Osterweis Capital Management Inc. Takes Position in Intercontinental Exchange Inc. $ICE

Key Points

• Osterweis Capital Management initiated a position in Intercontinental Exchange, purchasing 76,744 shares valued at approximately $9.45 million. Institutional investors collectively own 89.30% of ICE’s outstanding stock.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $183.33, despite several firms recently lowering their targets.
• ICE reported quarterly EPS of $1.90, exceeding estimates of $1.84, while revenue reached $3.61 billion and increased 4.8% year over year. Shares recently opened at $162.89.

Osterweis Capital Management Inc. bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 76,744 shares of the financial services provider's stock, valued at approximately $9,448,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its holdings in Intercontinental Exchange by 5.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider's stock valued at $31,041,000 after buying an additional 10,742 shares during the period. BlackRock Inc. bought a new position in shares of Intercontinental Exchange during the 2nd quarter worth about $6,245,085,000. USS Investment Management Ltd boosted its position in shares of Intercontinental Exchange by 37.2% during the 1st quarter. USS Investment Management Ltd now owns 946,920 shares of the financial services provider's stock valued at $148,960,000 after acquiring an additional 256,851 shares in the last quarter. Walter Public Investments Inc. increased its stake in Intercontinental Exchange by 13.8% in the fourth quarter. Walter Public Investments Inc. now owns 124,993 shares of the financial services provider's stock valued at $20,244,000 after acquiring an additional 15,129 shares during the period. Finally, Vanguard Group Inc. increased its stake in Intercontinental Exchange by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after acquiring an additional 413,639 shares during the period. 89.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ICE. The Goldman Sachs Group dropped their price target on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. UBS Group reiterated a "buy" rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Morgan Stanley dropped their target price on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a report on Friday, July 10th. Piper Sandler cut their target price on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research report on Wednesday, July 15th. Finally, Raymond James Financial set a $208.00 price target on Intercontinental Exchange in a research report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, Intercontinental Exchange presently has a consensus rating of "Moderate Buy" and a consensus price target of $183.33.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock opened at $162.89 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $91.45 billion, a price-to-earnings ratio of 23.01, a P/E/G ratio of 1.57 and a beta of 0.92. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $181.65. The firm's 50-day moving average price is $142.80 and its two-hundred day moving average price is $151.54.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. Intercontinental Exchange's quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.81 earnings per share. On average, equities analysts predict that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Intercontinental Exchange news, SVP Douglas Foley sold 1,600 shares of the business's stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $160.00, for a total value of $256,000.00. Following the transaction, the senior vice president owned 17,463 shares of the company's stock, valued at approximately $2,794,080. The trade was a 8.39% 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 this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total value of $645,775.20. Following the sale, the chief technology officer owned 67,988 shares in the company, valued at $10,279,785.60. The trade was a 5.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 17,227 shares of company stock valued at $2,598,301. Company insiders own 0.84% of the company's stock.

Intercontinental Exchange Company 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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