Connor Clark & Lunn Investment Management Ltd. Makes New $36.78 Million Investment in Intercontinental Exchange Inc. $ICE

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 298,771 shares of the financial services provider’s stock, valued at approximately $36,782,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Ares Financial Consulting LLC bought a new position in Intercontinental Exchange in the fourth quarter worth $25,000. Brooklands Fund Management Ltd acquired a new stake in Intercontinental Exchange during the fourth quarter worth $28,000. Swiss RE Ltd. bought a new stake in Intercontinental Exchange in the 4th quarter valued at $28,000. Lloyd Advisory Services LLC. bought a new stake in Intercontinental Exchange in the 4th quarter valued at $30,000. Finally, Rakuten Securities Inc. acquired a new position in shares of Intercontinental Exchange in the 2nd quarter valued at $26,000. 89.30% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the transaction, the director owned 20,132 shares in the company, valued at approximately $2,807,608.72. The trade was a 6.21% 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, CTO Mayur Kapani sold 4,271 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total value of $645,775.20. Following the completion of the transaction, the chief technology officer directly owned 67,988 shares in the company, valued at $10,279,785.60. The trade was a 5.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 17,227 shares of company stock worth $2,598,301. Corporate insiders own 0.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group decreased their target price on shares of Intercontinental Exchange from $208.00 to $180.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research report on Thursday, June 11th. UBS Group restated a “buy” rating and set a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $178.00 price objective on shares of Intercontinental Exchange in a report on Friday, July 31st. Finally, Piper Sandler lowered their price objective on Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $183.33.

Intercontinental Exchange Stock Up 1.0%

ICE opened at $162.89 on Tuesday. The firm has a market cap of $91.45 billion, a price-to-earnings ratio of 23.01, a PEG ratio of 1.57 and a beta of 0.92. 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 firm’s 50-day simple moving average is $142.80 and its 200-day simple moving average is $151.54. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $181.65.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.06. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the firm posted $1.81 EPS. Equities research analysts anticipate that Intercontinental Exchange Inc. will post 8.1 EPS for the current fiscal year.

Intercontinental Exchange Company 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.