Westfield Capital Management Co. LP Makes New $80.86 Million Investment in Intercontinental Exchange Inc. $ICE

Westfield Capital Management Co. LP acquired a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 440,726 shares of the financial services provider’s stock, valued at approximately $80,860,000.

A number of other hedge funds have also added to or reduced their stakes in ICE. Advisors Capital Management LLC raised its holdings in shares of Intercontinental Exchange by 25.0% in the 1st quarter. Advisors Capital Management LLC now owns 1,978 shares of the financial services provider’s stock valued at $341,000 after acquiring an additional 396 shares in the last quarter. Trillium Asset Management LLC lifted its holdings in shares of Intercontinental Exchange by 12.0% during the 2nd quarter. Trillium Asset Management LLC now owns 272,010 shares of the financial services provider’s stock worth $49,907,000 after acquiring an additional 29,250 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Intercontinental Exchange by 6.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 886,369 shares of the financial services provider’s stock worth $161,195,000 after acquiring an additional 55,057 shares in the last quarter. King Luther Capital Management Corp raised its position in Intercontinental Exchange by 19.7% during the second quarter. King Luther Capital Management Corp now owns 294,112 shares of the financial services provider’s stock valued at $53,961,000 after purchasing an additional 48,344 shares in the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in Intercontinental Exchange during the second quarter worth about $1,075,000. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays set a $183.00 price target on shares of Intercontinental Exchange and gave the stock an “overweight” rating in a research note on Friday, October 31st. Keefe, Bruyette & Woods raised shares of Intercontinental Exchange to a “moderate buy” rating in a research note on Monday, October 6th. Raymond James Financial raised Intercontinental Exchange from an “outperform” rating to a “strong-buy” rating and set a $210.00 price objective on the stock in a research note on Monday, October 13th. TD Cowen dropped their target price on Intercontinental Exchange from $199.00 to $175.00 and set a “buy” rating for the company in a report on Friday, October 31st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Intercontinental Exchange in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $194.70.

Insider Activity

In related news, Director Judith A. Sprieser sold 2,900 shares of Intercontinental Exchange stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $174.51, for a total transaction of $506,079.00. Following the sale, the director directly owned 18,169 shares in the company, valued at $3,170,672.19. The trade was a 13.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Mayur Kapani sold 10,082 shares of Intercontinental Exchange stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $158.88, for a total transaction of $1,601,828.16. Following the transaction, the chief technology officer directly owned 65,240 shares of the company’s stock, valued at approximately $10,365,331.20. This trade represents a 13.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 24,098 shares of company stock worth $4,024,000. Company insiders own 1.00% of the company’s stock.

Intercontinental Exchange Stock Up 0.2%

Shares of Intercontinental Exchange stock opened at $153.96 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 12-month low of $142.29 and a 12-month high of $189.35. The company has a market cap of $87.78 billion, a P/E ratio of 29.58, a PEG ratio of 2.11 and a beta of 1.06. The company’s fifty day simple moving average is $158.91 and its two-hundred day simple moving average is $172.32.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, October 30th. The financial services provider reported $1.71 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.71. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. Research analysts anticipate that Intercontinental Exchange Inc. will post 6.73 EPS for the current year.

About Intercontinental Exchange

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.