USA Financial Formulas Makes New $668,000 Investment in Intercontinental Exchange Inc. $ICE

USA Financial Formulas purchased a new stake in Intercontinental Exchange Inc. (NYSE:ICE) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 3,640 shares of the financial services provider’s stock, valued at approximately $668,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of ICE. Price T Rowe Associates Inc. MD raised its stake in shares of Intercontinental Exchange by 491.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,433,497 shares of the financial services provider’s stock valued at $1,109,780,000 after purchasing an additional 5,345,388 shares during the period. Nuveen LLC acquired a new stake in shares of Intercontinental Exchange in the 1st quarter valued at about $575,383,000. Wellington Management Group LLP raised its stake in shares of Intercontinental Exchange by 113.9% in 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 purchasing an additional 3,165,381 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Intercontinental Exchange by 50.6% in the 1st quarter. Bank of New York Mellon Corp now owns 5,933,532 shares of the financial services provider’s stock valued at $1,023,534,000 after purchasing an additional 1,993,084 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Intercontinental Exchange by 31.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,575,859 shares of the financial services provider’s stock valued at $616,836,000 after purchasing an additional 861,679 shares during the period. Institutional investors and hedge funds own 89.30% of the company’s stock.

Insider Activity

In other news, Director Duriya M. Farooqui sold 2,036 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $178.34, for a total value of $363,100.24. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Judith A. Sprieser sold 2,900 shares of the company’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total value of $506,079.00. Following the completion of the transaction, the director directly owned 18,169 shares in the company, valued at $3,170,672.19. The trade was a 13.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 230,874 shares of company stock valued at $42,187,714. 1.00% of the stock is owned by insiders.

Intercontinental Exchange Price Performance

Shares of NYSE ICE opened at $162.71 on Thursday. The business’s 50 day moving average price is $177.43 and its two-hundred day moving average price is $174.82. The company has a market cap of $93.14 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.01 and a beta of 1.08. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a twelve month low of $142.29 and a twelve month high of $189.35.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.77 by $0.04. The firm had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a return on equity of 13.66% and a net margin of 23.92%.The business’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.52 earnings per share. On average, analysts predict that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Piper Sandler lifted their price target on Intercontinental Exchange from $180.00 to $202.00 and gave the company an “overweight” rating in a research note on Tuesday, July 15th. UBS Group upped their price objective on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. boosted their target price on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, September 25th. Morgan Stanley lowered their target price on shares of Intercontinental Exchange from $192.00 to $188.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Barclays boosted their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an “overweight” rating in a report on Friday, August 1st. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $197.00.

Intercontinental Exchange Company 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.