Parnassus Investments LLC Decreases Holdings in Intercontinental Exchange Inc. $ICE

Parnassus Investments LLC trimmed its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 16.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,436,265 shares of the financial services provider’s stock after selling 1,060,710 shares during the quarter. Intercontinental Exchange makes up 2.3% of Parnassus Investments LLC’s investment portfolio, making the stock its 14th largest position. Parnassus Investments LLC’s holdings in Intercontinental Exchange were worth $880,457,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ICE. Brighton Jones LLC lifted its holdings in Intercontinental Exchange by 51.3% during the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider’s stock valued at $514,000 after purchasing an additional 1,169 shares in the last quarter. Empowered Funds LLC lifted its holdings in Intercontinental Exchange by 9.0% during the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider’s stock valued at $2,483,000 after purchasing an additional 1,189 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in shares of Intercontinental Exchange by 16.2% in the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider’s stock worth $381,000 after buying an additional 289 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Intercontinental Exchange by 27.9% in the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider’s stock worth $3,892,000 after buying an additional 4,628 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its stake in shares of Intercontinental Exchange by 2.4% in the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider’s stock worth $48,894,000 after buying an additional 6,373 shares in the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the sale, the general counsel directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. This trade represents a 9.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Warren Gardiner sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares of the company’s stock, valued at approximately $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 12,092 shares of company stock valued at $1,860,424 in the last ninety days. 0.84% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ICE. Weiss Ratings downgraded shares of Intercontinental Exchange from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research note on Thursday. Barclays reissued an “overweight” rating and issued a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. Piper Sandler reissued an “overweight” rating and issued a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Finally, UBS Group reissued a “buy” rating and issued a $205.00 price target on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $193.00.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $138.99 on Friday. Intercontinental Exchange Inc. has a 12-month low of $136.67 and a 12-month high of $189.35. The stock has a market cap of $78.60 billion, a P/E ratio of 20.23, a PEG ratio of 1.35 and a beta of 0.92. The company has a 50-day moving average price of $154.58 and a 200 day moving average price of $159.41. 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 data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the business earned $1.72 earnings per share. Intercontinental Exchange’s revenue was up 20.4% compared to the same quarter last year. Sell-side analysts anticipate that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current year.

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.