Intercontinental Exchange Inc. $ICE Shares Acquired by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in Intercontinental Exchange during the fourth quarter, increasing holdings by 105.9% to 43,145 shares valued at about $6.99 million.
• Wall Street sentiment remains positive on ICE, with analysts maintaining an average Buy rating and a consensus price target of $194.60; several firms recently reiterated or raised targets.
• ICE reported strong quarterly results, topping earnings and revenue estimates with $2.35 EPS and $3.67 billion in revenue, while shares were trading around $150.94, below their recent highs.

Allstate Corp boosted its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 105.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,145 shares of the financial services provider's stock after acquiring an additional 22,193 shares during the period. Allstate Corp's holdings in Intercontinental Exchange were worth $6,988,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Ares Financial Consulting LLC acquired a new position in Intercontinental Exchange in the 4th quarter valued at about $25,000. Dorato Capital Management acquired a new position in Intercontinental Exchange during the 4th quarter worth approximately $29,000. Steph & Co. increased its position in Intercontinental Exchange by 104.7% during the 4th quarter. Steph & Co. now owns 174 shares of the financial services provider's stock worth $28,000 after purchasing an additional 89 shares during the period. Holos Integrated Wealth LLC acquired a new position in Intercontinental Exchange during the 4th quarter worth approximately $28,000. Finally, Lloyd Advisory Services LLC. acquired a new position in Intercontinental Exchange during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Barclays reiterated an "overweight" rating and set a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. Weiss Ratings cut Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, April 24th. Morgan Stanley boosted 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. TD Cowen reissued a "buy" rating on shares of Intercontinental Exchange in a research note on Friday, February 6th. Finally, Piper Sandler reissued an "overweight" rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $194.60.

Insider Activity at Intercontinental Exchange

In related news, CFO Warren Gardiner sold 2,490 shares of the stock in a transaction on Tuesday, May 19th. The stock was 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 directly owned 25,189 shares in the company, valued at approximately $3,945,604.96. This represents a 9.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Mayur Kapani sold 4,271 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total value of $663,798.82. Following the completion of the sale, the chief technology officer owned 64,869 shares of the company's stock, valued at approximately $10,081,939.98. This represents a 6.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 11,332 shares of company stock worth $1,794,334. Corporate insiders own 0.84% of the company's stock.

Intercontinental Exchange Trading Down 1.3%

Shares of ICE opened at $150.94 on Wednesday. The stock has a fifty day moving average of $158.06 and a two-hundred day moving average of $160.15. 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 company has a market capitalization of $85.36 billion, a PE ratio of 21.97, a price-to-earnings-growth ratio of 1.42 and a beta of 0.96. Intercontinental Exchange Inc. has a fifty-two week low of $143.17 and a fifty-two week high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The business's revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.72 EPS. As a group, analysts forecast that Intercontinental Exchange Inc. will post 8.15 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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