Cibc World Market Inc. Purchases 106,378 Shares of Intercontinental Exchange Inc. $ICE

Key Points

• Cibc World Market Inc. increased its stake in Intercontinental Exchange by 152.1% in the fourth quarter, buying an additional 106,378 shares and bringing its total holding to 176,335 shares worth about $28.6 million.
• Several other institutional investors also adjusted positions in ICE, and institutional ownership remains high at 89.3% of the company’s stock.
• Intercontinental Exchange’s recent quarterly results beat expectations, with EPS of $2.35 versus $2.23 estimated and revenue up 20.4% year over year; analysts currently rate the stock a Moderate Buy with an average price target of $194.60.

Cibc World Market Inc. grew its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 152.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 176,335 shares of the financial services provider's stock after purchasing an additional 106,378 shares during the quarter. Cibc World Market Inc.'s holdings in Intercontinental Exchange were worth $28,559,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. Ares Financial Consulting LLC purchased a new position in shares of Intercontinental Exchange during the 4th quarter worth $25,000. Holos Integrated Wealth LLC bought a new stake in shares of Intercontinental Exchange during the 4th quarter valued at $28,000. Steph & Co. increased its stake in shares of Intercontinental Exchange by 104.7% in the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider's stock worth $28,000 after purchasing an additional 89 shares in the last quarter. Dorato Capital Management bought a new position in Intercontinental Exchange in the 4th quarter worth $29,000. Finally, Lloyd Advisory Services LLC. bought a new position in Intercontinental Exchange in the 4th quarter worth $30,000. Institutional investors own 89.30% of the company's stock.

Insider Activity at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the completion of the transaction, the general counsel owned 45,473 shares in the company, valued at approximately $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the transaction, the chief financial officer directly owned 25,189 shares of the company's stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,001 shares of company stock worth $1,847,820 over the last ninety days. 0.84% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have issued reports on ICE. Piper Sandler reissued an "overweight" rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Weiss Ratings downgraded Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday. UBS Group reaffirmed a "buy" rating and set a $205.00 price objective on shares of Intercontinental Exchange in a research report on Wednesday, May 20th. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a research note on Wednesday, April 8th. They set an "outperform" rating and a $190.00 price objective for the company. Finally, Morgan Stanley increased their target price on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the stock an "equal weight" rating in a report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $194.60.

Intercontinental Exchange Stock Performance

NYSE ICE opened at $141.72 on Friday. The firm has a market cap of $80.15 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.33 and a beta of 0.92. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The business has a 50-day moving average price of $156.14 and a 200-day moving average price of $159.84. Intercontinental Exchange Inc. has a twelve month low of $136.67 and a twelve month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter last year, the company earned $1.72 EPS. The firm's quarterly revenue was up 20.4% on a year-over-year basis. As a group, equities research analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Intercontinental Exchange 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.

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