Rakuten Investment Management Inc. Makes New Investment in Intercontinental Exchange Inc. $ICE

Rakuten Investment Management Inc. purchased a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 92,549 shares of the financial services provider’s stock, valued at approximately $11,375,000.

A number of other institutional investors also recently made changes to their positions in the business. Brighton Jones LLC raised its position in Intercontinental Exchange by 51.3% in the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider’s stock worth $514,000 after purchasing an additional 1,169 shares during the period. Empowered Funds LLC boosted its position in Intercontinental Exchange by 9.0% during the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider’s stock valued at $2,483,000 after buying an additional 1,189 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Intercontinental Exchange by 16.2% during the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider’s stock valued at $381,000 after buying an additional 289 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider’s stock valued at $3,892,000 after buying an additional 4,628 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in shares of Intercontinental Exchange by 2.4% in the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider’s stock worth $48,894,000 after buying an additional 6,373 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Intercontinental Exchange Price Performance

ICE stock opened at $162.46 on Friday. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $177.76. The company has a market cap of $91.20 billion, a P/E ratio of 22.95, a PEG ratio of 1.58 and a beta of 0.92. The firm has a 50-day moving average of $144.90 and a 200 day moving average of $151.50. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 earnings per share 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 business had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same period in the previous year, the firm posted $1.81 EPS. The business’s revenue was up 4.8% on a year-over-year basis. On average, sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ICE shares. Piper Sandler dropped their target price on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Raymond James Financial set a $208.00 price objective on Intercontinental Exchange in a research report on Monday, July 6th. Morgan Stanley dropped their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating for the company in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $178.00 target price on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Wall Street Zen upgraded shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $183.33.

Insider Buying and Selling

In related news, General Counsel Andrew J. Surdykowski sold 4,574 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $161.77, for a total transaction of $739,935.98. Following the sale, the general counsel directly owned 43,065 shares in the company, valued at $6,966,625.05. The trade was a 9.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Martha A. Tirinnanzi sold 1,340 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $161.16, for a total value of $215,954.40. Following the completion of the sale, the director directly owned 3,747 shares in the company, valued at approximately $603,866.52. The trade was a 26.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,141 shares of company stock worth $3,554,192 over the last quarter. Company insiders own 0.84% of the company’s stock.

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.