Figure 8 Investment Strategies LLC Takes Position in Intercontinental Exchange Inc. $ICE

Figure 8 Investment Strategies LLC bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,872 shares of the financial services provider’s stock, valued at approximately $1,092,000.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC boosted its stake in Intercontinental Exchange by 51.3% during 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 last quarter. Empowered Funds LLC raised its position in shares of Intercontinental Exchange by 9.0% in 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 last quarter. Sivia Capital Partners LLC raised its position in shares of Intercontinental Exchange by 16.2% in 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 lifted its stake in shares of Intercontinental Exchange by 27.9% in the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider’s stock worth $3,892,000 after buying an additional 4,628 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Intercontinental Exchange by 2.4% during 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 acquiring an additional 6,373 shares during the last quarter. Institutional investors and hedge funds own 89.30% of the company’s stock.

Insider Buying and Selling

In other news, Director Sharon Bowen sold 667 shares of the firm’s stock in a transaction 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 directly owned 15,077 shares in the company, valued at approximately $2,280,848.56. This trade represents a 4.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Mayur Kapani sold 4,271 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total value of $645,775.20. Following the completion of the sale, the chief technology officer owned 67,988 shares in the company, valued at approximately $10,279,785.60. This represents a 5.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 18,376 shares of company stock worth $2,746,946. Corporate insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ICE shares. Piper Sandler dropped their price objective on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Wall Street Zen cut Intercontinental Exchange from a “hold” rating to a “sell” rating in a report on Saturday, August 1st. UBS Group restated a “buy” rating and issued a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Barclays reaffirmed an “overweight” rating and issued a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, TD Cowen reiterated a “buy” rating and set a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $183.33.

Intercontinental Exchange Trading Up 1.3%

ICE opened at $156.30 on Wednesday. The stock has a market capitalization of $87.75 billion, a PE ratio of 22.08, a P/E/G ratio of 1.52 and a beta of 0.92. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $181.72. 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 business’s 50 day moving average price is $141.20 and its 200 day moving average price is $151.86.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.61 billion during the quarter, compared to analysts’ expectations of $2.63 billion. During the same quarter last year, the firm earned $1.81 earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. As a group, equities research analysts expect that Intercontinental Exchange Inc. will post 8.11 EPS 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.