Fred Alger Management LLC Makes New $372,000 Investment in Intercontinental Exchange, Inc. (NYSE:ICE)

Fred Alger Management LLC purchased a new stake in Intercontinental Exchange, Inc. (NYSE:ICE) in the 3rd quarter, HoldingsChannel reports. The fund purchased 2,313 shares of the financial services provider’s stock, valued at approximately $372,000.

Other hedge funds also recently made changes to their positions in the company. FMR LLC increased its position in Intercontinental Exchange by 44.1% during the 3rd quarter. FMR LLC now owns 7,846,421 shares of the financial services provider’s stock valued at $1,260,449,000 after purchasing an additional 2,401,630 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Intercontinental Exchange during the second quarter worth $124,508,000. James Hambro & Partners bought a new position in Intercontinental Exchange during the second quarter worth $93,340,000. Assenagon Asset Management S.A. lifted its holdings in Intercontinental Exchange by 426.3% in the third quarter. Assenagon Asset Management S.A. now owns 721,474 shares of the financial services provider’s stock valued at $115,898,000 after buying an additional 584,400 shares during the period. Finally, Samlyn Capital LLC boosted its position in Intercontinental Exchange by 142.2% during the second quarter. Samlyn Capital LLC now owns 835,654 shares of the financial services provider’s stock valued at $114,393,000 after acquiring an additional 490,671 shares during the last quarter. 89.30% of the stock is currently owned by institutional investors.

Intercontinental Exchange Price Performance

ICE stock opened at $160.96 on Monday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.00 and a current ratio of 1.00. The business has a 50-day simple moving average of $160.62 and a two-hundred day simple moving average of $152.07. The company has a market capitalization of $92.42 billion, a P/E ratio of 38.14, a price-to-earnings-growth ratio of 2.66 and a beta of 1.08. Intercontinental Exchange, Inc. has a 52-week low of $111.82 and a 52-week high of $167.99.

Intercontinental Exchange (NYSE:ICE) last announced its earnings results on Thursday, October 31st. The financial services provider reported $1.55 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.55. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Intercontinental Exchange had a return on equity of 12.75% and a net margin of 21.31%. Intercontinental Exchange’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.46 earnings per share. Research analysts expect that Intercontinental Exchange, Inc. will post 6.07 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Intercontinental Exchange from $160.00 to $163.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Royal Bank of Canada restated an “outperform” rating and set a $200.00 price target on shares of Intercontinental Exchange in a report on Friday, November 1st. JPMorgan Chase & Co. raised their price objective on shares of Intercontinental Exchange from $171.00 to $188.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 23rd. The Goldman Sachs Group boosted their target price on shares of Intercontinental Exchange from $171.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, Morgan Stanley raised their price target on shares of Intercontinental Exchange from $160.00 to $174.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $174.13.

Insider Activity

In other news, insider Christopher Scott Edmonds sold 602 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $162.81, for a total transaction of $98,011.62. Following the completion of the sale, the insider now directly owns 14,034 shares of the company’s stock, valued at $2,284,875.54. This trade represents a 4.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Warren Gardiner sold 750 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $161.43, for a total transaction of $121,072.50. Following the completion of the transaction, the chief financial officer now directly owns 16,576 shares in the company, valued at $2,675,863.68. This trade represents a 4.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,696 shares of company stock worth $1,554,559 over the last quarter. Insiders own 1.10% of the company’s stock.

About Intercontinental Exchange

Intercontinental Exchange, Inc, together with its subsidiaries, engages in the provision of market infrastructure, data services, and technology solutions for financial institutions, corporations, and government entities in the United States, the United Kingdom, the European Union, Singapore, India, Abu Dhabi, Israel, and Canada.