Ruane Cunniff & Goldfarb L.P. Reduces Position in Intercontinental Exchange Inc. $ICE

Ruane Cunniff & Goldfarb L.P. reduced its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 2.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,639,372 shares of the financial services provider’s stock after selling 64,535 shares during the period. Intercontinental Exchange makes up 6.9% of Ruane Cunniff & Goldfarb L.P.’s portfolio, making the stock its 4th biggest position. Ruane Cunniff & Goldfarb L.P. owned approximately 0.47% of Intercontinental Exchange worth $415,120,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC grew its position in Intercontinental Exchange by 59.3% during the 1st quarter. Empowered Funds LLC now owns 34,835 shares of the financial services provider’s stock valued at $5,479,000 after purchasing an additional 12,973 shares during the last quarter. Evelyn Partners Asset Management Ltd raised its holdings in Intercontinental Exchange by 49.3% in the first quarter. Evelyn Partners Asset Management Ltd now owns 839 shares of the financial services provider’s stock worth $132,000 after buying an additional 277 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Intercontinental Exchange by 1.8% in the first quarter. The Manufacturers Life Insurance Company now owns 713,468 shares of the financial services provider’s stock worth $112,214,000 after buying an additional 12,939 shares during the last quarter. Socorro Asset Management LP purchased a new position in Intercontinental Exchange in the first quarter worth about $5,149,000. Finally, Quantinno Capital Management LP lifted its stake in shares of Intercontinental Exchange by 51.1% in the first quarter. Quantinno Capital Management LP now owns 274,414 shares of the financial services provider’s stock worth $43,160,000 after buying an additional 92,755 shares in the last quarter. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Price Performance

ICE opened at $148.48 on Tuesday. The company’s 50-day simple moving average is $139.35 and its two-hundred day simple moving average is $153.88. 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 market capitalization of $83.97 billion, a P/E ratio of 21.61, a P/E/G ratio of 1.51 and a beta of 0.94. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $189.35.

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

Insider Activity at Intercontinental Exchange

In related news, Director Sharon Bowen sold 667 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $151.28, for a total value of $100,903.76. Following the sale, the director owned 15,077 shares in the company, valued at approximately $2,280,848.56. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the sale, the director directly owned 20,132 shares of the company’s stock, valued at approximately $2,807,608.72. This trade represents a 6.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,425 shares of company stock valued at $2,046,324 over the last quarter. 0.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

ICE has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price target on the stock. Rothschild & Co Redburn set a $177.00 price objective on shares of Intercontinental Exchange in a report on Thursday, June 11th. The Goldman Sachs Group lowered their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Weiss Ratings downgraded Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, June 17th. Finally, Raymond James Financial set a $208.00 target price on Intercontinental Exchange in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Intercontinental Exchange has a consensus rating of “Moderate Buy” and an average price target of $181.58.

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.