Deutsche Bank AG Takes $288.56 Million Position in Intercontinental Exchange Inc. $ICE

Key Points

• Deutsche Bank acquired 2.34 million shares of Intercontinental Exchange in the second quarter, worth approximately $288.6 million and representing a 0.42% stake. Institutional investors collectively own 89.3% of the company.
• Analysts maintain a generally positive view, with ICE holding a “Moderate Buy” consensus rating and an average price target of $183.33, despite several recent target-price cuts and one downgrade to “Sell.”
• Intercontinental Exchange exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus and $3.61 billion in revenue, up 4.8% year over year. The stock recently opened at $156.30, below its 12-month high of $181.72.

Deutsche Bank AG purchased a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,343,916 shares of the financial services provider's stock, valued at approximately $288,560,000. Deutsche Bank AG owned 0.42% of Intercontinental Exchange at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Brighton Jones LLC grew its holdings in shares of Intercontinental Exchange by 51.3% during the 4th quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after purchasing an additional 1,169 shares in the last quarter. Empowered Funds LLC raised its stake in 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 Intercontinental Exchange by 16.2% in the second 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 in the last quarter. NewEdge Advisors LLC lifted its position in Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock worth $3,892,000 after purchasing an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in Intercontinental Exchange by 2.4% during the second 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 during the period. Institutional investors and hedge funds own 89.30% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Piper Sandler decreased 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. Weiss Ratings cut shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. 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. Rothschild & Co Redburn set a $177.00 price target on shares of Intercontinental Exchange in a research report on Thursday, June 11th. Finally, Wall Street Zen cut shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. One equities 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. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $183.33.

Insiders Place Their Bets

In related news, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total transaction of $645,775.20. Following the sale, the chief technology officer directly owned 67,988 shares in the company, valued at $10,279,785.60. This trade represents a 5.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $185,900.18. Following the sale, the director directly owned 20,132 shares in the company, valued at $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 18,376 shares of company stock worth $2,746,946 over the last quarter. 0.84% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $156.30 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $87.75 billion, a PE ratio of 22.08, a P/E/G ratio of 1.52 and a beta of 0.92. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $181.72. The stock has a 50-day moving average price of $141.20 and a two-hundred day moving average price of $151.86.

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