Elevation Point Wealth Partners LLC Makes New $1.36 Million Investment in Intercontinental Exchange Inc. $ICE

Elevation Point Wealth Partners LLC bought a new stake in Intercontinental Exchange Inc. (NYSE:ICE) in the second quarter, HoldingsChannel reports. The fund bought 11,083 shares of the financial services provider’s stock, valued at approximately $1,364,000.

Other hedge funds also recently modified their holdings of the company. Ares Financial Consulting LLC bought a new position in Intercontinental Exchange in the fourth quarter valued at approximately $25,000. Brooklands Fund Management Ltd bought a new stake in shares of Intercontinental Exchange during the fourth quarter worth $28,000. Swiss RE Ltd. acquired a new stake in shares of Intercontinental Exchange during the fourth quarter worth $28,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Intercontinental Exchange during the fourth quarter worth $30,000. Finally, Rakuten Securities Inc. bought a new stake in Intercontinental Exchange in the 2nd quarter valued at $26,000. Institutional investors and hedge funds own 89.30% of the company’s stock.

Intercontinental Exchange Stock Performance

Shares of NYSE ICE opened at $161.29 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a 50 day moving average price of $142.34 and a 200 day moving average price of $151.54. The stock has a market capitalization of $90.55 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $181.65.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.81 EPS. Analysts predict that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ICE. Barclays reiterated an “overweight” rating and set a $182.00 target price (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Piper Sandler reduced their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a research report on Wednesday, July 15th. Weiss Ratings downgraded Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, August 11th. UBS Group reissued a “buy” rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Finally, 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 note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Intercontinental Exchange presently has an average rating of “Moderate Buy” and a consensus target price of $183.33.

Insider Transactions at Intercontinental Exchange

In other news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total value of $693,083.88. Following the sale, the general counsel directly owned 45,473 shares of the company’s stock, valued at approximately $6,891,887.88. This represents a 9.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Mayur Kapani sold 4,271 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total transaction of $645,775.20. Following the completion of the sale, the chief technology officer owned 67,988 shares of the company’s stock, valued at $10,279,785.60. This trade represents a 5.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 20,200 shares of company stock valued at $3,035,385. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Company 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.