 9.8% increase in quarterly revenue year-over-year, reaching $3.26 billion and beating analyst expectations.

Lecap Asset Management Ltd. acquired a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,859 shares of the financial services provider's stock, valued at approximately $1,075,000.

Several other institutional investors have also recently bought and sold shares of ICE. Advisors Capital Management LLC raised its holdings in shares of Intercontinental Exchange by 25.0% in the first quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider's stock valued at $341,000 after purchasing an additional 396 shares during the last quarter. Capital Investment Advisory Services LLC purchased a new stake in shares of Intercontinental Exchange in the first quarter valued at about $349,000. Sequoia Financial Advisors LLC raised its holdings in shares of Intercontinental Exchange by 18.3% in the first quarter. Sequoia Financial Advisors LLC now owns 12,168 shares of the financial services provider's stock valued at $2,099,000 after purchasing an additional 1,879 shares during the last quarter. Ritholtz Wealth Management raised its holdings in shares of Intercontinental Exchange by 52.3% in the first quarter. Ritholtz Wealth Management now owns 7,953 shares of the financial services provider's stock valued at $1,372,000 after purchasing an additional 2,732 shares during the last quarter. Finally, First American Bank raised its holdings in shares of Intercontinental Exchange by 2.1% in the first quarter. First American Bank now owns 76,332 shares of the financial services provider's stock valued at $13,167,000 after purchasing an additional 1,580 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ICE. Morgan Stanley lowered their target price on shares of Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating for the company in a report on Wednesday. Piper Sandler increased their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research report on Tuesday, July 15th. UBS Group increased their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research report on Tuesday, July 8th. Barclays increased their price target 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. Finally, JPMorgan Chase & Co. increased their price target on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the company an "overweight" rating in a research report on Thursday, September 25th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $197.00.

Insiders Place Their Bets

In related news, Director Duriya M. Farooqui sold 2,036 shares of the firm'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 sale, the director directly owned 14,299 shares of the company's stock, valued at $2,550,083.66. This trade represents a 12.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Judith A. Sprieser sold 2,900 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total transaction of $506,079.00. Following the completion of the sale, the director directly owned 18,169 shares in the company, valued at $3,170,672.19. This represents a 13.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 230,874 shares of company stock valued at $42,187,714 over the last three months. Corporate insiders own 1.00% of the company's stock.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $162.71 on Thursday. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market capitalization of $93.14 billion, a PE ratio of 31.23, a P/E/G ratio of 2.01 and a beta of 1.08. The company's 50 day simple moving average is $177.43 and its two-hundred day simple moving average is $174.82.

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

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.

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