Meiji Yasuda America Inc Acquires New Shares in Intercontinental Exchange Inc. $ICE

Key Points

• Meiji Yasuda America Inc disclosed a new fourth-quarter stake in Intercontinental Exchange, buying 20,379 shares valued at about $3.3 million.
• Several analysts remain constructive on ICE, with recent upgrades and reiterated buy-type ratings; the average price target is $193, according to MarketBeat.
• ICE reported strong quarterly results, posting EPS of $2.35 versus $2.23 expected and revenue of $3.67 billion, while insiders also sold shares over the past 90 days.

Meiji Yasuda America Inc acquired a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 20,379 shares of the financial services provider's stock, valued at approximately $3,301,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ICE. Ares Financial Consulting LLC acquired a new position in Intercontinental Exchange during the 4th quarter valued at approximately $25,000. Holos Integrated Wealth LLC acquired a new position in Intercontinental Exchange during the 4th quarter valued at approximately $28,000. Steph & Co. boosted its position in Intercontinental Exchange by 104.7% during the 4th 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 period. Dorato Capital Management acquired a new position in Intercontinental Exchange during the 4th quarter valued at approximately $29,000. Finally, Lloyd Advisory Services LLC. acquired a new position in Intercontinental Exchange during the 4th quarter valued at approximately $30,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ICE shares. Deutsche Bank Aktiengesellschaft upgraded Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price objective for the company in a research report on Friday, March 6th. 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. UBS Group restated a "buy" rating and set a $205.00 price objective on shares of Intercontinental Exchange in a research report on Wednesday, May 20th. 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. Finally, Barclays reiterated an "overweight" rating and set a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Intercontinental Exchange has an average rating of "Moderate Buy" and an average target price of $193.00.

Intercontinental Exchange Stock Down 1.0%

ICE opened at $138.99 on Friday. Intercontinental Exchange Inc. has a one year low of $136.67 and a one year 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. The stock's fifty day moving average is $154.58 and its 200-day moving average is $159.41. The company has a market capitalization of $78.60 billion, a PE ratio of 20.23, a P/E/G ratio of 1.35 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The financial services provider reported $2.35 EPS for the quarter, topping analysts' consensus estimates of $2.23 by $0.12. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The company had revenue of $3.67 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the business earned $1.72 EPS. The company's quarterly revenue was up 20.4% compared to the same quarter last year. On average, equities analysts predict that Intercontinental Exchange Inc. will post 8.16 EPS for the current fiscal year.

Insider Transactions at Intercontinental Exchange

In other news, CTO Mayur Kapani sold 4,271 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $155.42, for a total value of $663,798.82. Following the sale, the chief technology officer owned 64,869 shares of the company's stock, valued at approximately $10,081,939.98. The trade was a 6.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.56, for a total value of $693,083.88. Following the completion of the sale, the general counsel directly owned 45,473 shares in the company, valued at $6,891,887.88. This represents a 9.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 12,092 shares of company stock worth $1,860,424 over the last 90 days. 0.84% of the stock is currently owned by corporate insiders.

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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