Point72 Europe London LLP Buys Shares of 87,000 Intercontinental Exchange Inc. $ICE

Key Points

• Point72 Europe London LLP has invested approximately $15.01 million into Intercontinental Exchange Inc. by acquiring 87,000 shares during the 1st quarter.
• Following quarterly earnings, Intercontinental Exchange reported $1.81 EPS, beating analysts' expectations, and revenue of $3.26 billion, exceeding estimates by a significant margin.
• Multiple analysts have raised their price targets for Intercontinental Exchange, with UBS Group setting a new target at $210.00 and maintaining a "buy" rating on the stock.

Point72 Europe London LLP bought a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 87,000 shares of the financial services provider's stock, valued at approximately $15,008,000.

Other hedge funds also recently modified their holdings of the company. Tsfg LLC boosted its stake in 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 acquiring an additional 103 shares during the last quarter. Activest Wealth Management raised its holdings in shares of Intercontinental Exchange by 4,050.0% in the first 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. Rakuten Securities Inc. increased its holdings in Intercontinental Exchange by 595.8% during the first quarter. Rakuten Securities Inc. now owns 167 shares of the financial services provider's stock worth $29,000 after buying an additional 143 shares during the last quarter. REAP Financial Group LLC increased its holdings in Intercontinental Exchange by 116.7% during the fourth quarter. REAP Financial Group LLC now owns 169 shares of the financial services provider's stock worth $25,000 after buying an additional 91 shares during the last quarter. Finally, McClarren Financial Advisors Inc. bought a new position in Intercontinental Exchange during the first quarter worth $30,000. Institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In related news, CEO Jeffrey C. Sprecher sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $183.09, for a total transaction of $27,463,500.00. Following the completion of the transaction, the chief executive officer owned 1,951,705 shares in the company, valued at $357,337,668.45. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Martha A. Tirinnanzi sold 610 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $179.76, for a total value of $109,653.60. Following the completion of the sale, the director directly owned 3,519 shares in the company, valued at approximately $632,575.44. The trade was a 14.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 231,678 shares of company stock worth $42,358,043 over the last ninety days. Corporate insiders own 1.00% of the company's stock.

Wall Street Analysts Forecast Growth

ICE has been the subject of several recent analyst reports. Barclays upped their price objective on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Piper Sandler upped their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the company an "overweight" rating in a research note on Tuesday, July 15th. Finally, 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. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $194.92.

Intercontinental Exchange Stock Performance

ICE traded down $0.17 during trading hours on Wednesday, hitting $174.92. The stock had a trading volume of 1,902,977 shares, compared to its average volume of 2,726,441. The company's fifty day simple moving average is $181.88 and its 200 day simple moving average is $174.66. Intercontinental Exchange Inc. has a 1 year low of $142.29 and a 1 year high of $189.35. The stock has a market cap of $100.13 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 2.11 and a beta of 1.10. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61.

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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The company's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.52 EPS. Equities analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current 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.