Hsbc Holdings PLC Invests $219.18 Million in Intercontinental Exchange Inc. $ICE

Hsbc Holdings PLC acquired a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,782,075 shares of the financial services provider’s stock, valued at approximately $219,180,000.

Several other large investors have also recently bought and sold shares of ICE. EFG International AG bought a new position in shares of Intercontinental Exchange during the second quarter worth $71,000. Palisade Capital Management LP acquired a new position in Intercontinental Exchange during the 2nd quarter worth approximately $10,167,000. Canada Pension Plan Investment Board acquired a new position in Intercontinental Exchange during the 2nd quarter worth approximately $147,096,000. Osterweis Capital Management Inc. bought a new position in shares of Intercontinental Exchange during the 2nd quarter worth approximately $9,448,000. Finally, Legal & General Group Plc bought a new stake in shares of Intercontinental Exchange in the second quarter worth $422,000,000. Institutional investors own 89.30% of the company’s stock.

Insider Activity at Intercontinental Exchange

In related news, CFO Warren Gardiner sold 2,491 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total value of $389,343.30. Following the transaction, the chief financial officer owned 22,698 shares in the company, valued at approximately $3,547,697.40. This represents a 9.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William Jefferson Hague sold 1,333 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the sale, the director owned 20,132 shares of the company’s stock, valued at approximately $2,807,608.72. This represents a 6.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 17,227 shares of company stock worth $2,598,301. 0.84% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Trading Down 0.7%

ICE stock opened at $161.93 on Wednesday. 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 company has a fifty day moving average price of $143.22 and a two-hundred day moving average price of $151.53. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $179.20. The stock has a market cap of $90.90 billion, a price-to-earnings ratio of 22.87, a price-to-earnings-growth ratio of 1.58 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data 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 firm had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.81 earnings per share. Equities analysts anticipate that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. TD Cowen reaffirmed a “buy” rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a research report on Friday, July 31st. Wall Street Zen upgraded Intercontinental Exchange from a “sell” rating to a “hold” rating in a research note on Saturday. Morgan Stanley dropped their price objective on Intercontinental Exchange from $187.00 to $163.00 and set an “equal weight” rating on the stock in a research note on Friday, July 10th. Weiss Ratings cut shares of Intercontinental Exchange from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. Finally, Piper Sandler lowered their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.