Intercontinental Exchange Inc. $ICE Shares Sold by Tandem Investment Advisors Inc.

Key Points

• Tandem Investment Advisors trimmed its Intercontinental Exchange stake by 3.8% in the fourth quarter, but still held 815,120 shares worth about $132 million at the end of the period.
• Wall Street remains broadly positive on ICE, with a consensus Buy rating and an average price target of $194.60; several firms recently reiterated or raised targets, including Piper Sandler and Barclays.
• ICE reported strong quarterly results, posting EPS of $2.35 versus the $2.23 estimate and revenue of $3.67 billion, while insiders also sold shares recently, including CTO Mayur Kapani and General Counsel Andrew J. Surdykowski.

Tandem Investment Advisors Inc. lessened its stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 3.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 815,120 shares of the financial services provider's stock after selling 32,398 shares during the quarter. Intercontinental Exchange makes up approximately 4.9% of Tandem Investment Advisors Inc.'s holdings, making the stock its 2nd biggest holding. Tandem Investment Advisors Inc. owned about 0.14% of Intercontinental Exchange worth $132,017,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of ICE. ICONIQ Capital LLC grew its position in Intercontinental Exchange by 2.2% in the 2nd quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock worth $481,000 after purchasing an additional 56 shares during the last quarter. Mechanics Financial Corp boosted its position in Intercontinental Exchange by 1.0% during the 4th quarter. Mechanics Financial Corp now owns 6,138 shares of the financial services provider's stock worth $994,000 after acquiring an additional 60 shares during the period. Mission Wealth Management LP grew its stake in shares of Intercontinental Exchange by 2.4% in the fourth quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock worth $423,000 after purchasing an additional 62 shares in the last quarter. Aaron Wealth Advisors LLC raised its stake in shares of Intercontinental Exchange by 1.9% during the fourth quarter. Aaron Wealth Advisors LLC now owns 3,384 shares of the financial services provider's stock valued at $548,000 after purchasing an additional 63 shares in the last quarter. Finally, Evergreen Capital Management LLC lifted its holdings in Intercontinental Exchange by 1.5% in the fourth quarter. Evergreen Capital Management LLC now owns 4,207 shares of the financial services provider's stock worth $681,000 after purchasing an additional 63 shares during the period. Institutional investors own 89.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on ICE. TD Cowen reiterated a "buy" rating on shares of Intercontinental Exchange in a report on Friday, February 6th. Morgan Stanley lifted their price target on Intercontinental Exchange from $183.00 to $187.00 and gave the company an "equal weight" rating in a research report on Friday, April 10th. Wall Street Zen raised Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Saturday, February 7th. Piper Sandler restated an "overweight" rating and set a $211.00 price objective (up from $195.00) on shares of Intercontinental Exchange in a research report on Wednesday, April 15th. Finally, Barclays reaffirmed an "overweight" rating and issued a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. 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's stock. According to MarketBeat, Intercontinental Exchange presently has a consensus rating of "Buy" and an average target price of $194.60.

Insider Buying and Selling at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 4,271 shares of the 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 directly owned 64,869 shares of the company's stock, valued at $10,081,939.98. This represents a 6.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Andrew J. Surdykowski sold 4,571 shares of the company's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $162.00, for a total transaction of $740,502.00. Following the completion of the transaction, the general counsel directly owned 48,181 shares in the company, valued at $7,805,322. This trade represents a 8.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,332 shares of company stock valued at $1,794,334 in the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

Intercontinental Exchange Trading Up 0.1%

Intercontinental Exchange stock opened at $153.09 on Tuesday. The company has a 50 day moving average price of $158.22 and a 200 day moving average price of $160.12. The firm has a market capitalization of $86.58 billion, a price-to-earnings ratio of 22.28, a P/E/G ratio of 1.41 and a beta of 0.96. Intercontinental Exchange Inc. has a 52 week low of $143.17 and a 52 week high of $189.35. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.23 by $0.12. The business had revenue of $3.67 billion for 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%.Intercontinental Exchange's revenue for the quarter was up 20.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.72 earnings per share. Research analysts forecast that Intercontinental Exchange Inc. will post 8.15 EPS for the current year.

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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