Dockside LLC Invests $2.93 Million in Intercontinental Exchange Inc. $ICE

Key Points

• Dockside LLC opened a new position in Intercontinental Exchange, buying 18,102 shares valued at about $2.93 million in the fourth quarter.
• Intercontinental Exchange reported better-than-expected quarterly results, with EPS of $2.35 versus $2.23 expected and revenue of $3.67 billion, up 20.4% year over year.
• Despite recent insider selling, Wall Street remains broadly constructive on ICE, with an average “Moderate Buy” rating and a consensus price target of $193.

Dockside LLC acquired a new position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,102 shares of the financial services provider's stock, valued at approximately $2,932,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its position in shares of Intercontinental Exchange by 5.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider's stock worth $31,041,000 after buying an additional 10,742 shares during the period. M&G PLC boosted its position in shares of Intercontinental Exchange by 18.4% during the third quarter. M&G PLC now owns 107,070 shares of the financial services provider's stock worth $17,988,000 after buying an additional 16,635 shares during the period. Dover Advisors LLC acquired a new position in shares of Intercontinental Exchange during the third quarter worth about $710,000. Advisors Preferred LLC boosted its position in shares of Intercontinental Exchange by 284.5% during the third quarter. Advisors Preferred LLC now owns 43,645 shares of the financial services provider's stock worth $7,098,000 after buying an additional 32,295 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Intercontinental Exchange by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock worth $8,770,647,000 after buying an additional 413,639 shares during the period. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Performance

Shares of NYSE ICE opened at $140.26 on Friday. The stock has a 50 day moving average price of $154.22 and a 200 day moving average price of $159.27. Intercontinental Exchange Inc. has a 52 week low of $136.67 and a 52 week high of $189.35. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $79.32 billion, a PE ratio of 20.42, a price-to-earnings-growth ratio of 1.35 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the company earned $1.72 earnings per share. The business's revenue for the quarter was up 20.4% compared to the same quarter last year. Analysts predict that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Andrew J. Surdykowski sold 4,573 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, May 26th. The stock was 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 directly owned 45,473 shares in the company, valued at approximately $6,891,887.88. The trade was a 9.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $155.42, for a total value of $663,798.82. Following the transaction, the chief technology officer owned 64,869 shares of the company's stock, valued at $10,081,939.98. This represents a 6.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 12,092 shares of company stock valued at $1,860,424. 0.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ICE has been the subject of several recent research reports. Barclays reissued an "overweight" rating and set a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research report on Thursday. Deutsche Bank Aktiengesellschaft raised Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price target for the company in a research report on Friday, March 6th. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a research report on Wednesday, April 8th. They set an "outperform" rating and a $190.00 price target for the company. Finally, Morgan Stanley increased their price target on Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a research 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. According to data from MarketBeat.com, Intercontinental Exchange has an average rating of "Moderate Buy" and an average price target of $193.00.

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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