Intercontinental Exchange Inc. $ICE Shares Bought by Swedbank AB

Key Points

• Swedbank AB increased its stake in Intercontinental Exchange by 7.6% in the first quarter, bringing its holdings to 3.8 million shares worth about $596.9 million.
• Wall Street remains broadly positive on ICE, with an average “Moderate Buy” rating and a consensus price target of $187.08 despite some recent rating adjustments.
• Intercontinental Exchange reported strong quarterly results, beating earnings and revenue estimates with $2.35 EPS and $3.67 billion in revenue, while shares traded around $137.08, up 1.6% on the day.

Swedbank AB increased its position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 7.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,795,369 shares of the financial services provider's stock after acquiring an additional 268,254 shares during the period. Swedbank AB owned approximately 0.67% of Intercontinental Exchange worth $596,936,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Ares Financial Consulting LLC acquired a new stake in Intercontinental Exchange in the fourth quarter valued at $25,000. Holos Integrated Wealth LLC purchased a new stake in shares of Intercontinental Exchange in the 4th quarter worth about $28,000. Steph & Co. grew its stake 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 acquiring an additional 89 shares during the last quarter. Brooklands Fund Management Ltd purchased a new position in Intercontinental Exchange during the 4th quarter valued at about $28,000. Finally, Swiss RE Ltd. acquired a new position in Intercontinental Exchange during the fourth quarter worth about $28,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ICE has been the topic of several research reports. Weiss Ratings lowered shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, June 17th. Piper Sandler reiterated an "overweight" rating and set a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a report on Wednesday, April 15th. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a research report on Thursday, June 11th. Keefe, Bruyette & Woods assumed coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price target for the company. Finally, Barclays restated an "overweight" rating and issued a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $187.08.

Insider Buying and Selling at Intercontinental Exchange

In other news, Director William Jefferson Hague sold 1,333 shares of Intercontinental Exchange stock in a transaction on Friday, June 12th. The stock was sold at an average price of $139.46, for a total value of $185,900.18. Following the completion of the sale, the director owned 20,132 shares of the company's stock, valued at $2,807,608.72. The trade was a 6.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Warren Gardiner sold 2,490 shares of the company's stock in a transaction 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 transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 13,425 shares of company stock valued at $2,046,324. 0.84% of the stock is currently owned by insiders.

Intercontinental Exchange Trading Up 1.6%

Shares of ICE traded up $2.17 on Tuesday, hitting $137.08. 1,368,490 shares of the stock traded hands, compared to its average volume of 3,988,527. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 year high of $189.35. The stock's 50 day moving average is $144.62 and its two-hundred day moving average is $156.42. The firm has a market capitalization of $77.52 billion, a P/E ratio of 19.96, a P/E/G ratio of 1.24 and a beta of 0.94. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.23 by $0.12. The firm had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. Intercontinental Exchange's revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.72 EPS. As a group, sell-side analysts predict that Intercontinental Exchange Inc. will post 8.37 earnings per share 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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