- Glenn Greenberg's Strategic Moves: Icon PLC Takes Center Stage with 8.21% Portfolio Share
May 15, 2026
This article first appeared on GuruFocus.
Insight into Glenn Greenberg (Trades, Portfolio)'s First Quarter 2026 13F Filing
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Glenn Greenberg (Trades, Portfolio) recently submitted the 13F filing for the first quarter of 2026, providing insights into his investment moves during this period. Glenn Greenberg (Trades, Portfolio) and partner John Shapiro founded Chieftain Capital Management in 1984. By pursuing a disciplined investment strategy, Chieftain compounded its accounts at 22.5% (before management fees) during the period from 1984 through 2004 versus 12.9% for the S&P 500. Chieftain Capital later divided into two separate entities, with Shapiro leading the new Chieftain Capital Management and Greenberg leading Brave Warrior Advisors. Greenberg maintains a highly concentrated portfolio that he describes as a "defense against ignorance." He believes that the more companies you own, the less you will know about each, and the less you know about a business, the more likely you are to make mistakes due to fear and greed. Greenberg invests in companies with little competition, and places a great deal of emphasis on return on invested capital.Glenn Greenberg's Strategic Moves: Icon PLC Takes Center Stage with 8.21% Portfolio Share
Summary of New Buy
Glenn Greenberg (Trades, Portfolio) added a total of 6 stocks, among them:
The most significant addition was Icon PLC (NASDAQ:ICLR), with 2,996,811 shares, accounting for 8.21% of the portfolio and a total value of $331.63 million. The second largest addition to the portfolio was Sunbelt Rentals Holdings Inc (NYSE:SUNB), consisting of 23,762 shares, representing approximately 0.04% of the portfolio, with a total value of $1.55 million. The third largest addition was Apollo Global Management Inc (NYSE:APO), with 4,500 shares, accounting for 0.01% of the portfolio and a total value of $501,390.
Key Position Increases
Glenn Greenberg (Trades, Portfolio) also increased stakes in a total of 5 stocks, among them:
The most notable increase was Primerica Inc (NYSE:PRI), with an additional 99,198 shares, bringing the total to 879,323 shares. This adjustment represents a significant 12.72% increase in share count, a 0.61% impact on the current portfolio, with a total value of $220.25 million. The second largest increase was SLM Corp (NASDAQ:SLM), with an additional 752,403 shares, bringing the total to 13,584,368. This adjustment represents a significant 5.86% increase in share count, with a total value of $290.84 million.
Summary of Sold Out
Glenn Greenberg (Trades, Portfolio) completely exited 3 of the holdings in the first quarter of 2026, as detailed below:
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U.S. Bancorp (NYSE:USB): Glenn Greenberg (Trades, Portfolio) sold all 15,000 shares, resulting in a -0.02% impact on the portfolio. Visa Inc (NYSE:V): Glenn Greenberg (Trades, Portfolio) liquidated all 618 shares, causing a -0.01% impact on the portfolio.
Key Position Reduces
Glenn Greenberg (Trades, Portfolio) also reduced positions in 16 stocks. The most significant changes include:
Reduced MPLX LP (NYSE:MPLX) by 1,220,591 shares, resulting in a -27.28% decrease in shares and a -1.53% impact on the portfolio. The stock traded at an average price of $56.71 during the quarter and has returned -1.75% over the past 3 months and 6.68% year-to-date. Reduced Elevance Health Inc (NYSE:ELV) by 129,495 shares, resulting in a -10.34% reduction in shares and a -1.06% impact on the portfolio. The stock traded at an average price of $328.66 during the quarter and has returned 14.79% over the past 3 months and 13.56% year-to-date.
