North Dakota State Investment Board Purchases New Holdings in Intercontinental Exchange Inc. $ICE

Key Points

• North Dakota State Investment Board opened a new position in Intercontinental Exchange in the fourth quarter, buying 19,564 shares worth about $3.17 million.
• Intercontinental Exchange reported better-than-expected Q1 results, with EPS of $2.35 topping estimates and revenue rising 20.4% year over year to $3.67 billion.
• Analysts remain constructive on the stock, with an average Buy rating and a consensus price target of $194.10, while several insiders, including the CEO, recently sold shares.

North Dakota State Investment Board purchased a new stake in shares of Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 19,564 shares of the financial services provider's stock, valued at approximately $3,169,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Ares Financial Consulting LLC bought a new position in Intercontinental Exchange during the fourth quarter valued at $25,000. Holos Integrated Wealth LLC bought a new position in Intercontinental Exchange during the fourth quarter valued at $28,000. Steph & Co. grew its holdings in Intercontinental Exchange by 104.7% during the fourth 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 bought a new position in Intercontinental Exchange during the fourth quarter valued at $29,000. Finally, Caitlin John LLC bought a new position in Intercontinental Exchange during the third quarter valued at $32,000. 89.30% of the stock is owned by hedge funds and other institutional investors.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $156.08 on Tuesday. Intercontinental Exchange Inc. has a one year low of $143.17 and a one year high of $189.35. The business has a fifty day moving average price of $159.10 and a 200-day moving average price of $159.93. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $88.26 billion, a P/E ratio of 22.72, a PEG ratio of 1.43 and a beta of 0.96.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $3.67 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period last year, the company earned $1.72 earnings per share. The business's revenue for the quarter was up 20.4% on a year-over-year basis. As a group, equities research analysts forecast that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

Insider Transactions at Intercontinental Exchange

In other news, insider Christopher Scott Edmonds sold 11,303 shares of the firm's stock in a transaction on Thursday, February 19th. The stock was sold at an average price of $153.82, for a total value of $1,738,627.46. Following the completion of the transaction, the insider directly owned 14,266 shares of the company's stock, valued at $2,194,396.12. This trade represents a 44.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jeffrey C. Sprecher sold 150,000 shares of the firm's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $155.00, for a total value of $23,250,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,651,705 shares of the company's stock, valued at $256,014,275. The trade was a 8.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 335,106 shares of company stock valued at $51,939,449. 0.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised Intercontinental Exchange from a "hold" rating to a "buy" rating and set a $188.00 price objective for the company in a report on Friday, March 6th. Barclays reissued an "overweight" rating and set a $201.00 price objective (up from $198.00) on shares of Intercontinental Exchange in a report on Friday, May 1st. Weiss Ratings lowered Intercontinental Exchange from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, April 24th. Wall Street Zen raised Intercontinental Exchange from a "sell" rating to a "hold" rating in a report on Saturday, February 7th. Finally, Keefe, Bruyette & Woods assumed coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They set an "outperform" rating and a $190.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $194.10.

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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