Traders Sell Shares of Intercontinental Exchange Inc (ICE) on Strength After Insider Selling

Traders sold shares of Intercontinental Exchange Inc (NYSE:ICE) on strength during trading on Friday after an insider sold shares in the company. $20.34 million flowed into the stock on the tick-up and $65.03 million flowed out of the stock on the tick-down, for a money net flow of $44.69 million out of the stock. Of all equities tracked, Intercontinental Exchange had the 25th highest net out-flow for the day. Intercontinental Exchange traded up $0.73 for the day and closed at $59.32Specifically, insider David S. Goone sold 44,755 shares of the company’s stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $61.00, for a total value of $2,730,055.00. Following the completion of the transaction, the insider now directly owns 200,657 shares in the company, valued at $12,240,077. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas W. Farley sold 22,120 shares of the company’s stock in a transaction dated Thursday, February 23rd. The stock was sold at an average price of $58.03, for a total value of $1,283,623.60. Following the sale, the insider now owns 118,574 shares of the company’s stock, valued at $6,880,849.22. The disclosure for this sale can be found here. Insiders sold 137,440 shares of company stock valued at $8,208,314 over the last quarter. Insiders own 1.40% of the company’s stock.

ICE has been the subject of several research analyst reports. Zacks Investment Research lowered Intercontinental Exchange from a “hold” rating to a “sell” rating in a research note on Wednesday, March 8th. Keefe, Bruyette & Woods restated a “buy” rating and set a $63.50 price target on shares of Intercontinental Exchange in a research note on Thursday, March 23rd. Jefferies Group LLC restated a “buy” rating and set a $70.00 price target on shares of Intercontinental Exchange in a research note on Monday, April 10th. Royal Bank of Canada initiated coverage on Intercontinental Exchange in a research note on Friday, March 31st. They set a “sector perform” rating and a $60.00 price target for the company. Finally, Deutsche Bank AG restated a “buy” rating and set a $66.00 price target (down from $67.00) on shares of Intercontinental Exchange in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $62.63.

The stock’s 50 day moving average price is $59.90 and its 200-day moving average price is $58.15. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 22.90 and a beta of 0.96.

Intercontinental Exchange (NYSE:ICE) last posted its earnings results on Wednesday, May 3rd. The financial services provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.01. Intercontinental Exchange had a return on equity of 10.79% and a net margin of 23.87%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same period last year, the company earned $3.68 earnings per share. The business’s revenue was up .9% compared to the same quarter last year. Equities research analysts expect that Intercontinental Exchange Inc will post $2.99 EPS for the current year.

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Intercontinental Exchange by 3.8% in the first quarter. Vanguard Group Inc. now owns 39,318,668 shares of the financial services provider’s stock valued at $2,354,009,000 after buying an additional 1,425,397 shares during the period. BlackRock Inc. raised its position in Intercontinental Exchange by 2,943.4% in the first quarter. BlackRock Inc. now owns 35,050,179 shares of the financial services provider’s stock valued at $2,098,452,000 after buying an additional 33,898,484 shares during the period. Wellington Management Group LLP raised its position in Intercontinental Exchange by 2.8% in the first quarter. Wellington Management Group LLP now owns 26,817,902 shares of the financial services provider’s stock valued at $1,605,588,000 after buying an additional 721,080 shares during the period. State Street Corp raised its position in Intercontinental Exchange by 1.9% in the first quarter. State Street Corp now owns 25,648,056 shares of the financial services provider’s stock valued at $1,535,555,000 after buying an additional 481,909 shares during the period. Finally, FMR LLC raised its position in Intercontinental Exchange by 19.3% in the first quarter. FMR LLC now owns 8,929,000 shares of the financial services provider’s stock valued at $534,580,000 after buying an additional 1,443,992 shares during the period. Institutional investors own 28.85% of the company’s stock.

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About Intercontinental Exchange

Intercontinental Exchange Inc, formerly IntercontinentalExchange Group, Inc, is a network of regulated exchanges and clearing houses for financial and commodity markets. The Company delivers transparent and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.

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