MYDA Advisors LLC Acquires Shares of 20,500 Intercontinental Exchange Inc. $ICE

Key Points

• MYDA Advisors LLC opened a new position in Intercontinental Exchange, buying 20,500 shares worth about $3.32 million in the fourth quarter.
• Institutional ownership remains very high, with hedge funds and other investors holding 89.30% of ICE shares. Several large firms, including Norges Bank and Wellington Management, also increased their stakes recently.
• Intercontinental Exchange reported better-than-expected first-quarter results, with EPS of $2.35 and revenue of $3.67 billion, while analysts currently rate the stock a Moderate Buy with a consensus target price of $193.

MYDA Advisors LLC acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 20,500 shares of the financial services provider's stock, valued at approximately $3,320,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ICE. Norges Bank purchased a new stake in Intercontinental Exchange in the fourth quarter valued at approximately $1,418,228,000. Wellington Management Group LLP lifted its stake in Intercontinental Exchange by 64.7% in the third quarter. Wellington Management Group LLP now owns 10,354,224 shares of the financial services provider's stock valued at $1,744,480,000 after buying an additional 4,067,922 shares during the last quarter. Boston Partners lifted its stake in Intercontinental Exchange by 148.6% in the fourth quarter. Boston Partners now owns 3,203,845 shares of the financial services provider's stock valued at $519,701,000 after buying an additional 1,914,851 shares during the last quarter. Focus Partners Wealth lifted its stake in Intercontinental Exchange by 569.8% in the fourth quarter. Focus Partners Wealth now owns 2,210,948 shares of the financial services provider's stock valued at $358,142,000 after buying an additional 1,880,835 shares during the last quarter. Finally, Waverton Investment Management Ltd lifted its stake in Intercontinental Exchange by 28,886.8% in the third quarter. Waverton Investment Management Ltd now owns 1,526,734 shares of the financial services provider's stock valued at $257,163,000 after buying an additional 1,521,467 shares during the last quarter. Hedge funds and other institutional investors own 89.30% of the company's stock.

Insider Buying and Selling

In other news, Director Sharon Bowen sold 667 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the transaction, the director owned 15,077 shares of the company's stock, valued at approximately $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the company'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 transaction, the chief technology officer directly 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. In the last ninety days, insiders sold 12,092 shares of company stock worth $1,860,424. 0.84% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research note on Thursday. Weiss Ratings cut Intercontinental Exchange from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, June 2nd. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a research note on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 price objective for the company. UBS Group reissued a "buy" rating and issued a $205.00 target price on shares of Intercontinental Exchange in a report on Wednesday, May 20th. Finally, Barclays reissued an "overweight" rating and issued a $201.00 target price (up from $198.00) on shares of Intercontinental Exchange in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Intercontinental Exchange currently has a consensus rating of "Moderate Buy" and a consensus target price of $193.00.

Intercontinental Exchange Trading Down 0.2%

NYSE:ICE opened at $140.26 on Monday. The firm has a market cap of $79.32 billion, a P/E ratio of 20.42, a PEG ratio of 1.35 and a beta of 0.92. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock's 50 day simple moving average is $154.22 and its 200-day simple moving average is $159.32. Intercontinental Exchange Inc. has a 12-month low of $136.67 and a 12-month high of $189.35.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last released its earnings results 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 business had revenue of $3.67 billion for the quarter, compared to analyst estimates 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 previous year, the company posted $1.72 earnings per share. Equities analysts anticipate that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

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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