Portfolio Overview
At the first quarter of 2026, Glenn Greenberg (Trades, Portfolio)'s portfolio included 36 stocks, with top holdings including 12.75% in TD Synnex Corp (NYSE:SNX), 10.2% in OneMain Holdings Inc (NYSE:OMF), 8.21% in Icon PLC (NASDAQ:ICLR), 8.13% in Elevance Health Inc (NYSE:ELV), and 7.48% in AutoNation Inc (NYSE:AN).Glenn Greenberg's Strategic Moves: Icon PLC Takes Center Stage with 8.21% Portfolio Share
The holdings are mainly concentrated in 8 of all the 11 industries: Financial Services, Healthcare, Consumer Cyclical, Technology, Industrials, Real Estate, Energy, and Communication Services.Glenn Greenberg's Strategic Moves: Icon PLC Takes Center Stage with 8.21% Portfolio Share
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- ICON expands US early phase research capabilities with new clinic and outpatient centres
May 13, 2026
Welcoming visitors to ICON’s new San Antonio Phase 1 clinic, purpose‑built to support early clinical development
New, 69.5K square-foot, state-of-the-art clinic in Texas integrates clinical, laboratory, and pharmacy infrastructure all under one roof Two new satellite outpatient clinics in Texas and Kansas will further expand recruitment reach and reduce visit burden
DUBLIN & SAN ANTONIO, May 13, 2026--(BUSINESS WIRE)--ICON plc (NASDAQ: ICLR), a world-leading clinical research organisation, today announced the expansion of its early phase capabilities with the opening of a new, state-of-the-art Clinical Research Unit (CRU) in San Antonio, Texas, as well as new satellite outpatient clinics in Houston, Texas and Lawrence, Kansas. These new, purpose-built clinics will significantly expand ICON’s capacity to conduct first-in-human, healthy participant, and patient cohort studies.
A key feature of the new San Antonio CRU is its fully integrated infrastructure. By co-locating the clinic, pharmacy, laboratory, and investigational product handling, ICON allows for faster dosing, immediate implementation of protocol changes, and accelerated delivery of data to sponsors. Onsite capabilities include a Good Manufacturing Practice / Good Clinical Practice (GMP/GCP) compliant pharmacy and manufacturing space with International Organisation for Standardisation (ISO) cleanrooms, a clinical safety laboratory, and sample processing and shipping facilities.
This new facility has also been designed with participant comfort, safety, and experience as a priority. It features private and semi-private dormitories, recreation areas, dedicated clinical spaces, and advanced safety systems for continuous monitoring and rapid clinical response.
"We've designed the clinic to improve the experience of study participants, while scaling our capacity and maintaining our high-quality standards," said Dr. Ute Berger, ICON’s Chief Medical Officer and President, Development Solutions. "By fully integrating our clinical, laboratory, and pharmacy operations under one roof, we can largely eliminate logistical delays. This translates directly into faster dosing, real-time adaptability, and accelerated delivery of high-quality data for our sponsors. We are proud to invest in the San Antonio life sciences community and to contribute to its continued growth as a hub for innovation."
In addition to the San Antonio clinic, ICON’s two new satellite outpatient facilities in Houston, Texas, and Lawrence, Kansas will further expand recruitment reach for its existing CRUs in the region. They will also provide greater flexibility for studies requiring extended Phase I follow-up, bringing care closer to participants and reducing travel burden.
Story Continues
The new San Antonio clinic joins ICON's global network of dedicated Phase I clinical research units in Salt Lake City, Utah; Lenexa, Kansas; Groningen, Netherlands; and Budapest, Hungary, reflecting ongoing investment in providing market-leading services for early phase development and research.
About ICON plc
ICON plc is a world-leading clinical research organisation. Offering deep operational and medical expertise we accelerate innovation, driving emerging therapies forward to improve patient outcomes. From molecule to medicine, we deliver integrated consulting, clinical development, commercialisation and post-marketing solutions to pharmaceutical, biotechnology, medical device, government and public health organisations worldwide. With headquarters in Dublin, Ireland, ICON employed approximately 40,100 employees in 97 locations in 55 countries as of December 31, 2025. For further information about ICON, visit: www.iconplc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260513228421/en/
Contacts
Media contacts:
ICON:
Lisa Henry (GMT time zone)
Weber Shandwick (PR adviser)
+447785 458203
lhenry@webershandwick.com
ICON Press Office
iconnews@webershandwick.com
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- ICON expands US early phase research capabilities with new clinic and outpatient centres
May 13, 2026 · businesswire.com
DUBLIN & SAN ANTONIO--(BUSINESS WIRE)--ICON plc (NASDAQ: ICLR), a world-leading clinical research organisation, today announced the expansion of its early phase capabilities with the opening of a new, state-of-the-art Clinical Research Unit (CRU) in San Antonio, Texas, as well as new satellite outpatient clinics in Houston, Texas and Lawrence, Kansas. These new, purpose-built clinics will significantly expand ICON's capacity to conduct first-in-human, healthy participant, and patient cohort stu.
