DnB Asset Management AS Increases Stake in Intercontinental Exchange Inc. $ICE

Key Points

• DnB Asset Management AS increased its stake in Intercontinental Exchange Inc. by 3.3%, acquiring a total of 313,729 shares valued at approximately $54.1 million.
• Intercontinental Exchange's earnings per share for the last quarter exceeded expectations, posting $1.81 compared to the estimated $1.77, along with a revenue of $3.26 billion.
• Institutional investors own 89.30% of Intercontinental Exchange's stock, reflecting significant interest and confidence in the company.

DnB Asset Management AS boosted its holdings in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 313,729 shares of the financial services provider's stock after buying an additional 10,057 shares during the quarter. DnB Asset Management AS owned approximately 0.05% of Intercontinental Exchange worth $54,118,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ICE. Brighton Jones LLC boosted its position in shares of Intercontinental Exchange by 51.3% in the fourth 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 during the period. Ancora Advisors LLC boosted its position in shares of Intercontinental Exchange by 22.6% in the fourth quarter. Ancora Advisors LLC now owns 1,907 shares of the financial services provider's stock worth $284,000 after purchasing an additional 351 shares during the period. Cary Street Partners Financial LLC bought a new position in shares of Intercontinental Exchange in the fourth quarter worth approximately $1,223,000. Captrust Financial Advisors boosted its position in shares of Intercontinental Exchange by 11.0% in the fourth quarter. Captrust Financial Advisors now owns 20,952 shares of the financial services provider's stock worth $3,122,000 after purchasing an additional 2,068 shares during the period. Finally, BOKF NA boosted its position in shares of Intercontinental Exchange by 21.4% in the fourth quarter. BOKF NA now owns 37,881 shares of the financial services provider's stock worth $5,409,000 after purchasing an additional 6,674 shares during the period. 89.30% of the stock is currently owned by institutional investors.

Insider Activity at Intercontinental Exchange

In related news, General Counsel Andrew J. Surdykowski sold 3,850 shares of the company's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $178.33, for a total transaction of $686,570.50. Following the sale, the general counsel owned 46,293 shares of the company's stock, valued at $8,255,430.69. This represents a 7.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Duriya M. Farooqui sold 2,036 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $178.34, for a total transaction of $363,100.24. Following the sale, the director directly owned 14,299 shares in the company, valued at approximately $2,550,083.66. The trade was a 12.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 230,730 shares of company stock valued at $42,174,868 over the last quarter. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. UBS Group upped their price target on shares of Intercontinental Exchange from $195.00 to $210.00 and gave the stock a "buy" rating in a research report on Tuesday, July 8th. Barclays upped their target price on shares of Intercontinental Exchange from $206.00 to $212.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Piper Sandler upped their target price on shares of Intercontinental Exchange from $180.00 to $202.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $194.92.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock traded down $0.42 during mid-day trading on Monday, reaching $173.85. 2,322,612 shares of the company's stock traded hands, compared to its average volume of 2,975,511. The company has a market cap of $99.52 billion, a price-to-earnings ratio of 33.37, a PEG ratio of 2.08 and a beta of 1.10. The stock has a 50 day moving average of $181.49 and a two-hundred day moving average of $174.88. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61. Intercontinental Exchange Inc. has a 12-month low of $142.29 and a 12-month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.77 by $0.04. The company had revenue of $3.26 billion for the quarter, compared to the consensus estimate of $2.50 billion. Intercontinental Exchange had a net margin of 23.92% and a return on equity of 13.66%. Intercontinental Exchange's revenue was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.52 earnings per share. Equities analysts forecast that Intercontinental Exchange Inc. will post 6.73 earnings per share for the current year.

Intercontinental Exchange Company Profile

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.