Palisade Capital Management LP bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE – Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 82,583 shares of the financial services provider’s stock, valued at approximately $10,167,000.
Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC raised its position in Intercontinental Exchange by 51.3% during the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider’s stock valued at $514,000 after purchasing an additional 1,169 shares during the last quarter. Empowered Funds LLC grew its position in shares of Intercontinental Exchange by 9.0% in the 1st quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider’s stock worth $2,483,000 after buying an additional 1,189 shares during the last quarter. Sivia Capital Partners LLC grew its position in shares of Intercontinental Exchange by 16.2% in the 2nd quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider’s stock worth $381,000 after buying an additional 289 shares during the last quarter. NewEdge Advisors LLC increased its stake in shares of Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider’s stock valued at $3,892,000 after buying an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina increased its stake in shares of Intercontinental Exchange by 2.4% during the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider’s stock valued at $48,894,000 after buying an additional 6,373 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.
Analyst Ratings Changes
ICE has been the subject of a number of recent analyst reports. Weiss Ratings downgraded Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $178.00 price target on shares of Intercontinental Exchange in a report on Friday, July 31st. TD Cowen reissued a “buy” rating and set a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. UBS Group restated a “buy” rating and issued a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Morgan Stanley dropped their target price on shares of Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a research report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $183.33.
Intercontinental Exchange Stock Down 0.7%
Shares of NYSE:ICE opened at $161.93 on Wednesday. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $179.20. The firm has a market capitalization of $90.90 billion, a P/E ratio of 22.87, a P/E/G ratio of 1.58 and a beta of 0.92. The stock has a 50 day moving average price of $143.22 and a 200-day moving average price of $151.53. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.
Intercontinental Exchange (NYSE:ICE – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $2.63 billion. During the same period in the previous year, the company posted $1.81 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. As a group, equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.
Insider Transactions at Intercontinental Exchange
In other Intercontinental Exchange news, Director William Jefferson Hague sold 1,333 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the transaction, the director owned 20,132 shares of the company’s stock, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Warren Gardiner sold 2,491 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the sale, the chief financial officer owned 22,698 shares in the company, valued at approximately $3,547,697.40. This trade represents a 9.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 17,227 shares of company stock worth $2,598,301 in the last ninety days. 0.84% of the stock is owned by company insiders.
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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