Sands Capital Management LLC Trims Stake in Intercontinental Exchange Inc. $ICE

Sands Capital Management LLC lowered its stake in Intercontinental Exchange Inc. (NYSE:ICE) by 3.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,502,896 shares of the financial services provider’s stock after selling 174,370 shares during the quarter. Intercontinental Exchange makes up about 2.7% of Sands Capital Management LLC’s holdings, making the stock its 14th biggest position. Sands Capital Management LLC owned about 0.97% of Intercontinental Exchange worth $891,249,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its stake in Intercontinental Exchange by 5.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 191,658 shares of the financial services provider’s stock valued at $31,041,000 after buying an additional 10,742 shares in the last quarter. M&G PLC lifted its stake in shares of Intercontinental Exchange by 18.4% during the 3rd quarter. M&G PLC now owns 107,070 shares of the financial services provider’s stock worth $17,988,000 after purchasing an additional 16,635 shares during the period. Dover Advisors LLC purchased a new position in shares of Intercontinental Exchange during the 3rd quarter worth $710,000. Advisors Preferred LLC lifted its stake in shares of Intercontinental Exchange by 284.5% during the 3rd quarter. Advisors Preferred LLC now owns 43,645 shares of the financial services provider’s stock worth $7,098,000 after purchasing an additional 32,295 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Intercontinental Exchange by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 54,153,170 shares of the financial services provider’s stock worth $8,770,647,000 after purchasing an additional 413,639 shares during the period. Hedge funds and other institutional investors own 89.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ICE. Barclays reissued an “overweight” rating and set a $201.00 price target (up from $198.00) on shares of Intercontinental Exchange in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft raised Intercontinental Exchange from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a research note on Friday, March 6th. Piper Sandler reissued an “overweight” rating and set a $211.00 price target (up from $195.00) on shares of Intercontinental Exchange in a research note on Wednesday, April 15th. Keefe, Bruyette & Woods began coverage on Intercontinental Exchange in a research note on Wednesday, April 8th. They set an “outperform” rating and a $190.00 price target on the stock. Finally, Weiss Ratings lowered Intercontinental Exchange from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Intercontinental Exchange has a consensus rating of “Moderate Buy” and an average target price of $193.00.

Intercontinental Exchange Trading Down 0.2%

ICE stock opened at $140.26 on Monday. The company has a market cap of $79.32 billion, a price-to-earnings ratio of 20.42, a PEG ratio of 1.35 and a beta of 0.92. 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 business has a fifty day simple moving average of $154.22 and a 200-day simple moving average of $159.32. Intercontinental Exchange Inc. has a 52 week low of $136.67 and a 52 week high of $189.35.

Intercontinental Exchange (NYSE:ICE) last released its quarterly earnings data 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. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $2.88 billion. Intercontinental Exchange had a return on equity of 14.99% and a net margin of 30.06%.The business’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.72 EPS. On average, equities research analysts expect that Intercontinental Exchange Inc. will post 8.16 EPS for the current year.

Insider Transactions at Intercontinental Exchange

In other news, CFO Warren Gardiner sold 2,490 shares of the company’s stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $156.64, for a total transaction of $390,033.60. Following the completion of the sale, the chief financial officer directly owned 25,189 shares in the company, valued at $3,945,604.96. This represents a 9.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Sharon Bowen sold 667 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $151.28, for a total value of $100,903.76. Following the sale, the director owned 15,077 shares of the company’s stock, valued at approximately $2,280,848.56. The trade was a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 12,092 shares of company stock valued at $1,860,424. Corporate insiders own 0.84% of the company’s stock.

About Intercontinental Exchange

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.