Turtle Creek Wealth Advisors LLC Makes New $717,000 Investment in Intercontinental Exchange Inc. $ICE

Key Points

• Turtle Creek Wealth Advisors LLC has made a new investment of $717,000 in Intercontinental Exchange Inc. (NYSE: ICE), acquiring 3,906 shares in the company during the second quarter.
• Several institutional investors, including Price T Rowe Associates and Wellington Management Group, significantly increased their stakes in Intercontinental Exchange, reflecting strong interest in the stock.
• Analysts have mixed forecasts for Intercontinental Exchange, with Barclays maintaining an "overweight" rating but lowering its price target, while Piper Sandler raised its target, indicating varying expectations among market experts.

Turtle Creek Wealth Advisors LLC bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,906 shares of the financial services provider's stock, valued at approximately $717,000.

Several other hedge funds also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Intercontinental Exchange by 491.3% in the first 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 period. Nuveen LLC purchased a new position in shares of Intercontinental Exchange in the first quarter valued at approximately $575,383,000. Wellington Management Group LLP boosted its stake in shares of Intercontinental Exchange by 113.9% in the first quarter. Wellington Management Group LLP now owns 5,943,363 shares of the financial services provider's stock valued at $1,025,230,000 after purchasing an additional 3,165,381 shares during the period. Bank of New York Mellon Corp lifted its stake in Intercontinental Exchange by 50.6% in the first quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider's stock worth $1,023,534,000 after acquiring an additional 1,993,084 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Intercontinental Exchange by 31.7% in the first quarter. Goldman Sachs Group Inc. now owns 3,575,859 shares of the financial services provider's stock worth $616,836,000 after acquiring an additional 861,679 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In related news, CTO Mayur Kapani sold 10,082 shares of the firm's stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $158.88, for a total transaction of $1,601,828.16. Following the transaction, the chief technology officer directly owned 65,240 shares in the company, valued at $10,365,331.20. This trade represents a 13.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Stuart Glen Williams sold 939 shares of the firm's stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $172.04, for a total value of $161,545.56. Following the transaction, the chief operating officer owned 16,624 shares in the company, valued at $2,859,992.96. This trade represents a 5.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 240,956 shares of company stock valued at $43,789,542 over the last three months. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ICE shares. Barclays reiterated an "overweight" rating and issued a $201.00 price target (down previously from $212.00) on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. Morgan Stanley decreased their price target on shares of Intercontinental Exchange from $192.00 to $188.00 and set an "equal weight" rating for the company in a research note on Wednesday, October 1st. Piper Sandler lifted their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 15th. Keefe, Bruyette & Woods upgraded shares of Intercontinental Exchange to a "moderate buy" rating in a research note on Monday, October 6th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $199.60.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $153.29 on Friday. The firm has a market capitalization of $87.75 billion, a P/E ratio of 29.42, a PEG ratio of 2.20 and a beta of 1.08. Intercontinental Exchange Inc. has a one year low of $142.29 and a one year high of $189.35. The company's fifty day moving average is $171.52 and its two-hundred day moving average is $173.64. 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 (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) 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 analyst estimates of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm's quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.52 EPS. Analysts forecast that Intercontinental Exchange Inc. will post 6.73 EPS 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.

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