Narwhal Capital Management Increases Stock Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• Narwhal Capital Management increased its Intercontinental Exchange position by 18.6% in the second quarter, bringing its holdings to 61,878 shares valued at approximately $7.6 million. Institutional investors collectively own 89.3% of ICE.
• ICE reported quarterly earnings of $1.90 per share, exceeding estimates by $0.06, while revenue reached $3.61 billion and rose 4.8% year over year. Analysts expect full-year earnings of approximately $8.10 per share.
• Analyst sentiment remains favorable, with ICE carrying a “Moderate Buy” consensus rating and an average price target of $183.33, although some insiders have recently sold shares and ratings are mixed.

Narwhal Capital Management raised its position in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) by 18.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 61,878 shares of the financial services provider's stock after purchasing an additional 9,700 shares during the quarter. Narwhal Capital Management's holdings in Intercontinental Exchange were worth $7,618,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Ares Financial Consulting LLC purchased a new position in shares of Intercontinental Exchange in the fourth quarter worth approximately $25,000. Brooklands Fund Management Ltd bought a new stake in Intercontinental Exchange during the fourth quarter valued at approximately $28,000. Swiss RE Ltd. purchased a new stake in Intercontinental Exchange during the fourth quarter valued at approximately $28,000. Lloyd Advisory Services LLC. purchased a new stake in Intercontinental Exchange during the fourth quarter valued at approximately $30,000. Finally, Kemnay Advisory Services Inc. bought a new position in Intercontinental Exchange in the fourth quarter worth approximately $37,000. Hedge funds and other institutional investors own 89.30% of the company's stock.

Intercontinental Exchange Price Performance

NYSE ICE opened at $154.55 on Friday. Intercontinental Exchange Inc. has a 12 month low of $121.79 and a 12 month high of $182.86. The stock has a market cap of $86.76 billion, a price-to-earnings ratio of 21.83, a PEG ratio of 1.53 and a beta of 0.92. The company's 50 day moving average is $140.59 and its two-hundred day moving average is $152.26. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.63.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.84 by $0.06. The business had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.63 billion. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The company's revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.81 earnings per share. As a group, research analysts anticipate that Intercontinental Exchange Inc. will post 8.1 earnings per share for the current year.

Insider Activity

In related news, CTO Mayur Kapani sold 4,271 shares of Intercontinental Exchange stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total transaction of $645,775.20. Following the transaction, the chief technology officer owned 67,988 shares in the company, valued at approximately $10,279,785.60. The trade was a 5.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William Jefferson Hague sold 1,333 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $139.46, for a total transaction of $185,900.18. Following the completion of the transaction, the director directly owned 20,132 shares of the company's stock, valued at $2,807,608.72. This represents a 6.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 20,725 shares of company stock worth $3,115,124. 0.84% of the stock is currently owned by insiders.

Analyst Ratings Changes

ICE has been the topic of several analyst reports. UBS Group reiterated a "buy" rating and set a $195.00 price target (up from $190.00) on shares of Intercontinental Exchange in a research note on Friday, July 31st. Wall Street Zen lowered Intercontinental Exchange from a "hold" rating to a "sell" rating in a research note on Saturday, August 1st. TD Cowen reaffirmed a "buy" rating and issued a $177.00 target price (up from $159.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Morgan Stanley lowered their target price on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a research report on Friday, July 10th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $178.00 price target on shares of Intercontinental Exchange in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $183.33.

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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