Port Capital LLC Acquires New Shares in Intercontinental Exchange Inc. $ICE

Key Points

• Port Capital LLC acquired 360,521 shares of Intercontinental Exchange, valued at approximately $44.4 million, making ICE about 1.8% of its portfolio. Institutional investors collectively own 89.3% of the company.
• Wall Street maintains a generally positive outlook, with ICE receiving a “Moderate Buy” consensus rating and an average price target of $183.33, despite some analysts lowering their targets.
• Intercontinental Exchange exceeded quarterly earnings expectations, reporting $1.90 in EPS versus the $1.84 consensus and $3.61 billion in revenue. Revenue increased 4.8% year over year.

Port Capital LLC purchased a new position in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 360,521 shares of the financial services provider's stock, valued at approximately $44,384,000. Intercontinental Exchange makes up approximately 1.8% of Port Capital LLC's portfolio, making the stock its 22nd biggest holding. Port Capital LLC owned 0.06% of Intercontinental Exchange at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Ares Financial Consulting LLC acquired a new position in shares of Intercontinental Exchange during the 4th quarter worth about $25,000. Brooklands Fund Management Ltd bought a new position in Intercontinental Exchange during the 4th quarter worth $28,000. Swiss RE Ltd. acquired a new stake in Intercontinental Exchange in the 4th quarter worth about $28,000. Lloyd Advisory Services LLC. acquired a new stake in shares of Intercontinental Exchange in the fourth quarter valued at approximately $30,000. Finally, Rakuten Securities Inc. acquired a new position in Intercontinental Exchange in the 2nd quarter valued at $26,000. Institutional investors and hedge funds own 89.30% of the company's stock.

Insiders Place Their Bets

In other news, CFO Warren Gardiner sold 2,491 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $156.30, for a total transaction of $389,343.30. Following the completion of the sale, the chief financial officer owned 22,698 shares in the company, valued at $3,547,697.40. This trade represents a 9.89% 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 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 transaction, the chief technology officer directly owned 67,988 shares in the company, valued at $10,279,785.60. This represents a 5.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 17,227 shares of company stock valued at $2,598,301. Insiders own 0.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ICE shares. Wall Street Zen upgraded Intercontinental Exchange from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Morgan Stanley decreased their price target on 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. Piper Sandler lowered their price target on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a report on Wednesday, July 15th. Rothschild & Co Redburn set a $177.00 price objective on Intercontinental Exchange in a research note on Thursday, June 11th. Finally, UBS Group reiterated a "buy" rating and issued a $195.00 target price (up from $190.00) on shares of Intercontinental Exchange in a research 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 company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $183.33.

Intercontinental Exchange Price Performance

Shares of ICE opened at $162.01 on Thursday. The firm has a market cap of $90.95 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 1.57 and a beta of 0.92. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $179.20. The business's 50 day moving average price is $143.78 and its two-hundred day moving average price is $151.48. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.01 and a current ratio of 1.01.

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

Intercontinental Exchange Company 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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