- ICON EXPANDS US EARLY PHASE RESEARCH CAPABILITIES WITH NEW CLINIC AND OUTPATIENT CENTRES
May 13, 2026
DUBLIN & SAN ANTONIO--(BUSINESS WIRE)--ICON PLC (NASDAQ: ICLR), A WORLD-LEADING CLINICAL RESEARCH ORGANISATION, TODAY ANNOUNCED THE EXPANSION OF ITS EARLY PHASE CAPABILITIES WITH THE OPENING OF A NEW, STATE-OF-THE-ART CLINICAL RESEARCH UNIT (CRU) IN SAN ANTONIO, TEXAS, AS WELL AS NEW SATELLITE OUTPATIENT CLINICS IN HOUSTON, TEXAS AND LAWRENCE, KANSAS. THESE NEW, PURPOSE-BUILT CLINICS WILL SIGNIFICANTLY EXPAND ICON'S CAPACITY TO CONDUCT FIRST-IN-HUMAN, HEALTHY PARTICIPANT, AND PATIENT COHORT STU.
- Did ICON's (ICLR) Delayed 20-F Filing Just Reframe Its Financial Transparency Narrative?
May 13, 2026
In early May 2026, ICON Public Limited Company disclosed that it would not meet the SEC deadline for filing its next Form 20-F, raising questions about the timing and completeness of its upcoming financial reporting. This delay has sharpened investor focus on ICON’s financial transparency and governance practices at a time when its broader business outlook is under close scrutiny. We’ll now examine how ICON’s delayed 20-F filing may influence its investment narrative, including confidence in its financial reporting.
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ICON Investment Narrative Recap
To own ICON today, you have to believe its outsourced clinical trial model remains attractive despite softer biotech funding, mixed large pharma demand, and rising cancellations. The delayed 20 F heightens near term focus on earnings quality and governance, but it does not automatically change the core question: can ICON convert its technology investments and partnerships into steadier bookings and margins while trial volatility and pricing pressure remain the biggest near term risks?
The recent announcement of ICON’s partnership with Advarra is especially relevant here. It speaks directly to one of the key potential catalysts: using AI enabled, connected site networks to shorten study cycle times and reduce trial friction. If successfully executed and clearly reflected in future filings, this kind of operational improvement could matter more to the long term story than the timing of a single 20 F, though the filing delay still keeps...
Read the full narrative on ICON (it's free!)
ICON’s narrative projects $8.4 billion revenue and $666.8 million earnings by 2029. This requires 1.4% yearly revenue growth and about a $67 million earnings increase from $599.5 million today.
Uncover how ICON's forecasts yield a $135.07 fair value, a 11% upside to its current price.
Exploring Other PerspectivesICLR 1-Year Stock Price Chart
By contrast, the most pessimistic analysts already saw accounting review and backlog uncertainty as central risks, with earnings potentially slipping toward about US$497.1 million before this filing delay was even announced.
Explore 5 other fair value estimates on ICON - why the stock might be worth 38% less than the current price!
Reach Your Own Conclusion
Don't just follow the ticker - dig into the data and build a conviction that's truly your own.
A great starting point for your ICON research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Our free ICON research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate ICON's overall financial health at a glance.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ICLR.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- IceCure Medical Ltd. (ICCM) Reports Q1 Loss, Lags Revenue Estimates
May 12, 2026
IceCure Medical Ltd. (ICCM) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to a loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -100.00%. A quarter ago, it was expected that this company would post a loss of $0.04 per share when it actually produced a loss of $0.06, delivering a surprise of -50%.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
IceCure Medical, which belongs to the Zacks Medical Services industry, posted revenues of $0.91 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 54.9%. This compares to year-ago revenues of $0.73 million. The company has not been able to beat consensus revenue estimates over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
IceCure Medical shares have lost about 60.7% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for IceCure Medical?
