Meridian Management Co. Buys Shares of 14,811 Intercontinental Exchange Inc. $ICE

Key Points

• Meridian Management Co. initiated a new position in Intercontinental Exchange, buying 14,811 shares valued at about $2.33 million in the first quarter.
• Analysts remain generally constructive on ICE, with a consensus rating of Moderate Buy and an average price target of $183.33, though several firms have recently trimmed their targets.
• Intercontinental Exchange reported better-than-expected Q1 results, including EPS of $2.35 and revenue of $3.67 billion, while the stock recently traded at $137.61 with a market cap of $77.82 billion.

Meridian Management Co. bought a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 14,811 shares of the financial services provider's stock, valued at approximately $2,329,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Ares Financial Consulting LLC bought a new stake in Intercontinental Exchange in the fourth quarter valued at $25,000. Holos Integrated Wealth LLC bought a new position in shares of Intercontinental Exchange during the fourth quarter worth about $28,000. Steph & Co. grew its position 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 worth $28,000 after acquiring an additional 89 shares during the last quarter. Swiss RE Ltd. acquired a new stake in shares of Intercontinental Exchange in the 4th quarter worth about $28,000. Finally, Brooklands Fund Management Ltd bought a new stake in Intercontinental Exchange in the 4th quarter valued at about $28,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ICE has been the subject of a number of analyst reports. Piper Sandler reissued an "overweight" rating and set a $211.00 target price (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Morgan Stanley dropped their price target on shares of Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research note on Friday, July 10th. Rothschild & Co Redburn set a $177.00 price target on Intercontinental Exchange in a report on Thursday, June 11th. The Goldman Sachs Group reduced their price objective on Intercontinental Exchange from $208.00 to $180.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Weiss Ratings lowered Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $183.33.

Insider Transactions at Intercontinental Exchange

In other Intercontinental Exchange news, CFO Warren Gardiner sold 2,490 shares of the company's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total value of $390,033.60. Following the completion of the sale, the chief financial officer directly owned 25,189 shares of the company's stock, valued at approximately $3,945,604.96. This represents a 9.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Andrew J. Surdykowski sold 4,573 shares of the firm's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.56, for a total transaction of $693,083.88. Following the transaction, the general counsel owned 45,473 shares of the company's stock, valued at approximately $6,891,887.88. This trade represents a 9.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,425 shares of company stock valued at $2,046,324 in the last quarter. 0.84% of the stock is owned by company insiders.

Intercontinental Exchange Stock Down 0.0%

Shares of ICE stock opened at $137.61 on Wednesday. Intercontinental Exchange Inc. has a 1 year low of $121.79 and a 1 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 business's fifty day moving average is $141.72 and its 200-day moving average is $155.20. The stock has a market cap of $77.82 billion, a PE ratio of 20.03, a price-to-earnings-growth ratio of 1.39 and a beta of 0.94.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last announced its quarterly earnings data 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. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the prior year, the firm posted $1.72 earnings per share. The company's revenue was up 20.4% on a year-over-year basis. Equities analysts expect that Intercontinental Exchange Inc. will post 8.11 earnings per share for the current fiscal 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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