Intercontinental Exchange Inc. $ICE is Saranac Partners Ltd's 10th Largest Position

Key Points

• Saranac Partners Ltd increased its stake in Intercontinental Exchange by 29% in the fourth quarter, now holding 52,479 shares worth about $8.5 million. The stock is its 10th largest position and makes up roughly 3.3% of the firm’s portfolio.
• Wall Street sentiment remains positive on ICE, with multiple analysts reiterating or upgrading ratings. The stock currently has an average “Buy” rating and an average price target of $194.10.
• Intercontinental Exchange recently reported strong quarterly results, posting $2.35 EPS versus expectations of $2.23 and revenue of $3.67 billion, up 20.4% year over year. However, the shares were down about 1.2% in recent trading, and insiders have also sold stock over the past 90 days.

Saranac Partners Ltd raised its stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 29.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,479 shares of the financial services provider's stock after buying an additional 11,801 shares during the quarter. Intercontinental Exchange comprises approximately 3.3% of Saranac Partners Ltd's holdings, making the stock its 10th largest position. Saranac Partners Ltd's holdings in Intercontinental Exchange were worth $8,509,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Ares Financial Consulting LLC purchased a new stake in Intercontinental Exchange during the 4th quarter valued at approximately $25,000. Dorato Capital Management purchased a new stake in Intercontinental Exchange during the 4th quarter valued at approximately $29,000. Steph & Co. grew its holdings in Intercontinental Exchange by 104.7% during 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 in the last quarter. Holos Integrated Wealth LLC purchased a new stake in Intercontinental Exchange during the 4th quarter valued at approximately $28,000. Finally, Caitlin John LLC purchased a new stake in Intercontinental Exchange during the 3rd quarter valued at approximately $32,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. TD Cowen reaffirmed a "buy" rating on shares of Intercontinental Exchange in a report on Friday, February 6th. Weiss Ratings lowered shares of Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, April 24th. UBS Group reissued a "buy" rating and issued a $200.00 target price on shares of Intercontinental Exchange in a report on Monday, February 9th. 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. Finally, 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 target price for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $194.10.

Insider Buying and Selling

In related news, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $154.00, for a total value of $383,460.00. Following the completion of the sale, the chief financial officer directly owned 27,679 shares in the company, valued at $4,262,566. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Lynn C. Martin sold 13,456 shares of the firm's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $153.86, for a total value of $2,070,340.16. Following the completion of the sale, the insider owned 54,319 shares of the company's stock, valued at approximately $8,357,521.34. This represents a 19.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 39,956 shares of company stock valued at $6,190,895 over the last 90 days. 0.84% of the stock is currently owned by insiders.

Intercontinental Exchange Trading Down 1.2%

ICE stock opened at $154.18 on Wednesday. The firm has a fifty day moving average price of $158.87 and a 200 day moving average price of $159.96. Intercontinental Exchange Inc. has a fifty-two week low of $143.17 and a fifty-two 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 firm has a market cap of $87.19 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 1.44 and a beta of 0.96.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating 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 firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period last year, the firm posted $1.72 earnings per share. Intercontinental Exchange's revenue for the quarter was up 20.4% compared to the same quarter last year. Sell-side analysts anticipate that Intercontinental Exchange Inc. will post 8.16 earnings per share for the current fiscal year.

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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