Harmony Asset Management LLC Buys 4,287 Shares of Intercontinental Exchange Inc. $ICE

Harmony Asset Management LLC raised its position in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 30.4% in the second quarter, according to its most recent filing with the SEC. The firm owned 18,382 shares of the financial services provider’s stock after purchasing an additional 4,287 shares during the quarter. Harmony Asset Management LLC’s holdings in Intercontinental Exchange were worth $2,263,000 at the end of the most recent quarter.

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

Intercontinental Exchange Stock Up 0.1%

ICE stock opened at $151.33 on Thursday. The stock’s 50 day simple moving average is $140.05 and its 200 day simple moving average is $152.37. The company has a market cap of $84.96 billion, a P/E ratio of 21.37, a price-to-earnings-growth ratio of 1.49 and a beta of 0.92. 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 Inc. has a fifty-two week low of $121.79 and a fifty-two week high of $183.65.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS 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 firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the company posted $1.81 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. On average, research analysts expect that Intercontinental Exchange Inc. will post 8.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ICE shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $178.00 price objective on shares of Intercontinental Exchange in a research report on Friday, July 31st. Morgan Stanley cut their target price on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating on the stock in a research report on Friday, July 10th. Weiss Ratings downgraded Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Piper Sandler dropped their price target 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. Finally, TD Cowen restated a “buy” rating and set a $177.00 price target (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. One 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. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $183.33.

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 Sharon Bowen sold 667 shares of the company’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $151.28, for a total transaction of $100,903.76. Following the completion of the sale, the director owned 15,077 shares in the company, valued at $2,280,848.56. This represents a 4.24% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 16,454 shares of company stock valued at $2,469,349. Corporate insiders own 0.84% of the company’s stock.

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.