Platinum Investment Management Ltd. Has $63.68 Million Stock Position in Intercontinental Exchange Inc. $ICE

Platinum Investment Management Ltd. lowered its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 25.1% in the second quarter, Holdings Channel.com reports. The firm owned 347,080 shares of the financial services provider’s stock after selling 116,051 shares during the period. Intercontinental Exchange comprises approximately 4.2% of Platinum Investment Management Ltd.’s investment portfolio, making the stock its 13th biggest holding. Platinum Investment Management Ltd.’s holdings in Intercontinental Exchange were worth $63,679,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in ICE. Brighton Jones LLC boosted its holdings 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 acquiring an additional 1,169 shares during the last quarter. NBC Securities Inc. purchased a new position in Intercontinental Exchange during the first quarter worth about $88,000. Harbor Investment Advisory LLC boosted its holdings in Intercontinental Exchange by 212.9% during the first quarter. Harbor Investment Advisory LLC now owns 1,258 shares of the financial services provider’s stock worth $217,000 after purchasing an additional 856 shares during the last quarter. ST Germain D J Co. Inc. boosted its stake in shares of Intercontinental Exchange by 18.4% in the 1st quarter. ST Germain D J Co. Inc. now owns 514 shares of the financial services provider’s stock worth $89,000 after buying an additional 80 shares during the last quarter. Finally, Iams Wealth Management LLC purchased a new position in shares of Intercontinental Exchange in the 1st quarter worth approximately $552,000. Institutional investors and hedge funds own 89.30% of the company’s stock.

Intercontinental Exchange Price Performance

NYSE ICE opened at $162.71 on Thursday. The company has a market cap of $93.14 billion, a PE ratio of 31.23, a price-to-earnings-growth ratio of 2.01 and a beta of 1.08. Intercontinental Exchange Inc. has a 52 week low of $142.29 and a 52 week high of $189.35. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. The firm’s 50-day simple moving average is $177.43 and its two-hundred day simple moving average is $174.82.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Thursday, July 31st. The financial services provider reported $1.81 EPS for the quarter, beating the consensus estimate of $1.77 by $0.04. The business had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.52 earnings per share. Research analysts predict that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ICE. UBS Group boosted their target price on Intercontinental Exchange from $195.00 to $210.00 and gave the stock a “buy” rating in a research note on Tuesday, July 8th. Piper Sandler boosted their price target on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an “overweight” rating in a report on Tuesday, July 15th. JPMorgan Chase & Co. boosted their price target on shares of Intercontinental Exchange from $195.00 to $203.00 and gave the stock an “overweight” rating in a report on Thursday, September 25th. Morgan Stanley cut their price target on shares of Intercontinental Exchange from $192.00 to $188.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Barclays boosted their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the company an “overweight” rating in a research note on Friday, August 1st. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $197.00.

Insider Buying and Selling at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 3,850 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $178.33, for a total value of $686,570.50. Following the sale, the general counsel owned 46,293 shares in the company, valued at approximately $8,255,430.69. This trade represents a 7.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Judith A. Sprieser sold 2,900 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $174.51, for a total transaction of $506,079.00. Following the completion of the sale, the director directly owned 18,169 shares in the company, valued at $3,170,672.19. This represents a 13.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 230,874 shares of company stock worth $42,187,714 in the last three months. 1.00% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Company Profile

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.