Panagora Asset Management Inc. Has $64.53 Million Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Panagora Asset Management increased its stake in Intercontinental Exchange by 71.6% in the fourth quarter, bringing its holdings to 398,438 shares worth about $64.5 million.
• Several analysts remain positive on ICE, with recent buy/overweight ratings and price targets ranging from $188 to $211; the consensus rating is Moderate Buy with an average target of $193.
• Intercontinental Exchange reported better-than-expected Q1 results, including $2.35 EPS and $3.67 billion in revenue, while insiders recently sold shares and the stock was trading near its 52-week low.

Panagora Asset Management Inc. boosted its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 71.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 398,438 shares of the financial services provider's stock after acquiring an additional 166,245 shares during the period. Panagora Asset Management Inc. owned 0.07% of Intercontinental Exchange worth $64,531,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Ares Financial Consulting LLC bought a new position in shares of Intercontinental Exchange in the fourth quarter worth about $25,000. Dorato Capital Management bought a new stake in Intercontinental Exchange during the 4th quarter valued at approximately $29,000. Swiss RE Ltd. acquired a new stake in Intercontinental Exchange in the 4th quarter valued at approximately $28,000. Steph & Co. increased its position in Intercontinental Exchange by 104.7% in the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider's stock worth $28,000 after buying an additional 89 shares during the period. Finally, Holos Integrated Wealth LLC bought a new position in Intercontinental Exchange in the 4th quarter worth approximately $28,000. 89.30% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. UBS Group reissued a "buy" rating and issued a $205.00 price objective on shares of Intercontinental Exchange in a research report on Wednesday, May 20th. Piper Sandler reaffirmed an "overweight" rating and set a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. Barclays reiterated an "overweight" rating and set a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price target on the stock in a research report on Friday, March 6th. Finally, Weiss Ratings downgraded shares of Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $193.00.

Insider Transactions at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the transaction, the general counsel directly owned 45,473 shares of the company's stock, valued at $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total value of $390,033.60. Following the completion of the transaction, the chief financial officer directly owned 25,189 shares of the company's stock, valued at approximately $3,945,604.96. This trade represents a 9.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 12,092 shares of company stock valued at $1,860,424 in the last ninety days. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Stock Performance

ICE opened at $140.26 on Monday. The stock's 50 day simple moving average is $154.22 and its 200-day simple moving average is $159.32. 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 cap of $79.32 billion, a PE ratio of 20.42, a P/E/G ratio of 1.35 and a beta of 0.92. Intercontinental Exchange Inc. has a 1 year low of $136.67 and a 1 year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. The firm had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.Intercontinental Exchange's quarterly revenue was up 20.4% compared to the same quarter last year. During the same period last year, the business earned $1.72 earnings per share. Sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

About Intercontinental Exchange

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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