Summit Global Investments Makes New Investment in Intercontinental Exchange Inc. $ICE

Key Points

• Summit Global Investments initiated a roughly $1.23 million position in Intercontinental Exchange during the second quarter, while institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly EPS of $1.90, beating estimates of $1.84, on revenue of $3.61 billion; revenue increased 4.8% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $183.33, although insiders sold 20,725 shares worth about $3.12 million over the past three months.

Summit Global Investments purchased a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 9,961 shares of the financial services provider's stock, valued at approximately $1,226,000.

A number of other hedge funds also recently made changes to their positions in ICE. J. Stern & Co. LLP lifted its stake in shares of Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after acquiring an additional 53,798,055 shares during the period. Norges Bank acquired a new stake in Intercontinental Exchange during the 4th quarter valued at approximately $1,418,228,000. Viking Global Investors LP bought a new position in Intercontinental Exchange during the 4th quarter worth approximately $777,926,000. Boston Partners raised its holdings in Intercontinental Exchange by 148.6% during the 4th quarter. Boston Partners now owns 3,203,845 shares of the financial services provider's stock worth $519,701,000 after purchasing an additional 1,914,851 shares during the last quarter. Finally, Focus Partners Wealth lifted its position in shares of Intercontinental Exchange by 569.8% in the 4th quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider's stock worth $358,142,000 after purchasing an additional 1,880,835 shares during the period. 89.30% of the stock is currently owned by institutional investors.

Insider Transactions at Intercontinental Exchange

In other news, SVP Douglas Foley sold 7,300 shares of Intercontinental Exchange stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $148.88, for a total transaction of $1,086,824.00. Following the completion of the transaction, the senior vice president directly owned 19,063 shares in the company, valued at $2,838,099.44. This trade represents a 27.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Jefferson Hague sold 1,333 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the sale, the director directly owned 20,132 shares of the company's stock, valued at approximately $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 20,725 shares of company stock valued at $3,115,124. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Down 0.4%

NYSE ICE opened at $154.55 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $182.86. The business has a 50 day moving average price of $140.59 and a 200-day moving average price of $152.26. The company has a market cap of $86.76 billion, a price-to-earnings ratio of 21.83, a P/E/G ratio of 1.53 and a beta of 0.92.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ICE shares. Barclays reaffirmed an "overweight" rating and issued a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. TD Cowen restated a "buy" rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. UBS Group reiterated a "buy" rating and set a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Wall Street Zen lowered Intercontinental Exchange from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. Finally, Piper Sandler dropped their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $183.33.

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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