Ruane Cunniff & Goldfarb L.P. Has $415.12 Million Holdings in Intercontinental Exchange Inc. $ICE

Ruane Cunniff & Goldfarb L.P. lowered its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 2.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 2,639,372 shares of the financial services provider’s stock after selling 64,535 shares during the quarter. Intercontinental Exchange makes up approximately 6.9% of Ruane Cunniff & Goldfarb L.P.’s investment portfolio, making the stock its 4th largest position. Ruane Cunniff & Goldfarb L.P.’s holdings in Intercontinental Exchange were worth $415,120,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. J. Stern & Co. LLP boosted its holdings in shares of Intercontinental Exchange by 17,398.1% in the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider’s stock worth $8,763,214,000 after buying an additional 53,798,055 shares during the last quarter. Norges Bank purchased a new stake in Intercontinental Exchange during the fourth quarter valued at approximately $1,418,228,000. Viking Global Investors LP purchased a new stake in Intercontinental Exchange during the fourth quarter valued at approximately $777,926,000. Boston Partners raised its position 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 worth $519,701,000 after acquiring an additional 1,914,851 shares during the period. Finally, Focus Partners Wealth raised its position in Intercontinental Exchange by 569.8% in the fourth quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider’s stock worth $358,142,000 after acquiring an additional 1,880,835 shares during the period. Institutional investors own 89.30% of the company’s stock.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel directly owned 45,473 shares of the company’s stock, valued at approximately $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the sale, the chief financial officer owned 25,189 shares in the company, valued at approximately $3,945,604.96. This represents a 9.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 13,425 shares of company stock valued at $2,046,324. Company insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

ICE has been the subject of a number of recent research reports. Keefe, Bruyette & Woods assumed coverage on shares of Intercontinental Exchange in a research report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price objective for the company. Morgan Stanley reduced 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. Weiss Ratings cut Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, June 17th. Raymond James Financial set a $208.00 target price on Intercontinental Exchange in a research report on Monday, July 6th. Finally, Barclays cut their price target on Intercontinental Exchange from $201.00 to $180.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $181.58.

Intercontinental Exchange Stock Up 1.8%

Shares of ICE opened at $148.48 on Tuesday. The business’s 50 day moving average is $139.35 and its 200 day moving average is $153.88. The company has a market capitalization of $83.97 billion, a PE ratio of 21.61, a price-to-earnings-growth ratio of 1.51 and a beta of 0.94. Intercontinental Exchange Inc. has a 12-month low of $121.79 and a 12-month high of $189.35. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the prior year, the company posted $1.72 EPS. The firm’s revenue for the quarter was up 20.4% compared to the same quarter last year. Research analysts expect that Intercontinental Exchange Inc. will post 8.01 earnings per share for the current fiscal year.

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.