L1 Capital International Pty Ltd Buys 517,278 Shares of Intercontinental Exchange Inc. $ICE

L1 Capital International Pty Ltd increased its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 369.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 657,279 shares of the financial services provider’s stock after acquiring an additional 517,278 shares during the period. Intercontinental Exchange makes up about 5.5% of L1 Capital International Pty Ltd’s holdings, making the stock its 8th largest holding. L1 Capital International Pty Ltd owned about 0.12% of Intercontinental Exchange worth $106,453,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Intercontinental Exchange by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock valued at $8,770,647,000 after acquiring an additional 413,639 shares in the last quarter. State Street Corp raised its stake in shares of Intercontinental Exchange by 0.8% in the third quarter. State Street Corp now owns 24,816,744 shares of the financial services provider’s stock valued at $4,181,125,000 after acquiring an additional 194,325 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Intercontinental Exchange by 64.7% in the third quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider’s stock valued at $1,744,480,000 after acquiring an additional 4,067,922 shares in the last quarter. Norges Bank acquired a new stake in shares of Intercontinental Exchange in the fourth quarter valued at $1,418,228,000. Finally, Capital World Investors raised its stake in shares of Intercontinental Exchange by 12.5% in the fourth quarter. Capital World Investors now owns 7,907,399 shares of the financial services provider’s stock valued at $1,280,688,000 after acquiring an additional 878,435 shares in the last quarter. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Morgan Stanley increased their price objective on Intercontinental Exchange from $183.00 to $187.00 and gave the company an “equal weight” rating in a research note on Friday, April 10th. Piper Sandler reiterated an “overweight” rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research note on Thursday. Weiss Ratings cut Intercontinental Exchange from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a research note on Friday, March 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $193.00.

Insiders Place Their Bets

In other Intercontinental Exchange news, CTO Mayur Kapani sold 4,271 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total value of $663,798.82. Following the completion of the transaction, the chief technology officer owned 64,869 shares in the company, valued at $10,081,939.98. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the transaction, the general counsel directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,092 shares of company stock valued at $1,860,424 in the last three months. Corporate insiders own 0.84% of the company’s stock.

Intercontinental Exchange Stock Up 0.9%

Intercontinental Exchange stock opened at $140.26 on Friday. Intercontinental Exchange Inc. has a 1-year low of $136.67 and a 1-year high of $189.35. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The stock has a market cap of $79.32 billion, a PE ratio of 20.42, a P/E/G ratio of 1.33 and a beta of 0.92. The stock’s fifty day moving average is $154.22 and its two-hundred day moving average is $159.27.

Intercontinental Exchange (NYSE:ICE) last posted its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $2.88 billion. During the same period last year, the firm earned $1.72 earnings per share. Intercontinental Exchange’s quarterly revenue was up 20.4% on a year-over-year basis. On average, sell-side analysts expect that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

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.