Nearwater Capital Markets Ltd Sells 90,000 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Nearwater Capital Markets Ltd has significantly reduced its stake in Intercontinental Exchange Inc. by 52.9%, selling 90,000 shares and holding 80,000 shares worth approximately $13.8 million as of the latest SEC filing.
• Multiple institutional investors have shown increased interest in Intercontinental Exchange, with Brighton Jones LLC increasing its stake by 51.3% during the fourth quarter of last year.
• Analysts are optimistic, as major brokerages like UBS and Barclays have raised their target prices for ICE shares, indicating a prevailing "Buy" sentiment among investment analysts.

Nearwater Capital Markets Ltd cut its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 52.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,000 shares of the financial services provider's stock after selling 90,000 shares during the period. Nearwater Capital Markets Ltd's holdings in Intercontinental Exchange were worth $13,800,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. REAP Financial Group LLC raised its stake in shares of Intercontinental Exchange by 116.7% in the 4th 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. Tsfg LLC increased its position in shares of Intercontinental Exchange by 187.3% during the 1st quarter. Tsfg LLC now owns 158 shares of the financial services provider's stock worth $27,000 after purchasing an additional 103 shares in the last quarter. Menard Financial Group LLC bought a new position in Intercontinental Exchange during the 4th quarter valued at about $29,000. Rakuten Securities Inc. lifted 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 purchasing an additional 143 shares during the last quarter. Finally, Activest Wealth Management lifted its holdings in Intercontinental Exchange by 4,050.0% during the 1st quarter. Activest Wealth Management now owns 166 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. 89.30% of the stock is owned by institutional investors.

Insider Activity at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 3,850 shares of Intercontinental Exchange stock in a transaction that occurred on 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 sale, the general counsel owned 46,293 shares in the company, valued at $8,255,430.69. The trade was a 7.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Judith A. Sprieser sold 2,900 shares of Intercontinental Exchange stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $174.51, for a total transaction of $506,079.00. Following the sale, the director owned 18,169 shares of the company's stock, valued at approximately $3,170,672.19. This represents a 13.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 230,730 shares of company stock worth $42,174,868 over the last 90 days. Insiders own 1.00% of the company's stock.

Wall Street Analyst Weigh In

ICE has been the subject of several analyst reports. UBS Group lifted their price target 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. Barclays lifted their price target 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. Finally, Piper Sandler lifted their price target 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. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Intercontinental Exchange currently has an average rating of "Moderate Buy" and an average target price of $194.92.

Intercontinental Exchange Price Performance

ICE traded down $0.42 during midday trading on Monday, hitting $173.85. The company had a trading volume of 2,322,612 shares, compared to its average volume of 2,730,560. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $99.52 billion, a PE ratio of 33.37, a P/E/G ratio of 2.08 and a beta of 1.10. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35. The firm's 50-day simple moving average is $181.29 and its 200-day simple moving average is $174.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, beating 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 firm had revenue of $3.26 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter last year, the company posted $1.52 EPS. The company's quarterly revenue was up 9.8% compared to the same quarter last year. Equities research analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current fiscal year.

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.