SEB Asset Management AB Invests $19.06 Million in Intercontinental Exchange Inc. $ICE

Key Points

• SEB Asset Management AB disclosed a new first-quarter stake in Intercontinental Exchange, buying 121,179 shares worth about $19.06 million.
• Intercontinental Exchange reported strong quarterly results, with EPS of $2.35 topping estimates and revenue of $3.67 billion, up 20.4% year over year.
• Despite the solid earnings, insiders sold shares recently and analysts have trimmed some price targets, though the stock still carries a Moderate Buy consensus with a $181.58 target.

SEB Asset Management AB acquired a new stake in Intercontinental Exchange Inc. (NYSE:ICE - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 121,179 shares of the financial services provider's stock, valued at approximately $19,059,000.

Several other institutional investors have also recently added to or reduced their stakes in ICE. Ares Financial Consulting LLC purchased a new stake in Intercontinental Exchange in the 4th quarter valued at about $25,000. Steph & Co. boosted its position in shares of Intercontinental Exchange by 104.7% in the fourth quarter. Steph & Co. now owns 174 shares of the financial services provider's stock worth $28,000 after acquiring an additional 89 shares during the last quarter. Brooklands Fund Management Ltd acquired a new stake in shares of Intercontinental Exchange in the fourth quarter worth approximately $28,000. Swiss RE Ltd. purchased a new stake in Intercontinental Exchange in the fourth quarter valued at approximately $28,000. Finally, Dorato Capital Management purchased a new stake in Intercontinental Exchange in the fourth quarter valued at approximately $29,000. 89.30% of the stock is currently owned by institutional investors and hedge funds.

Intercontinental Exchange Price Performance

Intercontinental Exchange stock opened at $139.55 on Monday. The firm has a fifty day moving average of $140.83 and a 200-day moving average of $154.71. Intercontinental Exchange Inc. has a 52-week low of $121.79 and a 52-week high of $189.35. 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 firm has a market capitalization of $78.92 billion, a P/E ratio of 20.31, a PEG ratio of 1.44 and a beta of 0.94.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last posted its earnings results on Thursday, April 30th. The financial services provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. Intercontinental Exchange had a net margin of 30.06% and a return on equity of 14.99%. The business had revenue of $3.67 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter in the previous year, the business posted $1.72 EPS. The business's quarterly revenue was up 20.4% on a year-over-year basis. As a group, analysts predict that Intercontinental Exchange Inc. will post 8.07 EPS for the current year.

Insider Activity at Intercontinental Exchange

In other news, Director Sharon Bowen sold 667 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the completion of the sale, the director owned 15,077 shares in the company, valued at approximately $2,280,848.56. This trade represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Warren Gardiner sold 2,490 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $156.64, for a total value of $390,033.60. Following the sale, the chief financial officer owned 25,189 shares in the company, valued at approximately $3,945,604.96. The trade was a 9.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,425 shares of company stock valued at $2,046,324 over the last 90 days. Corporate insiders own 0.84% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on ICE shares. Barclays cut their price target on shares of Intercontinental Exchange from $201.00 to $180.00 and set an "overweight" rating on the stock in a research note on Thursday, July 9th. Rothschild & Co Redburn set a $177.00 target price on Intercontinental Exchange in a research report on Thursday, June 11th. Keefe, Bruyette & Woods started coverage on Intercontinental Exchange in a report on Wednesday, April 8th. They issued an "outperform" rating and a $190.00 target price on the stock. Morgan Stanley lowered their price target on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating for the company in a research report on Friday, July 10th. Finally, Piper Sandler dropped their price target on Intercontinental Exchange from $211.00 to $190.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $181.58.

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.

Want to see what other hedge funds are holding ICE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Intercontinental Exchange Inc. (NYSE:ICE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.