Franklin Resources Inc. Trims Position in Intercontinental Exchange Inc. $ICE

Key Points

• Franklin Resources cut its Intercontinental Exchange stake by 49.6% in the fourth quarter, though it still held about 1.95 million shares valued at roughly $316.6 million.
• Several institutional investors made smaller changes to their ICE holdings, and hedge funds and other institutions now own 89.30% of the company.
• Intercontinental Exchange reported strong quarterly results, with EPS of $2.35 beating estimates and revenue of $3.67 billion; analysts maintain a Moderate Buy rating with a consensus price target of $194.60.

Franklin Resources Inc. lessened its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 49.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,954,797 shares of the financial services provider's stock after selling 1,924,190 shares during the period. Franklin Resources Inc. owned 0.34% of Intercontinental Exchange worth $316,599,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Ares Financial Consulting LLC purchased a new position in shares of Intercontinental Exchange during the 4th quarter worth $25,000. Holos Integrated Wealth LLC purchased a new stake in Intercontinental Exchange in the 4th quarter valued at about $28,000. Steph & Co. raised its holdings in Intercontinental Exchange by 104.7% in the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider's stock valued at $28,000 after buying an additional 89 shares during the period. Dorato Capital Management purchased a new stake in Intercontinental Exchange in the 4th quarter valued at about $29,000. Finally, Lloyd Advisory Services LLC. purchased a new stake in Intercontinental Exchange in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In other news, CTO Mayur Kapani sold 4,271 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $155.42, for a total transaction of $663,798.82. Following the completion of the transaction, the chief technology officer directly owned 64,869 shares of the company's stock, valued at approximately $10,081,939.98. The trade was a 6.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the transaction, the general counsel directly owned 45,473 shares of the company's stock, valued at approximately $6,891,887.88. This represents a 9.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 12,001 shares of company stock valued at $1,847,820. Corporate insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price objective on the stock. Barclays restated an "overweight" rating and issued a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a report on Friday, May 1st. Deutsche Bank Aktiengesellschaft upgraded shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price objective on the stock in a report on Friday, March 6th. Morgan Stanley boosted their price objective 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, Piper Sandler restated an "overweight" rating and issued a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange presently has a consensus rating of "Moderate Buy" and a consensus price target of $194.60.

Intercontinental Exchange Stock Down 1.8%

Shares of NYSE:ICE opened at $138.89 on Tuesday. 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 market capitalization of $78.54 billion, a PE ratio of 20.22, a price-to-earnings-growth ratio of 1.36 and a beta of 0.92. The firm's 50-day moving average is $155.49 and its two-hundred day moving average is $159.68. Intercontinental Exchange Inc. has a 1 year low of $136.67 and a 1 year high of $189.35.

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