Oppenheimer Asset Management Inc. Acquires New Position in Intercontinental Exchange Inc. $ICE

Key Points

• Oppenheimer Asset Management acquired 115,159 shares of Intercontinental Exchange, valued at approximately $14.2 million. Institutional investors collectively own 89.3% of ICE’s outstanding stock.
• ICE reported quarterly earnings of $1.90 per share, beating estimates of $1.84, while revenue rose 4.8% year over year to $3.61 billion. The company posted a 30.08% net margin and 14.95% return on equity.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a target price of $183.33, although some firms recently lowered ratings or price targets. ICE opened at $154.55, below its 52-week high of $182.86.

Oppenheimer Asset Management Inc. acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 115,159 shares of the financial services provider's stock, valued at approximately $14,177,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of Intercontinental Exchange by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider's stock valued at $8,770,647,000 after buying an additional 413,639 shares during the period. J. Stern & Co. LLP grew its holdings in Intercontinental Exchange by 17,398.1% during the fourth quarter. J. Stern & Co. LLP now owns 54,107,273 shares of the financial services provider's stock worth $8,763,214,000 after acquiring an additional 53,798,055 shares during the period. State Street Corp raised its position in Intercontinental Exchange by 3.4% in the fourth quarter. State Street Corp now owns 25,653,952 shares of the financial services provider's stock worth $4,154,914,000 after acquiring an additional 837,208 shares in the last quarter. Morgan Stanley raised its position in Intercontinental Exchange by 1.0% in the fourth quarter. Morgan Stanley now owns 15,875,593 shares of the financial services provider's stock worth $2,571,212,000 after acquiring an additional 158,450 shares in the last quarter. Finally, Norges Bank acquired a new stake in Intercontinental Exchange in the fourth quarter valued at $1,418,228,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Insider Buying and Selling

In related news, Director Sharon Bowen sold 667 shares of Intercontinental Exchange stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total transaction of $100,903.76. Following the completion of the transaction, the director directly owned 15,077 shares in the company, valued at $2,280,848.56. The trade was a 4.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Mayur Kapani sold 4,271 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $151.20, for a total value of $645,775.20. Following the completion of the sale, the chief technology officer directly 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 SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 20,725 shares of company stock valued at $3,115,124. 0.84% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ICE. Piper Sandler decreased their target price on shares of Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Barclays reissued an "overweight" rating and set a $182.00 price objective (up from $180.00) on shares of Intercontinental Exchange in a report on Friday, July 31st. Weiss Ratings lowered shares of Intercontinental Exchange from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday. Raymond James Financial set a $208.00 target price on shares of Intercontinental Exchange in a report on Monday, July 6th. Finally, Wall Street Zen downgraded shares of Intercontinental Exchange from a "hold" rating to a "sell" rating in a research report on Saturday, August 1st. 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 company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $183.33.

Intercontinental Exchange Trading Down 0.4%

NYSE:ICE opened at $154.55 on Friday. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $182.86. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $140.59 and a 200-day simple moving average of $152.26. The company has a market capitalization of $86.76 billion, a PE ratio of 21.83, a price-to-earnings-growth ratio of 1.53 and a beta of 0.92.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, beating analysts' consensus estimates of $1.84 by $0.06. Intercontinental Exchange had a net margin of 30.08% and a return on equity of 14.95%. The firm had revenue of $3.61 billion for the quarter, compared to analysts' expectations of $2.63 billion. During the same period in the prior year, the company earned $1.81 EPS. The firm's revenue was up 4.8% on a year-over-year basis. On average, equities research analysts expect that Intercontinental Exchange Inc. will post 8.1 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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