Figure 8 Investment Strategies LLC Acquires New Stake in Intercontinental Exchange Inc. $ICE

Figure 8 Investment Strategies LLC bought a new position in Intercontinental Exchange Inc. (NYSE:ICE) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,915 shares of the financial services provider’s stock, valued at approximately $902,000.

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Intercontinental Exchange by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 52,940,356 shares of the financial services provider’s stock worth $9,132,211,000 after acquiring an additional 712,179 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Intercontinental Exchange by 491.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider’s stock worth $1,109,780,000 after purchasing an additional 5,345,388 shares during the period. Amundi increased its stake in shares of Intercontinental Exchange by 14.7% in the first quarter. Amundi now owns 6,315,706 shares of the financial services provider’s stock worth $1,060,574,000 after purchasing an additional 810,938 shares in the last quarter. Independent Franchise Partners LLP raised its position in shares of Intercontinental Exchange by 0.5% in the first quarter. Independent Franchise Partners LLP now owns 6,192,424 shares of the financial services provider’s stock valued at $1,068,193,000 after purchasing an additional 31,588 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Intercontinental Exchange by 113.9% during the 1st 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 buying an additional 3,165,381 shares in the last quarter. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Stock Up 0.9%

Shares of NYSE ICE opened at $162.47 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The business has a 50-day moving average of $176.53 and a 200-day moving average of $174.67. The firm has a market capitalization of $93.00 billion, a price-to-earnings ratio of 31.18, a PEG ratio of 1.96 and a beta of 1.08. Intercontinental Exchange Inc. has a 12 month low of $142.29 and a 12 month high of $189.35.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating 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 business had revenue of $3.26 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the business posted $1.52 earnings per share. Intercontinental Exchange’s revenue for the quarter was up 9.8% on a year-over-year basis. Sell-side analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Duriya M. Farooqui sold 2,036 shares of the company’s stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total value of $363,100.24. Following the completion of the sale, the director owned 14,299 shares of the company’s stock, valued at approximately $2,550,083.66. This represents a 12.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Douglas Foley sold 1,600 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $175.62, for a total value of $280,992.00. Following the sale, the senior vice president owned 25,796 shares of the company’s stock, valued at $4,530,293.52. This represents a 5.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 230,874 shares of company stock valued at $42,187,714 in the last three months. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. UBS Group lifted their price objective on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the company a “buy” rating in a research note on Tuesday, July 8th. Barclays lifted their price target on Intercontinental Exchange from $206.00 to $212.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Piper Sandler increased their price objective on Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. lifted their target price on Intercontinental Exchange from $195.00 to $203.00 and gave the company an “overweight” rating in a report on Thursday, September 25th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Intercontinental Exchange in a report on Saturday, September 27th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $198.20.

Intercontinental Exchange Profile

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.