SummitTX Capital L.P. grew its holdings in Intercontinental Exchange Inc. (NYSE:ICE – Free Report) by 388.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,725 shares of the financial services provider’s stock after purchasing an additional 18,870 shares during the quarter. SummitTX Capital L.P.’s holdings in Intercontinental Exchange were worth $3,731,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. ICONIQ Capital LLC raised its position in shares of Intercontinental Exchange by 2.2% during the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock worth $481,000 after purchasing an additional 56 shares during the last quarter. Mechanics Financial Corp lifted its stake in Intercontinental Exchange by 1.0% in the 4th quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider’s stock valued at $994,000 after buying an additional 60 shares in the last quarter. Mission Wealth Management LP grew its holdings in Intercontinental Exchange by 2.4% during the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock valued at $423,000 after buying an additional 62 shares during the last quarter. Aaron Wealth Advisors LLC grew its holdings in Intercontinental Exchange by 1.9% during the 4th quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider’s stock valued at $548,000 after buying an additional 63 shares during the last quarter. Finally, Evergreen Capital Management LLC increased its position in Intercontinental Exchange by 1.5% during the fourth quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider’s stock worth $681,000 after buying an additional 63 shares in the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
ICE has been the subject of a number of analyst reports. Weiss Ratings cut Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, June 17th. The Goldman Sachs Group decreased their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research report on Thursday, June 11th. Piper Sandler cut their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Finally, UBS Group cut their target price on shares of Intercontinental Exchange from $205.00 to $190.00 and set a “buy” rating for the company in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $181.58.
Intercontinental Exchange Trading Up 1.8%
Shares of ICE stock opened at $148.48 on Tuesday. The firm has a market cap of $83.97 billion, a P/E ratio of 21.61, a PEG ratio of 1.51 and a beta of 0.94. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $189.35. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The firm’s 50-day simple moving average is $139.35 and its 200-day simple moving average is $153.88.
Intercontinental Exchange (NYSE:ICE – Get Free Report) last released its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the firm earned $1.72 earnings per share. Intercontinental Exchange’s revenue was up 20.4% compared to the same quarter last year. As a group, equities analysts forecast that Intercontinental Exchange Inc. will post 8.01 EPS for the current year.
Insider Buying and Selling
In other news, CFO Warren Gardiner sold 2,490 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the sale, the chief financial officer directly owned 25,189 shares of the company’s stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sharon Bowen sold 667 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the sale, the director owned 15,077 shares of the company’s stock, valued at approximately $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,425 shares of company stock worth $2,046,324 over the last 90 days. Company insiders own 0.84% of the company’s stock.
Intercontinental Exchange Profile
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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