Icon (NASDAQ:ICLR) Price Target Raised to $234.00

Key Points

• Truist Financial raised its price target for Icon (NASDAQ:ICLR) from $187.00 to $234.00, suggesting a potential upside of 26.27% from the stock's previous close.
• Barclays and Mizuho have also revised their price targets for Icon, with Barclays setting it at $180.00 and Mizuho at $173.00.
• Icon's stock has experienced volatility, trading down by 5.0% to $185.31, with a market capitalization of nearly $15 billion.
• Despite recent challenges, Icon reported a quarterly EPS of $3.26, exceeding estimates, although their revenue declined year-over-year.

Icon (NASDAQ:ICLR - Free Report) had its target price raised by Truist Financial from $187.00 to $234.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the medical research company's stock.

ICLR has been the subject of several other research reports. JPMorgan Chase & Co. cut shares of Icon from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $265.00 to $150.00 in a report on Tuesday, April 29th. Citigroup dropped their price target on shares of Icon from $290.00 to $215.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. UBS Group increased their price objective on shares of Icon from $170.00 to $240.00 and gave the company a "buy" rating in a research report on Friday. The Goldman Sachs Group dropped their price objective on shares of Icon from $180.00 to $160.00 and set a "neutral" rating on the stock in a research report on Friday, May 2nd. Finally, TD Cowen lowered shares of Icon from a "buy" rating to a "hold" rating and dropped their price objective for the company from $254.00 to $157.00 in a research report on Monday, April 14th. Six investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $219.54.

Icon Stock Down 3.3%

Shares of Icon stock traded down $6.23 on Friday, hitting $183.44. The company had a trading volume of 840,731 shares, compared to its average volume of 1,322,927. The firm has a market capitalization of $14.81 billion, a P/E ratio of 18.84, a P/E/G ratio of 2.82 and a beta of 1.17. Icon has a twelve month low of $125.10 and a twelve month high of $338.67. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a 50-day moving average of $145.74 and a 200-day moving average of $163.21.

Icon (NASDAQ:ICLR - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The medical research company reported $3.26 earnings per share for the quarter, beating the consensus estimate of $3.18 by $0.08. Icon had a net margin of 9.82% and a return on equity of 10.95%. The company had revenue of $2.02 billion during the quarter, compared to analysts' expectations of $1.98 billion. During the same quarter in the prior year, the company earned $3.75 earnings per share. The business's quarterly revenue was down 4.8% compared to the same quarter last year. Research analysts predict that Icon will post 13.38 earnings per share for the current year.

Hedge Funds Weigh In On Icon

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its position in Icon by 22.8% during the 1st quarter. Farther Finance Advisors LLC now owns 593 shares of the medical research company's stock worth $99,000 after buying an additional 110 shares during the period. NBC Securities Inc. acquired a new position in shares of Icon during the first quarter valued at about $59,000. GAMMA Investing LLC lifted its stake in shares of Icon by 15,701.6% in the first quarter. GAMMA Investing LLC now owns 68,421 shares of the medical research company's stock valued at $119,730,000 after buying an additional 67,988 shares in the last quarter. Wealthquest Corp bought a new position in shares of Icon in the first quarter valued at $862,000. Finally, Transcend Capital Advisors LLC raised its holdings in shares of Icon by 7.6% in the first quarter. Transcend Capital Advisors LLC now owns 1,174 shares of the medical research company's stock valued at $205,000 after purchasing an additional 83 shares during the last quarter. 95.61% of the stock is currently owned by institutional investors and hedge funds.

About Icon

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies.