Intercontinental Exchange Inc. $ICE is Delta Global Management LP's 10th Largest Position

Key Points

• Delta Global Management LP increased its stake in Intercontinental Exchange by 477.7% in the fourth quarter, making ICE its 10th largest holding. The position was valued at about $35.6 million.
• Intercontinental Exchange reported strong quarterly results, with earnings of $2.35 per share beating estimates and revenue rising 20.4% year over year to $3.67 billion. Analysts still expect the company to post 8.16 EPS for the full year.
• Despite the solid fundamentals, insider selling continued, including sales by the general counsel and CFO, while the stock traded down 0.5% to $139.87. Wall Street’s consensus view remains Moderate Buy with an average price target of $193.

Delta Global Management LP boosted its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 477.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 219,839 shares of the financial services provider's stock after acquiring an additional 181,786 shares during the quarter. Intercontinental Exchange accounts for about 1.6% of Delta Global Management LP's investment portfolio, making the stock its 10th largest holding. Delta Global Management LP's holdings in Intercontinental Exchange were worth $35,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. PNC Financial Services Group Inc. boosted its stake in Intercontinental Exchange by 5.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider's stock valued at $31,041,000 after purchasing an additional 10,742 shares during the last quarter. M&G PLC boosted its stake in shares of Intercontinental Exchange by 18.4% in the 3rd 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 last quarter. Dover Advisors LLC purchased a new position in shares of Intercontinental Exchange in the 3rd quarter worth $710,000. Advisors Preferred LLC boosted its stake in shares of Intercontinental Exchange by 284.5% in the 3rd 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 last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Intercontinental Exchange by 0.8% in the 4th 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 last quarter. Institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Trading Down 0.5%

Shares of ICE stock opened at $139.87 on Tuesday. Intercontinental Exchange Inc. has a 12-month low of $136.67 and a 12-month high of $189.35. 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 stock's 50-day moving average price is $153.76 and its 200-day moving average price is $159.21. The stock has a market capitalization of $79.10 billion, a price-to-earnings ratio of 20.36, a price-to-earnings-growth ratio of 1.35 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 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 company had revenue of $3.67 billion for the quarter, compared to analysts' expectations of $2.88 billion. During the same period in the previous year, the firm posted $1.72 earnings per share. The firm's revenue for the quarter was up 20.4% on a year-over-year basis. Equities research analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ICE shares. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research note on Thursday. Piper Sandler restated an "overweight" rating and issued a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. UBS Group restated a "buy" rating and issued a $205.00 price target on shares of Intercontinental Exchange in a research note on Wednesday, May 20th. Morgan Stanley raised their price target on Intercontinental Exchange from $183.00 to $187.00 and gave the stock an "equal weight" rating in a research note on Friday, April 10th. Finally, Barclays restated an "overweight" rating and issued a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. One investment 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, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $193.00.

Insiders Place Their Bets

In other Intercontinental Exchange news, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business's 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 owned 45,473 shares in the company, valued at $6,891,887.88. The trade was a 9.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Warren Gardiner sold 2,490 shares of the business'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 value of $390,033.60. Following the completion of the sale, the chief financial officer owned 25,189 shares of the company's stock, valued at $3,945,604.96. The trade was a 9.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,092 shares of company stock worth $1,860,424 over the last three months. 0.84% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.