While IceCure Medical has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for IceCure Medical was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.03 on $2.53 million in revenues for the coming quarter and -$0.12 on $10.79 million in revenues for the current fiscal year.
Story Continues
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical Services is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Icon PLC (ICLR), is yet to report results for the quarter ended March 2026.
This contract research organization is expected to post quarterly earnings of $2.95 per share in its upcoming report, which represents a year-over-year change of -7.5%. The consensus EPS estimate for the quarter has been revised 7.7% lower over the last 30 days to the current level.
Icon PLC's revenues are expected to be $1.94 billion, down 2.9% from the year-ago quarter.
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ICON PLC (ICLR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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- Is It Time To Revisit ICON (ICLR) After Its Recent Share Price Rebound?
May 12, 2026
Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St.
If you are wondering whether ICON is attractively priced or still overpriced after a tough run, a useful starting point is to understand what today's share price is actually baking in. The stock last closed at US$118.96, with the price up 6.2% over the past week and 11.4% over the past month, even though the share price is still down 36.9% year to date and has fallen 15.2% over the past year. Recent coverage has focused on how ICON fits into longer term trends in clinical research outsourcing and the broader pharmaceutical and biotech ecosystem, with investors paying close attention to its role in large scale drug development programs. This context helps explain why the share price has shown short term strength despite multi year share price declines of 42.2% over three years and 47.3% over five years. ICON currently scores a 5 out of 6 valuation score. This sets up a closer look at how different valuation methods assess the stock today and hints at a more complete way to think about fair value that will be covered at the end of this article.
Find out why ICON's -15.2% return over the last year is lagging behind its peers.
Approach 1: ICON Discounted Cash Flow (DCF) Analysis
A Discounted Cash Flow model estimates what a stock could be worth by projecting future cash flows and discounting them back to today, using the idea that money available now is worth more than the same amount in the future.
For ICON, the model uses a 2 Stage Free Cash Flow to Equity approach built on cash flow projections. The latest twelve month Free Cash Flow is about $980.9 million. Analyst and extrapolated estimates suggest Free Cash Flow of $861.4 million in 2026 and $979.6 million by 2030, all in $. Beyond the first few analyst covered years, Simply Wall St extends the projections to build a ten year view.
When these projected cash flows are discounted, the DCF model points to an estimated intrinsic value of about $192.16 per share. Compared with the recent share price of $118.96, this implies ICON trades at roughly a 38.1% discount to that DCF estimate, which suggests the stock screens as undervalued on this model.
Result: UNDERVALUED
Our Discounted Cash Flow (DCF) analysis suggests ICON is undervalued by 38.1%. Track this in your watchlist or portfolio, or discover 47 more high quality undervalued stocks.ICLR Discounted Cash Flow as at May 2026
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for ICON.
Approach 2: ICON Price vs Earnings
For profitable companies, the P/E ratio is a useful way to see how much you are paying for each dollar of earnings, which makes it a common anchor for comparing stocks within the same industry.
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Higher growth expectations and lower perceived risk usually justify a higher P/E ratio, while slower growth or higher risk tend to support a lower, more cautious P/E range. So the question is not whether a P/E is high or low in isolation, but whether it makes sense given the company’s profile.
ICON currently trades on a P/E of 15.15x, compared with the Life Sciences industry average of about 36.40x and a peer group average of 64.52x. Simply Wall St also calculates a proprietary “Fair Ratio” for ICON of 17.25x, which reflects factors such as its earnings profile, industry, profit margins, market cap and risk characteristics.
This Fair Ratio is more tailored than a simple peer or industry comparison because it adjusts for company specific growth, risks and profitability rather than assuming all companies deserve the same multiple. On this basis, ICON’s current P/E of 15.15x sits below the 17.25x Fair Ratio, which indicates the stock appears undervalued on this metric.
Result: UNDERVALUEDNasdaqGS:ICLR P/E Ratio as at May 2026
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Upgrade Your Decision Making: Choose your ICON Narrative
Earlier it was mentioned that there is an even better way to understand valuation. Narratives is a simple tool that lets you attach a clear story about ICON to your own numbers for future revenue, earnings and margins, link that story to a financial forecast and then to a fair value, and see it all side by side with the current share price.
