Palisade Capital Management LP Buys New Position in Intercontinental Exchange Inc. $ICE

Palisade Capital Management LP bought a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 82,583 shares of the financial services provider’s stock, valued at approximately $10,167,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ICE. ICONIQ Capital LLC increased its holdings in shares of Intercontinental Exchange by 2.2% in the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider’s stock worth $481,000 after buying an additional 56 shares during the last quarter. Mission Wealth Management LP lifted its holdings in shares of Intercontinental Exchange by 2.4% during the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider’s stock worth $423,000 after acquiring an additional 62 shares during the last quarter. Johnson Financial Group LLC lifted its holdings in shares of Intercontinental Exchange by 4.0% during the 4th quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider’s stock worth $277,000 after acquiring an additional 65 shares during the last quarter. Cornerstone Planning Group LLC grew its position in Intercontinental Exchange by 33.5% in the first quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 68 shares in the last quarter. Finally, Burns J W & Co. Inc. NY grew its position in Intercontinental Exchange by 0.6% in the first quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider’s stock worth $1,917,000 after acquiring an additional 69 shares in the last quarter. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Weiss Ratings downgraded Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 11th. Wall Street Zen upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Saturday. Barclays reiterated an “overweight” rating and set a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a research report on Thursday, June 11th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $178.00 target price on shares of Intercontinental Exchange in a research note on Friday, July 31st. One 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 MarketBeat.com, Intercontinental Exchange currently has a consensus rating of “Moderate Buy” and an average price target of $183.33.

Intercontinental Exchange Stock Performance

Intercontinental Exchange stock opened at $161.93 on Wednesday. The firm has a fifty day simple moving average of $143.22 and a two-hundred day simple moving average of $151.53. Intercontinental Exchange Inc. has a twelve month low of $121.79 and a twelve month high of $179.20. The company has a market capitalization of $90.90 billion, a PE ratio of 22.87, a P/E/G ratio of 1.58 and a beta of 0.92. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 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 firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the business earned $1.81 earnings per share. The company’s quarterly revenue was up 4.8% on a year-over-year basis. Research analysts expect that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Insider Buying and Selling

In other news, CTO Mayur Kapani sold 4,271 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total transaction of $645,775.20. Following the completion of the sale, the chief technology officer owned 67,988 shares of the company’s stock, valued at approximately $10,279,785.60. This represents a 5.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Warren Gardiner sold 2,491 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total value of $389,343.30. Following the sale, the chief financial officer directly owned 22,698 shares of the company’s stock, valued at approximately $3,547,697.40. This trade represents a 9.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 17,227 shares of company stock valued at $2,598,301 in the last 90 days. 0.84% of the stock is owned by insiders.

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.