Icon (NASDAQ:ICLR) Stock Price Up 6.7% – Here’s What Happened

Icon Plc (NASDAQ:ICLR)’s share price shot up 6.7% during trading on Wednesday. The company traded as high as $185.56 and last traded at $185.78. 366,576 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 1,246,171 shares. The stock had previously closed at $174.19.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. UBS Group initiated coverage on shares of Icon in a report on Wednesday, September 30th. They issued a “neutral” rating and a $195.00 target price on the stock. Barclays upped their target price on shares of Icon from $160.00 to $175.00 and gave the company an “equal weight” rating in a report on Thursday, June 25th. William Blair upgraded shares of Icon to a “strong-buy” rating in a research note on Thursday, July 30th. Citigroup lowered their target price on Icon from $180.00 to $175.00 and set a “neutral” rating on the stock in a research report on Friday, September 18th. Finally, Zacks Research upgraded Icon from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $174.73.

Icon Price Performance

The stock has a market capitalization of $14.20 billion, a PE ratio of 43.53, a PEG ratio of 10.87 and a beta of 1.24. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The firm’s 50-day moving average price is $167.61 and its 200-day moving average price is $150.36.

Icon (NASDAQ:ICLR) last announced its earnings results on Thursday, July 30th. The medical research company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.01. Icon had a net margin of 3.99% and a return on equity of 8.02%. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities analysts forecast that Icon Plc will post 9.55 EPS for the current fiscal year.

Insider Activity at Icon

In other Icon news, Director Ciaran Murray sold 2,677 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total transaction of $439,804.33. Following the sale, the director owned 20,452 shares in the company, valued at approximately $3,360,059.08. The trade was a 11.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director John Climax sold 5,005 shares of Icon stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $175.00, for a total value of $875,875.00. Following the sale, the director directly owned 2,087 shares of the company’s stock, valued at $365,225. This trade represents a 70.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 22,796 shares of company stock valued at $3,887,139 over the last 90 days. Insiders own 44.00% of the company’s stock.

Institutional Investors Weigh In On Icon

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC grew its position in shares of Icon by 21.4% during the second quarter. GAMMA Investing LLC now owns 391 shares of the medical research company’s stock worth $68,000 after buying an additional 69 shares in the last quarter. Grove Bank & Trust boosted its holdings in shares of Icon by 30.0% in the second quarter. Grove Bank & Trust now owns 866 shares of the medical research company’s stock valued at $150,000 after acquiring an additional 200 shares during the period. Parkside Financial Bank & Trust boosted its stake in shares of Icon by 120.0% during the second quarter. Parkside Financial Bank & Trust now owns 616 shares of the medical research company’s stock worth $107,000 after buying an additional 336 shares during the period. Westpac Banking Corp increased its stake in Icon by 35.0% in the 1st quarter. Westpac Banking Corp now owns 1,547 shares of the medical research company’s stock valued at $171,000 after buying an additional 401 shares during the period. Finally, First Trust Advisors LP lifted its holdings in shares of Icon by 17.0% in the 1st quarter. First Trust Advisors LP now owns 2,760 shares of the medical research company’s stock valued at $305,000 after buying an additional 401 shares during the period. Hedge funds and other institutional investors own 95.61% of the company’s stock.

Icon Company Profile

ICON plc is a global contract research organization that provides outsourced development services to pharmaceutical, biotechnology and medical device companies. The company supports clinical research programs from early development through late-stage trials, regulatory submission and post-marketing activities.

Its services include clinical trial management, medical and regulatory consulting, biostatistics, data management, pharmacovigilance, laboratory services and real-world evidence solutions.