On Simply Wall St, Narratives live in the Community page and are used by millions of investors as an accessible way to spell out why they think ICON is worth a certain amount, compare that Fair Value with the live Price to decide whether they see it as attractive or expensive, and then keep that view current as new information like news, earnings or accounting updates flows in.
For ICON, one investor might align with a more optimistic Narrative that assumes earnings reach about US$1.1b by 2028 and support a Fair Value near US$226.60. Another might align with a more cautious Narrative that assumes earnings closer to US$497.1m by 2029 and a Fair Value around US$75. Seeing these side by side helps you decide which story, and which set of assumptions, fits your own view best.
For ICON, however, we’ll make it really easy for you with previews of two leading ICON Narratives:
Start with the bullish version if you think the recent weakness has pushed the stock too far down, or use the bear case if you are more focused on accounting risks and margin pressure. Your own view may sit somewhere in between, but seeing both ends laid out clearly can help you decide what needs to be true for you to be comfortable with the current price.
🐂 ICON Bull Case
Fair value in this bullish narrative: US$135.07 per share.
Implied upside from that fair value to the latest close around US$118.96 is about 12.0%. In other words, the price would need to climb by that amount to meet this estimate.
Revenue growth assumption: 1.36% a year.
Focuses on ICON using partnerships in midsized pharma, operational standardisation and AI tools like iSubmit and SmartDraft to support revenue and margin improvement over time. Builds in analyst assumptions that earnings reach about US$666.8m by 2029, with profit margins edging up and the P/E multiple at 17.9x, alongside a shrinking share count from buybacks. Flags trial cancellations, cautious client budgets, competition in biotech and pricing pressure as key risks that could challenge those earnings and valuation assumptions.
🐻 ICON Bear Case
Fair value in this bearish narrative: US$75.00 per share.
At the latest close around US$118.96, the price sits about 58.6% above this fair value. This view therefore treats the stock as expensive relative to its assumptions.
Revenue growth assumption: 0.57% a year.
Emphasises elevated trial cancellations around 2.5% of backlog, pricing pressure and higher compliance costs as ongoing headwinds for growth and margins. Assumes earnings ease to about US$497.1m by 2029, with margins lower at 6.0% and a P/E of 13.4x, using a 9.5% discount rate to arrive at the US$75.00 fair value. Accepts that stronger RFP flow, deeper partnerships, AI driven efficiencies and active capital returns could all weaken the bearish case if they prove more powerful than the headwinds.
If you want to see how other investors frame these stories and where they place ICON's fair value, it can help to read the narratives in full and stress test which set of assumptions feels closest to your own view, before deciding how comfortable you are with the current share price.
See what the community is saying about ICON
Do you think there's more to the story for ICON? Head over to our Community to see what others are saying!NasdaqGS:ICLR 1-Year Stock Price Chart
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include ICLR.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Artisan International Value Fund Q1 2026 Portfolio Update
May 12, 2026 · seekingalpha.com
Almost two-thirds of the stocks in the portfolio declined during the quarter, with nearly half falling by more than 10%. Samsung Electronics, the portfolio's largest investment, pre-released its Q1 results, highlighting significant growth in its core semiconductor operations. The equities that had the largest negative impact on the portfolio during the quarter were ICON, Unilever and UBS.
- A Look at Icon PLC (ICLR) After 4.7% Decline -- GF Value $241.81 vs Price $118.96
May 12, 2026 · gurufocus.com
On May 11, 2026, Icon PLC (ICLR) shares fell 4.7% today, bringing the current price to $118.96. The stock has traded in a 52-week range between $66.57 and $211.
- Polen International Growth Q1 2026 Portfolio Activity
May 10, 2026 · seekingalpha.com
In Q1 2026, Polen International Growth Portfolio returned -14.4% (net of fees) compared to -0.7% for the Index. We initiated new positions in TSMC, Rheinmetall, Saab, Mitsubishi Heavy Industries, AstraZeneca, AIA Group, Siemens Energy, Samsung Electronics, and Keyence. We sold our holdings in Nintendo, MakeMyTrip, Adidas, Globant, Amadeus IT Group, Monday.com, ICON plc, and HDFC Bank.