Intercontinental Exchange Inc. $ICE Stake Lessened by Ruane Cunniff & Goldfarb L.P.

Key Points

• Ruane Cunniff & Goldfarb L.P. significantly reduced its stake in Intercontinental Exchange Inc. by 41.9%, now holding approximately $481.98 million worth of shares.
• Analysts maintain a consensus rating of "Moderate Buy" on ICE, with price targets raised by firms like Piper Sandler and UBS Group to between $202.00 and $210.00.
• CEO Jeffrey C. Sprecher sold 150,000 shares for roughly $27.46 million, marking a 7.14% decrease in his position.

Ruane Cunniff & Goldfarb L.P. lowered its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 41.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,794,096 shares of the financial services provider's stock after selling 2,012,886 shares during the quarter. Intercontinental Exchange accounts for approximately 8.8% of Ruane Cunniff & Goldfarb L.P.'s holdings, making the stock its 4th biggest holding. Ruane Cunniff & Goldfarb L.P. owned 0.49% of Intercontinental Exchange worth $481,982,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Fielder Capital Group LLC boosted its holdings in shares of Intercontinental Exchange by 2.2% during the first quarter. Fielder Capital Group LLC now owns 2,808 shares of the financial services provider's stock worth $484,000 after acquiring an additional 61 shares during the period. E Fund Management Co. Ltd. boosted its stake in shares of Intercontinental Exchange by 4.2% in the first quarter. E Fund Management Co. Ltd. now owns 1,500 shares of the financial services provider's stock valued at $259,000 after buying an additional 61 shares during the period. Berkeley Capital Partners LLC lifted its stake in Intercontinental Exchange by 1.1% during the first quarter. Berkeley Capital Partners LLC now owns 5,639 shares of the financial services provider's stock worth $973,000 after purchasing an additional 62 shares during the last quarter. GPS Wealth Strategies Group LLC lifted its stake in Intercontinental Exchange by 17.2% during the first quarter. GPS Wealth Strategies Group LLC now owns 430 shares of the financial services provider's stock worth $74,000 after purchasing an additional 63 shares during the last quarter. Finally, Values Added Financial LLC lifted its stake in Intercontinental Exchange by 4.4% during the first quarter. Values Added Financial LLC now owns 1,533 shares of the financial services provider's stock worth $264,000 after purchasing an additional 64 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company's stock.

Insider Transactions at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 3,850 shares of Intercontinental Exchange stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the completion of the sale, the general counsel directly owned 46,293 shares of the company's stock, valued at approximately $8,255,430.69. The trade was a 7.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Judith A. Sprieser sold 2,900 shares of Intercontinental Exchange stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $174.51, for a total transaction of $506,079.00. Following the sale, the director directly owned 18,169 shares of the company's stock, valued at $3,170,672.19. This represents a 13.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 230,730 shares of company stock worth $42,174,868. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ICE. Piper Sandler upped their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a report on Tuesday, July 15th. Barclays increased their price objective on Intercontinental Exchange from $206.00 to $212.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, UBS Group increased their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $194.92.

Intercontinental Exchange Stock Performance

Shares of Intercontinental Exchange stock traded up $0.02 during mid-day trading on Tuesday, hitting $173.91. 330,014 shares of the stock were exchanged, compared to its average volume of 2,959,390. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35. The company has a 50-day simple moving average of $181.29 and a 200 day simple moving average of $174.92. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $99.55 billion, a P/E ratio of 33.38, a P/E/G ratio of 2.08 and a beta of 1.10.

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 (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $2.50 billion. During the same quarter last year, the business posted $1.52 EPS. Intercontinental Exchange's quarterly revenue was up 9.8% compared to the same quarter last year. Sell-side analysts anticipate that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

About Intercontinental Exchange

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.