Insider Selling: Intercontinental Exchange (NYSE:ICE) President Sells $2,059,077.58 in Stock

Key Points

• Intercontinental Exchange President Benjamin Jackson sold 12,862 shares for approximately $2.06 million, reducing his position by 7.26% to 164,264 shares.
• ICE shares rose 4.2% to $164.53, while the company’s latest quarterly results exceeded expectations with $1.90 in EPS and $3.61 billion in revenue.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $184.17; institutional investors own 89.3% of the company’s stock.

Intercontinental Exchange Inc. (NYSE:ICE - Get Free Report) President Benjamin Jackson sold 12,862 shares of the business's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $160.09, for a total value of $2,059,077.58. Following the completion of the sale, the president owned 164,264 shares of the company's stock, valued at $26,297,023.76. The trade was a 7.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Intercontinental Exchange Trading Up 4.2%

Shares of Intercontinental Exchange stock traded up $6.68 on Thursday, hitting $164.53. The stock had a trading volume of 4,657,904 shares, compared to its average volume of 3,950,890. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.63. Intercontinental Exchange Inc. has a one year low of $121.79 and a one year high of $176.59. The stock has a market cap of $92.37 billion, a price-to-earnings ratio of 23.24, a PEG ratio of 1.55 and a beta of 0.93. The stock's 50-day simple moving average is $146.56 and its two-hundred day simple moving average is $151.46.

Intercontinental Exchange (NYSE:ICE - Get Free Report) last issued its earnings results on Thursday, July 30th. The financial services provider reported $1.90 EPS for the quarter, topping the consensus estimate of $1.84 by $0.06. The company 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 firm's revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.81 earnings per share. As a group, sell-side analysts predict that Intercontinental Exchange Inc. will post 8.1 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Rothschild & Co Redburn set a $177.00 target price on shares of Intercontinental Exchange in a report on Thursday, June 11th. Morgan Stanley reduced their price target on Intercontinental Exchange from $187.00 to $163.00 and set an "equal weight" rating on the stock in a report on Friday, July 10th. Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $178.00 target price on shares of Intercontinental Exchange in a report on Friday, July 31st. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $218.00 price target on shares of Intercontinental Exchange in a research note on Tuesday. Finally, Wall Street Zen raised shares of Intercontinental Exchange from a "sell" rating to a "hold" rating in a research report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Intercontinental Exchange presently has an average rating of "Moderate Buy" and a consensus target price of $184.17.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ICE. ICONIQ Capital LLC raised its holdings in Intercontinental Exchange by 2.2% in the second quarter. ICONIQ Capital LLC now owns 2,621 shares of the financial services provider's stock worth $481,000 after purchasing an additional 56 shares during the period. Mission Wealth Management LP grew its holdings in shares of Intercontinental Exchange by 2.4% in the 4th quarter. Mission Wealth Management LP now owns 2,611 shares of the financial services provider's stock valued at $423,000 after buying an additional 62 shares during the period. Johnson Financial Group LLC increased its position in shares of Intercontinental Exchange by 4.0% in the 4th quarter. Johnson Financial Group LLC now owns 1,710 shares of the financial services provider's stock valued at $277,000 after buying an additional 65 shares in the last quarter. Cornerstone Planning Group LLC increased its position in shares of Intercontinental Exchange by 33.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 271 shares of the financial services provider's stock valued at $42,000 after buying an additional 68 shares in the last quarter. Finally, Burns J W & Co. Inc. NY raised its stake in Intercontinental Exchange by 0.6% during the 1st quarter. Burns J W & Co. Inc. NY now owns 12,189 shares of the financial services provider's stock worth $1,917,000 after buying an additional 69 shares during the period. Hedge funds and other institutional investors own 89.30% of the company's stock.

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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