Icon (NASDAQ:ICLR) Issues Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Icon (NASDAQ:ICLR) released its quarterly earnings data on Tuesday. The medical research company reported $2.66 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.04, FiscalAI reports. The company had revenue of $2.02 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Icon had a net margin of 3.99% and a return on equity of 8.02%.

Icon Price Performance

NASDAQ:ICLR traded down $0.80 during trading hours on Tuesday, reaching $182.98. 889,952 shares of the company were exchanged, compared to its average volume of 1,245,672. 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 has a market cap of $14.01 billion, a PE ratio of 42.95, a price-to-earnings-growth ratio of 11.98 and a beta of 1.24. Icon has a twelve month low of $66.57 and a twelve month high of $203.91. The stock’s 50-day moving average is $169.15 and its 200-day moving average is $146.16.

Insiders Place Their Bets

In related news, Director John Climax sold 5,005 shares of the firm’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $175.00, for a total value of $875,875.00. Following the transaction, the director directly owned 2,087 shares of the company’s stock, valued at approximately $365,225. This trade represents a 70.57% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eugene Mccague sold 3,255 shares of Icon stock in a transaction dated Thursday, September 17th. The stock was 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. The trade was a 46.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 23,068 shares of company stock valued at $3,936,744. 44.00% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on ICLR shares. Zacks Research raised shares of Icon from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 28th. Truist Financial reaffirmed a “buy” rating and issued a $209.00 price target (up from $207.00) on shares of Icon in a report on Friday, July 31st. Bank of America raised Icon from an “underperform” rating to a “neutral” rating and set a $185.00 price target for the company in a report on Friday, October 9th. Weiss Ratings reiterated a “sell (d)” rating on shares of Icon in a research report on Wednesday, August 26th. Finally, William Blair raised Icon to a “strong-buy” rating in a report on Thursday, July 30th. 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 stock. According to MarketBeat, Icon currently has a consensus rating of “Hold” and an average price target of $174.73.

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.