Intercontinental Exchange Inc. $ICE Shares Sold by Platinum Investment Management Ltd.

Key Points

• Platinum Investment Management Ltd. sharply reduced its Intercontinental Exchange stake by 94.7% in the fourth quarter, selling 563,688 shares and leaving it with 31,856 shares valued at about $5.16 million.
• Intercontinental Exchange reported strong quarterly results, posting $2.35 EPS versus expectations of $2.23 and revenue of $3.67 billion, with revenue up 20.4% year over year.
• Analyst sentiment remains broadly positive, with a consensus rating of Moderate Buy and an average price target of $193, though recent insider sales by the CFO and CTO show some executive profit-taking.

Platinum Investment Management Ltd. cut its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 94.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,856 shares of the financial services provider's stock after selling 563,688 shares during the period. Intercontinental Exchange makes up 1.2% of Platinum Investment Management Ltd.'s investment portfolio, making the stock its 29th largest position. Platinum Investment Management Ltd.'s holdings in Intercontinental Exchange were worth $5,159,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ICE. Ares Financial Consulting LLC acquired a new position in Intercontinental Exchange during the fourth quarter valued at approximately $25,000. Dorato Capital Management acquired a new position in Intercontinental Exchange during the fourth quarter valued at approximately $29,000. Swiss RE Ltd. acquired a new position in Intercontinental Exchange during the fourth quarter valued at approximately $28,000. Steph & Co. lifted its position in Intercontinental Exchange by 104.7% during the fourth 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. Finally, Holos Integrated Wealth LLC acquired a new position in Intercontinental Exchange during the fourth quarter valued at approximately $28,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Trading Up 0.9%

ICE opened at $140.26 on Friday. The firm has a market capitalization of $79.32 billion, a P/E ratio of 20.42, a P/E/G ratio of 1.33 and a beta of 0.92. The firm's 50 day moving average is $154.22 and its 200-day moving average is $159.27. Intercontinental Exchange Inc. has a 52-week low of $136.67 and a 52-week high of $189.35. 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 posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $2.88 billion. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business's quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.72 earnings per share. Analysts expect that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Analysts Set New Price Targets

ICE has been the topic of a number of recent research reports. Morgan Stanley lifted their price target on shares of Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a research report on Friday, April 10th. UBS Group reaffirmed a "buy" rating and set a $205.00 price target on shares of Intercontinental Exchange in a research report on Wednesday, May 20th. Deutsche Bank Aktiengesellschaft raised shares of Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price target on the stock in a research report on Friday, March 6th. Weiss Ratings cut shares of Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, June 2nd. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Intercontinental Exchange currently has an average rating of "Moderate Buy" and a consensus target price of $193.00.

Insider Activity

In other news, CFO Warren Gardiner sold 2,490 shares of Intercontinental Exchange stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total transaction of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares in the company, valued at $3,945,604.96. This trade represents a 9.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $155.42, for a total transaction of $663,798.82. Following the sale, the chief technology officer owned 64,869 shares in the company, valued at $10,081,939.98. This represents a 6.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 12,092 shares of company stock worth $1,860,424. Company insiders own 0.84% of the company's stock.

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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