Harvey Capital Management Inc. Buys Shares of 73,990 Intercontinental Exchange Inc. $ICE

Harvey Capital Management Inc. bought a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 73,990 shares of the financial services provider’s stock, valued at approximately $9,109,000. Intercontinental Exchange accounts for approximately 1.9% of Harvey Capital Management Inc.’s investment portfolio, making the stock its 12th largest holding.

A number of other large investors also recently modified their holdings of the business. Coastal Bridge Advisors LLC acquired a new position in shares of Intercontinental Exchange in the 2nd quarter valued at about $4,362,000. Jefferies Financial Group Inc. acquired a new stake in Intercontinental Exchange during the second quarter worth about $1,388,000. Public Employees Retirement System of Ohio bought a new position in Intercontinental Exchange in the second quarter worth about $25,784,000. MASTERINVEST Kapitalanlage GmbH acquired a new position in Intercontinental Exchange in the second quarter valued at approximately $1,706,000. Finally, Proficio Capital Partners LLC acquired a new position in Intercontinental Exchange in the second quarter valued at approximately $280,000. 89.30% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Barclays reiterated an “overweight” rating and set a $182.00 price target (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. UBS Group restated a “buy” rating and set a $195.00 price objective (up from $190.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. The Goldman Sachs Group lowered their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Wall Street Zen raised Intercontinental Exchange from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Finally, Morgan Stanley cut their target price on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating on the stock in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $183.33.

Intercontinental Exchange Price Performance

NYSE ICE opened at $161.19 on Friday. The company has a 50-day moving average price of $144.32 and a two-hundred day moving average price of $151.43. Intercontinental Exchange Inc. has a 52 week low of $121.79 and a 52 week high of $177.76. The stock has a market cap 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. 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 released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to analysts’ expectations of $2.63 billion. Intercontinental Exchange had a return on equity of 14.95% and a net margin of 30.08%.The business’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.81 earnings per share. Analysts forecast that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Insiders Place Their Bets

In other Intercontinental Exchange news, SVP Douglas Foley sold 1,600 shares of Intercontinental Exchange stock in a transaction on Thursday, August 20th. The stock was 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 of the company’s stock, valued at $2,794,080. The trade was a 8.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Warren Gardiner sold 2,491 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $156.30, for a total value of $389,343.30. Following the transaction, the chief financial officer owned 22,698 shares of the company’s stock, valued at $3,547,697.40. This trade represents a 9.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 17,227 shares of company stock valued at $2,598,301 in the last quarter. 0.84% of the stock is owned by insiders.

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.