Harvey Capital Management Inc. Takes Position in Intercontinental Exchange Inc. $ICE

Harvey Capital Management Inc. acquired a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the second quarter, Holdings Channel reports. The firm acquired 73,990 shares of the financial services provider’s stock, valued at approximately $9,109,000. Intercontinental Exchange comprises 1.9% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 12th largest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ICE. Ares Financial Consulting LLC acquired a new stake in Intercontinental Exchange in the fourth quarter worth approximately $25,000. Rakuten Securities Inc. acquired a new position in shares of Intercontinental Exchange during the 2nd quarter valued at $26,000. Brooklands Fund Management Ltd bought a new stake in shares of Intercontinental Exchange in the 4th quarter worth $28,000. Swiss RE Ltd. bought a new stake in shares of Intercontinental Exchange in the 4th quarter worth $28,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $30,000. Institutional investors own 89.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ICE. Wall Street Zen raised Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Weiss Ratings raised shares of Intercontinental Exchange from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Raymond James Financial set a $208.00 price objective on shares of Intercontinental Exchange in a research report on Monday, July 6th. TD Cowen reaffirmed a “buy” rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $178.00 target price on shares of Intercontinental Exchange in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $183.33.

Insider Activity

In other news, SVP Douglas Foley sold 1,600 shares of the business’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $160.00, for a total transaction of $256,000.00. Following the sale, the senior vice president owned 17,463 shares in the company, valued at $2,794,080. The trade was a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 that occurred on Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total transaction of $645,775.20. Following the completion of the transaction, the chief technology officer directly owned 67,988 shares of the company’s stock, valued at $10,279,785.60. This represents a 5.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,227 shares of company stock worth $2,598,301 over the last three months. 0.84% of the stock is owned by insiders.

Intercontinental Exchange Trading Down 0.5%

NYSE:ICE opened at $161.19 on Friday. The stock has a fifty day simple moving average of $144.32 and a 200 day simple moving average of $151.43. The firm has a market capitalization of $90.49 billion, a price-to-earnings ratio of 22.77, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $177.76. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

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

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.