Altman Advisors Inc. Acquires New Position in Intercontinental Exchange Inc. $ICE

Key Points

• Altman Advisors acquired a new 13,391-share position in Intercontinental Exchange during the second quarter, valued at approximately $1.65 million. Institutional investors collectively own 89.3% of ICE.
• Analysts maintain a broadly positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $183.33. UBS and TD Cowen recently raised their targets to $195 and $177, respectively.
• ICE exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus and $3.61 billion in revenue. Shares opened at $158.68, while insiders sold 17,709 shares worth roughly $2.65 million over the past quarter.

Altman Advisors Inc. acquired a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,391 shares of the financial services provider's stock, valued at approximately $1,649,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in shares of Intercontinental Exchange by 51.3% during the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after acquiring an additional 1,169 shares in the last quarter. Empowered Funds LLC grew its position 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 valued at $2,483,000 after purchasing an additional 1,189 shares in the last quarter. Sivia Capital Partners LLC raised its stake in shares of Intercontinental Exchange by 16.2% during the 2nd quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock valued at $381,000 after purchasing an additional 289 shares during the period. NewEdge Advisors LLC raised its stake in shares of Intercontinental Exchange by 27.9% during the 2nd quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock valued at $3,892,000 after purchasing an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina lifted its holdings in Intercontinental Exchange by 2.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock worth $48,894,000 after purchasing an additional 6,373 shares in the last quarter. Institutional investors own 89.30% of the company's stock.

Insider Transactions at Intercontinental Exchange

In other news, Director William Jefferson Hague sold 1,333 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the transaction, the director directly owned 20,132 shares in the company, valued at approximately $2,807,608.72. This represents a 6.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Mayur Kapani sold 4,271 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total value of $645,775.20. Following the transaction, the chief technology officer directly owned 67,988 shares in the company, valued at approximately $10,279,785.60. This represents a 5.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 17,709 shares of company stock valued at $2,646,042 over the last quarter. 0.84% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. UBS Group reaffirmed 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. TD Cowen reaffirmed a "buy" rating and set a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. The Goldman Sachs Group cut their price target on shares of Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Raymond James Financial set a $208.00 price target on shares of Intercontinental Exchange in a report on Monday, July 6th. Finally, Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $183.33.

Intercontinental Exchange Trading Up 0.9%

Shares of ICE opened at $158.68 on Friday. Intercontinental Exchange Inc. has a 1-year low of $121.79 and a 1-year high of $181.65. The company has a market capitalization of $89.08 billion, a P/E ratio of 22.41, a P/E/G ratio of 1.55 and a beta of 0.92. 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's 50 day simple moving average is $141.92 and its 200 day simple moving average is $151.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The business had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $2.63 billion. During the same quarter in the previous year, the company earned $1.81 EPS. The business's quarterly revenue was up 4.8% compared to the same quarter last year. Sell-side analysts forecast that Intercontinental Exchange Inc. will post 8.11 earnings per share 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.

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