Intercontinental Exchange Inc. $ICE Shares Sold by Geode Capital Management LLC

Key Points

• Geode Capital Management trimmed its Intercontinental Exchange position by 0.5% in the fourth quarter, though it still held 12.5 million shares worth about $2.0 billion.
• Several analysts remain upbeat on ICE, with firms including UBS, Barclays, Keefe Bruyette & Woods, and TD Cowen maintaining positive ratings. The stock’s consensus rating is Buy, with an average price target of $194.60.
• Insiders have been selling shares recently, including CFO Warren Gardiner and CTO Mayur Kapani, while the company also posted a strong quarter with EPS of $2.35 and revenue of $3.67 billion, both above estimates.

Geode Capital Management LLC decreased its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 0.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,501,742 shares of the financial services provider's stock after selling 68,735 shares during the quarter. Geode Capital Management LLC owned 2.19% of Intercontinental Exchange worth $2,015,379,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of ICE. Brighton Jones LLC lifted its holdings in shares of Intercontinental Exchange by 51.3% during the fourth quarter. Brighton Jones LLC now owns 3,448 shares of the financial services provider's stock worth $514,000 after purchasing an additional 1,169 shares during the period. Empowered Funds LLC lifted its holdings in shares of Intercontinental Exchange by 9.0% during the first quarter. Empowered Funds LLC now owns 14,396 shares of the financial services provider's stock worth $2,483,000 after purchasing an additional 1,189 shares during the period. Sivia Capital Partners LLC lifted its holdings in shares of Intercontinental Exchange by 16.2% during the second quarter. Sivia Capital Partners LLC now owns 2,078 shares of the financial services provider's stock worth $381,000 after purchasing an additional 289 shares during the period. NewEdge Advisors LLC lifted its holdings in shares of Intercontinental Exchange by 27.9% during the second quarter. NewEdge Advisors LLC now owns 21,213 shares of the financial services provider's stock worth $3,892,000 after purchasing an additional 4,628 shares during the period. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Intercontinental Exchange by 2.4% during the second quarter. Treasurer of the State of North Carolina now owns 266,496 shares of the financial services provider's stock worth $48,894,000 after purchasing an additional 6,373 shares during the period. Institutional investors and hedge funds own 89.30% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ICE shares. UBS Group reaffirmed a "buy" rating and set a $205.00 target price on shares of Intercontinental Exchange in a report on Wednesday, May 20th. Barclays reaffirmed an "overweight" rating and set a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a report on Friday, May 1st. Keefe, Bruyette & Woods initiated coverage on Intercontinental Exchange in a research report on Wednesday, April 8th. They set an "outperform" rating and a $190.00 price target for the company. TD Cowen reiterated a "buy" rating on shares of Intercontinental Exchange in a research report on Friday, February 6th. Finally, Wall Street Zen upgraded Intercontinental Exchange from a "sell" rating to a "hold" rating in a research report on Saturday, February 7th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $194.60.

Insider Buying and Selling

In related news, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the transaction, the chief financial officer directly owned 25,189 shares in the company, valued at approximately $3,945,604.96. This trade represents a 9.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the business's stock in a transaction that occurred 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 $10,081,939.98. This trade represents a 6.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 12,001 shares of company stock valued at $1,847,820 in the last ninety days. Insiders own 0.84% of the company's stock.

Intercontinental Exchange Stock Down 1.2%

Shares of ICE stock opened at $147.93 on Friday. The stock has a 50 day moving average of $157.56 and a 200 day moving average of $160.16. 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 has a market cap of $83.66 billion, a P/E ratio of 21.53, a P/E/G ratio of 1.39 and a beta of 0.96. Intercontinental Exchange Inc. has a twelve month low of $143.17 and a twelve month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. The company had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.Intercontinental Exchange's quarterly revenue was up 20.4% on a year-over-year basis. During the same period last year, the business earned $1.72 earnings per share. As a group, sell-side analysts expect that Intercontinental Exchange Inc. will post 8.15 EPS for the current year.

Intercontinental Exchange Company 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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