Oak Ridge Investments LLC Has $7.94 Million Stake in Intercontinental Exchange Inc. (NYSE:ICE)

Key Points

• Oak Ridge Investments LLC has increased its position in Intercontinental Exchange Inc. by 5.8%, owning 46,025 shares valued at approximately $7.94 million.
• Research analysts have raised their price targets for Intercontinental Exchange stock, with the consensus target now at $194.92 and a majority rating it as a "Moderate Buy".
• The company reported strong quarterly earnings, with $1.81 EPS exceeding expectations, alongside revenue of $3.26 billion, which was significantly higher than projected.

Oak Ridge Investments LLC increased its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 5.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,025 shares of the financial services provider's stock after purchasing an additional 2,523 shares during the quarter. Oak Ridge Investments LLC's holdings in Intercontinental Exchange were worth $7,939,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. REAP Financial Group LLC lifted its holdings in shares of Intercontinental Exchange by 116.7% during the 4th quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 91 shares in the last quarter. Tsfg LLC lifted its holdings 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 valued at $27,000 after acquiring an additional 103 shares in the last quarter. Menard Financial Group LLC acquired a new position in shares of Intercontinental Exchange during the 4th quarter valued at $29,000. Rakuten Securities Inc. lifted its holdings in shares of 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. acquired a new position in shares of Intercontinental Exchange during the 1st quarter valued at $30,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. UBS Group lifted their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. Morgan Stanley lifted their price objective on shares of Intercontinental Exchange from $181.00 to $192.00 and gave the company an "equal weight" rating in a research note on Monday, May 5th. Barclays lifted their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Intercontinental Exchange from $183.00 to $189.00 and gave the company an "outperform" rating in a research note on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $194.92.

Insider Activity

In other Intercontinental Exchange news, CAO James W. Namkung sold 612 shares of the business's stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $180.00, for a total transaction of $110,160.00. Following the sale, the chief accounting officer owned 13,220 shares in the company, valued at approximately $2,379,600. The trade was a 4.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 3,848 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $179.12, for a total value of $689,253.76. Following the sale, the general counsel owned 48,480 shares in the company, valued at approximately $8,683,737.60. The trade was a 7.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 443,488 shares of company stock worth $80,323,823. 1.00% of the stock is owned by company insiders.

Intercontinental Exchange Price Performance

ICE stock traded down $1.56 during trading on Friday, hitting $181.12. The company had a trading volume of 2,840,944 shares, compared to its average volume of 3,072,402. The firm has a market capitalization of $103.68 billion, a price-to-earnings ratio of 34.76, a P/E/G ratio of 2.15 and a beta of 1.11. The business has a 50 day moving average of $182.02 and a 200 day moving average of $173.50. Intercontinental Exchange Inc. has a fifty-two week low of $142.29 and a fifty-two week high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share 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 company had revenue of $3.26 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the company earned $1.52 EPS. Intercontinental Exchange's revenue was up 9.8% on a year-over-year basis. As a group, research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 1.1%. Intercontinental Exchange's payout ratio is presently 36.85%.

Intercontinental Exchange Company 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.