Deutsche Bank AG Trims Position in Intercontinental Exchange Inc. $ICE

Key Points

• Deutsche Bank AG cut its stake in Intercontinental Exchange by 22.3% in the fourth quarter, selling 605,933 shares and ending with 2,112,450 shares valued at about $342.1 million.
• ICE posted strong quarterly results, with earnings of $2.35 per share beating estimates and revenue rising 20.4% year over year to $3.67 billion.
• Insiders and analysts remain active on the stock: CFO Warren Gardiner and CTO Mayur Kapani both sold shares, while analysts keep a Moderate Buy consensus with an average price target of $194.60.

Deutsche Bank AG trimmed its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 22.3% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,112,450 shares of the financial services provider's stock after selling 605,933 shares during the period. Deutsche Bank AG owned 0.37% of Intercontinental Exchange worth $342,132,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Motley Fool Asset Management LLC raised its holdings in Intercontinental Exchange by 34.2% during the fourth quarter. Motley Fool Asset Management LLC now owns 53,037 shares of the financial services provider's stock worth $8,590,000 after purchasing an additional 13,520 shares in the last quarter. North Dallas Bank & Trust Co. purchased a new position in Intercontinental Exchange in the fourth quarter valued at about $965,000. Pettyjohn Wood & White Inc. increased its holdings in Intercontinental Exchange by 4.1% in the fourth quarter. Pettyjohn Wood & White Inc. now owns 19,314 shares of the financial services provider's stock valued at $3,128,000 after buying an additional 766 shares in the last quarter. LGT Capital Partners LTD. increased its holdings in Intercontinental Exchange by 12.5% in the fourth quarter. LGT Capital Partners LTD. now owns 243,138 shares of the financial services provider's stock valued at $39,379,000 after buying an additional 26,925 shares in the last quarter. Finally, X Square Capital LLC increased its holdings in Intercontinental Exchange by 6.6% in the fourth quarter. X Square Capital LLC now owns 2,594 shares of the financial services provider's stock valued at $420,000 after buying an additional 161 shares in the last quarter. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Trading Down 0.8%

Shares of ICE opened at $140.45 on Thursday. 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 has a 50 day simple moving average of $154.94 and a 200-day simple moving average of $159.52. Intercontinental Exchange Inc. has a 1-year low of $136.67 and a 1-year high of $189.35. The stock has a market cap of $79.43 billion, a price-to-earnings ratio of 20.44, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $2.88 billion. During the same period last year, the company posted $1.72 EPS. The company's revenue was up 20.4% on a year-over-year basis. Equities analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Insider Buying and Selling at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 25,189 shares of the company's stock, valued at $3,945,604.96. This trade represents a 9.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $155.42, for a total transaction of $663,798.82. Following the transaction, the chief technology officer directly owned 64,869 shares of the company's stock, valued at approximately $10,081,939.98. This trade represents a 6.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 12,001 shares of company stock valued at $1,847,820. Company insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

ICE has been the subject of a number of research analyst reports. Barclays reaffirmed an "overweight" rating and issued a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a report on Friday, May 1st. Piper Sandler reaffirmed an "overweight" rating and issued a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 target price for the company in a report on Friday, March 6th. Morgan Stanley increased their target price on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a report on Friday, April 10th. Finally, Keefe, Bruyette & Woods initiated coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Intercontinental Exchange has a consensus rating of "Moderate Buy" and an average price target of $194.60.

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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