Icon (NASDAQ:ICLR) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of Icon (NASDAQ:ICLR) from a hold rating to a strong sell rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Truist Financial restated a “hold” rating and set a $222.00 target price (down from $231.00) on shares of Icon in a research report on Thursday, January 8th. BMO Capital Markets reissued a “market perform” rating and set a $100.00 price objective on shares of Icon in a research note on Thursday, February 12th. Rothschild & Co Redburn set a $100.00 target price on shares of Icon and gave the company a “neutral” rating in a research note on Tuesday, February 17th. Leerink Partners reiterated a “market perform” rating and issued a $105.00 target price on shares of Icon in a report on Thursday, February 12th. Finally, Jefferies Financial Group set a $135.00 price target on shares of Icon and gave the stock a “buy” rating in a research report on Monday. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $157.47.

Icon Stock Up 5.1%

NASDAQ:ICLR opened at $106.13 on Wednesday. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.31. Icon has a 12-month low of $66.57 and a 12-month high of $211.00. The stock’s fifty day simple moving average is $160.76 and its 200-day simple moving average is $170.69. The firm has a market capitalization of $8.57 billion, a P/E ratio of 14.36, a P/E/G ratio of 2.59 and a beta of 1.27.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ICLR. Arkadios Wealth Advisors increased its holdings in shares of Icon by 30.1% during the 2nd quarter. Arkadios Wealth Advisors now owns 10,182 shares of the medical research company’s stock worth $1,481,000 after acquiring an additional 2,354 shares during the last quarter. HBK Sorce Advisory LLC acquired a new stake in Icon during the 2nd quarter valued at $411,000. Firetrail Investments PTY Ltd. boosted its position in Icon by 59.1% during the second quarter. Firetrail Investments PTY Ltd. now owns 53,453 shares of the medical research company’s stock worth $7,746,000 after purchasing an additional 19,847 shares during the period. Cambiar Investors LLC boosted its position in Icon by 30.1% during the second quarter. Cambiar Investors LLC now owns 79,204 shares of the medical research company’s stock worth $11,520,000 after purchasing an additional 18,329 shares during the period. Finally, Bank of Montreal Can increased its holdings in shares of Icon by 55.2% in the second quarter. Bank of Montreal Can now owns 69,893 shares of the medical research company’s stock valued at $10,166,000 after purchasing an additional 24,850 shares during the last quarter. Institutional investors own 95.61% of the company’s stock.

About Icon

Icon plc (NASDAQ: ICLR) is a global provider of outsourced drug development and clinical research services to the pharmaceutical, biotechnology and medical device industries. The company partners with clients at all stages of the product life cycle, offering expertise in protocol design, trial execution and regulatory compliance across a broad range of therapeutic areas.

Icon’s service portfolio encompasses clinical trial management, data management and biostatistics, medical imaging, pharmacovigilance and safety monitoring, laboratory sciences and specialized analytical solutions.