Icon (NASDAQ:ICLR) Stock Price Crosses Above Two Hundred Day Moving Average - Here's Why

Key Points

• Icon shares crossed above their 200-day moving average, reaching $164.95 and last trading at $164.50, compared with the $146.73 long-term average.
• Analyst sentiment is mixed but includes several recent upgrades and higher price targets. The consensus rating remains “Hold,” with an average target of $172.40.
• Icon slightly exceeded quarterly earnings expectations, reporting $2.56 in EPS versus $2.55 expected and $2.06 billion in revenue, up 2.3% year over year.

Icon Plc (NASDAQ:ICLR - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $146.73 and traded as high as $164.95. Icon shares last traded at $164.50, with a volume of 1,020,185 shares traded.

Analyst Upgrades and Downgrades

ICLR has been the subject of several recent analyst reports. Robert W. Baird set a $194.00 price target on Icon in a research note on Friday, July 31st. William Blair raised Icon to a "strong-buy" rating in a research report on Thursday, July 30th. TD Cowen increased their price target on Icon from $164.00 to $197.00 and gave the company a "buy" rating in a report on Thursday, June 25th. Truist Financial restated a "buy" rating and issued a $209.00 price objective (up from $207.00) on shares of Icon in a research note on Friday, July 31st. Finally, Mizuho raised their target price on shares of Icon from $180.00 to $190.00 and gave the company an "outperform" rating in a research note on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Icon presently has a consensus rating of "Hold" and an average price target of $172.40.

Icon Trading Up 0.3%

The company has a debt-to-equity ratio of 0.23, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market capitalization of $12.60 billion, a price-to-earnings ratio of 38.62, a price-to-earnings-growth ratio of 7.59 and a beta of 1.24. The business has a fifty day moving average price of $166.61 and a 200 day moving average price of $146.73.

Icon (NASDAQ:ICLR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The medical research company reported $2.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.55 by $0.01. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2 billion. Icon had a net margin of 3.99% and a return on equity of 8.02%. Icon's quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $3.26 earnings per share. On average, equities analysts expect that Icon Plc will post 9.56 EPS for the current fiscal year.

Insider Activity at Icon

In related news, Director Eugene Mccague sold 3,255 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $175.00, for a total value of $569,625.00. Following the completion of the sale, the director owned 3,811 shares in the company, valued at approximately $666,925. This trade represents a 46.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ciaran Murray sold 2,677 shares of Icon stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total value of $439,804.33. Following the sale, the director directly owned 20,452 shares in the company, valued at approximately $3,360,059.08. This trade represents a 11.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 22,796 shares of company stock worth $3,887,139. Insiders own 44.00% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Icon by 21.4% during the 2nd quarter. GAMMA Investing LLC now owns 391 shares of the medical research company's stock worth $68,000 after buying an additional 69 shares during the period. White Knight Strategic Wealth Advisors LLC grew its position in Icon by 6.8% in the fourth quarter. White Knight Strategic Wealth Advisors LLC now owns 2,193 shares of the medical research company's stock valued at $400,000 after acquiring an additional 140 shares during the period. Grove Bank & Trust grew its position in 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. Abound Financial LLC acquired a new position in Icon during the fourth quarter worth $54,000. Finally, Parkside Financial Bank & Trust lifted its holdings 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 valued at $107,000 after acquiring an additional 336 shares during the period. 95.61% of the stock is owned by institutional investors.

Icon Company Profile

ICON plc is a global contract research and clinical development organization headquartered in Dublin, Ireland. The company provides outsourced services to pharmaceutical, biotechnology, medical device and government organizations, supporting the development and commercialization of healthcare products.

Its services span clinical trial management, clinical and regulatory consulting, data management, biostatistics, medical writing, pharmacovigilance, laboratory services, medical imaging and commercialization support.

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