Park Avenue Securities LLC Invests $6.44 Million in Intercontinental Exchange Inc. $ICE

Key Points

• Park Avenue Securities LLC acquired 35,076 shares of Intercontinental Exchange Inc. during Q2, valued at approximately $6.4 million.
• Several institutional investors, including Tsfg LLC and Activest Wealth Management, increased their stake in Intercontinental Exchange significantly during the first quarter.
• Analyst ratings for Intercontinental Exchange are generally positive, with ten analysts giving a Buy rating and price target increases from firms like UBS Group and Piper Sandler.

Park Avenue Securities LLC purchased a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 35,076 shares of the financial services provider's stock, valued at approximately $6,435,000.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Intercontinental Exchange by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider's stock worth $9,132,211,000 after purchasing an additional 712,179 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider's stock valued at $1,109,780,000 after purchasing an additional 5,345,388 shares during the last quarter. Amundi increased its stake in Intercontinental Exchange by 14.7% during the 1st quarter. Amundi now owns 6,315,706 shares of the financial services provider's stock worth $1,060,574,000 after buying an additional 810,938 shares during the period. Independent Franchise Partners LLP grew its position in shares of Intercontinental Exchange by 0.5% during the 1st quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider's stock valued at $1,068,193,000 after buying an additional 31,588 shares during the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Intercontinental Exchange by 113.9% in the 1st quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock worth $1,025,230,000 after acquiring an additional 3,165,381 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ICE has been the subject of several recent research reports. UBS Group boosted their target price on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Piper Sandler increased their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Finally, Barclays raised their target price 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. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $194.92.

Intercontinental Exchange Price Performance

NYSE:ICE traded up $0.52 during mid-day trading on Monday, reaching $170.29. The stock had a trading volume of 4,228,054 shares, compared to its average volume of 2,750,103. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The stock has a market capitalization of $97.48 billion, a P/E ratio of 32.69, a P/E/G ratio of 2.02 and a beta of 1.10. The firm has a 50 day moving average price of $179.35 and a two-hundred day moving average price of $175.01.

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 for the quarter, beating analysts' consensus estimates of $1.77 by $0.04. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.Intercontinental Exchange's revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.52 earnings per share. As a group, analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Insider Buying and Selling at Intercontinental Exchange

In other news, Director Duriya M. Farooqui sold 2,036 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total transaction of $363,100.24. Following the sale, the director owned 14,299 shares in the company, valued at approximately $2,550,083.66. The trade was a 12.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total value of $27,463,500.00. Following the sale, the chief executive officer owned 1,951,705 shares of the company's stock, valued at approximately $357,337,668.45. The trade was a 7.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 231,669 shares of company stock valued at $42,333,438. Corporate insiders own 1.00% of the company's stock.

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.