L2 Asset Management LLC Takes Position in Intercontinental Exchange Inc. $ICE

L2 Asset Management LLC bought a new stake in Intercontinental Exchange Inc. (NYSE:ICE) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,221 shares of the financial services provider’s stock, valued at approximately $397,000.

Several other large investors have also modified their holdings of ICE. Cetera Trust Company N.A acquired a new position in shares of Intercontinental Exchange in the 2nd quarter worth approximately $55,000. Partners Capital Investment Group LLP acquired a new stake in Intercontinental Exchange in the 2nd quarter valued at approximately $2,350,000. Whalen Wealth Management Inc. purchased a new stake in Intercontinental Exchange in the second quarter valued at approximately $422,000. Algert Global LLC purchased a new stake in Intercontinental Exchange in the second quarter valued at approximately $1,585,000. Finally, Ally Financial Inc. acquired a new position in Intercontinental Exchange during the second quarter worth $1,477,000. Institutional investors and hedge funds own 89.30% of the company’s stock.

Intercontinental Exchange Stock Performance

NYSE:ICE opened at $161.93 on Wednesday. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $179.20. 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 firm has a market capitalization of $90.90 billion, a PE ratio of 22.87, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92. The business’s fifty day moving average price is $143.22 and its 200 day moving average price is $151.53.

Intercontinental Exchange (NYSE:ICE) last announced its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating the consensus estimate of $1.84 by $0.06. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.81 earnings per share. On average, sell-side analysts anticipate that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In related news, CTO Mayur Kapani sold 4,271 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $151.20, for a total value of $645,775.20. Following the transaction, the chief technology officer owned 67,988 shares in the company, valued at $10,279,785.60. The trade was a 5.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Douglas Foley sold 7,300 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $148.88, for a total value of $1,086,824.00. Following the sale, the senior vice president owned 19,063 shares of the company’s stock, valued at $2,838,099.44. This trade represents a 27.69% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 17,227 shares of company stock valued at $2,598,301. Company insiders own 0.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ICE. UBS Group restated a “buy” rating and set a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Weiss Ratings lowered shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. TD Cowen reissued a “buy” rating and issued a $177.00 price objective (up from $159.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Wall Street Zen upgraded shares of Intercontinental Exchange from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a research note on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $183.33.

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.