Westfield Capital Management Co. LP Sells 62,161 Shares of Intercontinental Exchange Inc. $ICE

Westfield Capital Management Co. LP cut its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) by 14.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 378,565 shares of the financial services provider’s stock after selling 62,161 shares during the period. Westfield Capital Management Co. LP owned about 0.07% of Intercontinental Exchange worth $63,781,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its stake in shares of Intercontinental Exchange by 51.3% during the 4th 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 during the period. Empowered Funds LLC boosted its holdings in shares of Intercontinental Exchange by 9.0% in the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider’s stock worth $2,483,000 after buying an additional 1,189 shares during the last quarter. Sivia Capital Partners LLC grew its position in Intercontinental Exchange by 16.2% during the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider’s stock valued at $381,000 after buying an additional 289 shares during the period. Ashton Thomas Private Wealth LLC grew its position in Intercontinental Exchange by 35.9% during the second quarter. Ashton Thomas Private Wealth LLC now owns 5,788 shares of the financial services provider’s stock valued at $1,062,000 after buying an additional 1,528 shares during the period. Finally, Howard Capital Management Inc. increased its holdings in Intercontinental Exchange by 11.8% during the second quarter. Howard Capital Management Inc. now owns 3,401 shares of the financial services provider’s stock valued at $624,000 after buying an additional 359 shares during the last quarter. 89.30% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Lynn C. Martin sold 13,456 shares of the firm’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $153.86, for a total transaction of $2,070,340.16. Following the completion of the transaction, the insider owned 54,319 shares in the company, valued at $8,357,521.34. This trade represents a 19.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Mayur Kapani sold 15,213 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $155.02, for a total value of $2,358,319.26. Following the completion of the sale, the chief technology officer owned 64,869 shares in the company, valued at $10,055,992.38. This represents a 19.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 354,492 shares of company stock worth $55,139,102. 1.00% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

ICE has been the topic of several analyst reports. UBS Group reiterated a “buy” rating and set a $200.00 price target on shares of Intercontinental Exchange in a research note on Monday, February 9th. JPMorgan Chase & Co. lowered their target price on Intercontinental Exchange from $202.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, October 31st. Piper Sandler reissued an “overweight” rating and set a $195.00 price target (down from $202.00) on shares of Intercontinental Exchange in a report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Intercontinental Exchange in a research note on Monday, December 29th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and set a $211.00 price objective on shares of Intercontinental Exchange in a research report on Tuesday, January 6th. One investment 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 stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $195.40.

Intercontinental Exchange Price Performance

Shares of Intercontinental Exchange stock opened at $162.75 on Friday. The company has a market capitalization of $92.43 billion, a price-to-earnings ratio of 28.21, a PEG ratio of 1.67 and a beta of 1.02. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.64. The stock’s 50-day simple moving average is $164.39 and its 200-day simple moving average is $163.72. Intercontinental Exchange Inc. has a 52 week low of $143.17 and a 52 week high of $189.35.

Intercontinental Exchange (NYSE:ICE) last issued its earnings results on Thursday, February 5th. The financial services provider reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.04. Intercontinental Exchange had a return on equity of 13.99% and a net margin of 26.23%.The company had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $2.51 billion. During the same quarter last year, the company earned $1.52 EPS. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, analysts expect that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current fiscal year.

Intercontinental Exchange Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Wednesday, December 16th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Wednesday, December 16th. Intercontinental Exchange’s payout ratio is currently 33.28%.

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.