Intercontinental Exchange Inc. $ICE Shares Sold by Provident Investment Management Inc.

Key Points

• Provident Investment Management trimmed its stake in Intercontinental Exchange by 3.7% in the fourth quarter, selling 10,866 shares. The fund still held 286,342 shares valued at about $46.4 million, making ICE its 11th-largest position.
• Intercontinental Exchange reported strong quarterly results, with EPS of $2.35 beating estimates and revenue of $3.67 billion topping expectations. Revenue rose 20.4% year over year, and analysts now expect full-year EPS of 8.16.
• Wall Street remains largely bullish on ICE, with an average analyst rating of “Buy” and an average price target of $194.10. Recent insider selling has also been notable, including transactions by CTO Mayur Kapani and insider Lynn C. Martin.

Provident Investment Management Inc. reduced its holdings in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 286,342 shares of the financial services provider's stock after selling 10,866 shares during the quarter. Intercontinental Exchange makes up 4.2% of Provident Investment Management Inc.'s portfolio, making the stock its 11th biggest position. Provident Investment Management Inc. owned approximately 0.05% of Intercontinental Exchange worth $46,376,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ares Financial Consulting LLC acquired a new stake in Intercontinental Exchange during the fourth quarter worth about $25,000. Holos Integrated Wealth LLC acquired a new position in Intercontinental Exchange in the fourth quarter valued at approximately $28,000. Steph & Co. grew its holdings in shares of 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 purchasing an additional 89 shares during the last quarter. Dorato Capital Management bought a new position in shares of Intercontinental Exchange during the fourth quarter valued at approximately $29,000. Finally, Caitlin John LLC acquired a new stake in shares of Intercontinental Exchange during the 3rd quarter worth approximately $32,000. 89.30% of the stock is owned by institutional investors and hedge funds.

Intercontinental Exchange Stock Up 1.2%

Shares of Intercontinental Exchange stock opened at $157.76 on Tuesday. The business's fifty day moving average price is $160.05 and its two-hundred day moving average price is $160.02. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market capitalization of $89.21 billion, a P/E ratio of 22.96, a PEG ratio of 1.44 and a beta of 0.96. Intercontinental Exchange Inc. has a 1-year low of $143.17 and a 1-year high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share (EPS) for the quarter, topping 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%.The company's revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.72 earnings per share. As a group, research analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ICE shares. UBS Group restated a "buy" rating and set a $200.00 price objective on shares of Intercontinental Exchange in a research report on Monday, February 9th. Barclays reiterated an "overweight" rating and issued a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. Weiss Ratings downgraded shares of Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, April 24th. Piper Sandler restated 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. Finally, Wall Street Zen raised shares of Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Saturday, February 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Intercontinental Exchange has an average rating of "Buy" and an average price target of $194.10.

Insider Transactions at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 15,213 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $155.02, for a total value of $2,358,319.26. Following the completion of the sale, the chief technology officer directly owned 64,869 shares of the company's stock, valued at approximately $10,055,992.38. This represents a 19.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lynn C. Martin sold 13,456 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $153.86, for a total transaction of $2,070,340.16. Following the completion of the transaction, the insider owned 54,319 shares of the company's stock, valued at $8,357,521.34. This trade represents a 19.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 330,835 shares of company stock worth $51,275,650 over the last ninety days. Insiders own 0.84% of the company's stock.

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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