Accenture (NYSE:ACN) Price Target Cut to $350.00

Accenture (NYSE:ACN) had its price target decreased by research analysts at Mizuho from $398.00 to $350.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Mizuho’s price objective would indicate a potential upside of 22.58% from the stock’s previous close.

ACN has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft downgraded shares of Accenture from a “buy” rating to a “hold” rating and dropped their price objective for the company from $409.00 to $295.00 in a research note on Wednesday, May 15th. Citigroup dropped their target price on shares of Accenture from $430.00 to $400.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Guggenheim reissued a “buy” rating and set a $395.00 target price on shares of Accenture in a research report on Friday, May 24th. Jefferies Financial Group dropped their target price on shares of Accenture from $340.00 to $275.00 and set a “hold” rating for the company in a research report on Wednesday, June 5th. Finally, StockNews.com downgraded shares of Accenture from a “buy” rating to a “hold” rating in a research report on Saturday, April 27th. Ten research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Accenture presently has an average rating of “Moderate Buy” and an average price target of $360.50.

Accenture Trading Down 0.4 %

Shares of ACN stock opened at $285.53 on Tuesday. The firm has a 50-day moving average price of $303.42 and a 200 day moving average price of $338.41. Accenture has a twelve month low of $278.69 and a twelve month high of $387.51. The company has a market capitalization of $191.52 billion, a price-to-earnings ratio of 25.89, a PEG ratio of 3.12 and a beta of 1.22.

Accenture (NYSE:ACN) last announced its earnings results on Thursday, March 21st. The information technology services provider reported $2.77 earnings per share for the quarter, beating the consensus estimate of $2.66 by $0.11. Accenture had a net margin of 10.89% and a return on equity of 28.30%. The firm had revenue of $15.80 billion during the quarter, compared to the consensus estimate of $15.85 billion. During the same quarter in the previous year, the company posted $2.69 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. As a group, research analysts predict that Accenture will post 12.08 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Jean-Marc Ollagnier sold 6,250 shares of the firm’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $315.91, for a total transaction of $1,974,437.50. Following the transaction, the chief executive officer now directly owns 161,581 shares in the company, valued at $51,045,053.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Accenture news, COO John F. Walsh sold 8,000 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $332.13, for a total value of $2,657,040.00. Following the sale, the chief operating officer now directly owns 17,877 shares of the company’s stock, valued at $5,937,488.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jean-Marc Ollagnier sold 6,250 shares of the stock in a transaction on Friday, April 12th. The stock was sold at an average price of $315.91, for a total value of $1,974,437.50. Following the completion of the sale, the chief executive officer now directly owns 161,581 shares in the company, valued at $51,045,053.71. The disclosure for this sale can be found here. Insiders have sold 28,083 shares of company stock worth $8,959,325 over the last ninety days. 0.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Accenture

Several large investors have recently added to or reduced their stakes in ACN. Glenview Trust co increased its position in Accenture by 1.6% in the third quarter. Glenview Trust co now owns 3,852 shares of the information technology services provider’s stock worth $1,183,000 after buying an additional 61 shares during the period. Interchange Capital Partners LLC acquired a new position in shares of Accenture during the third quarter valued at $207,000. Clearbridge Investments LLC increased its holdings in shares of Accenture by 5.5% during the third quarter. Clearbridge Investments LLC now owns 1,631,355 shares of the information technology services provider’s stock valued at $501,006,000 after purchasing an additional 84,680 shares during the period. LPL Financial LLC increased its holdings in shares of Accenture by 6.6% during the third quarter. LPL Financial LLC now owns 386,190 shares of the information technology services provider’s stock valued at $118,603,000 after purchasing an additional 24,076 shares during the period. Finally, Ontario Teachers Pension Plan Board increased its holdings in shares of Accenture by 5.1% during the third quarter. Ontario Teachers Pension Plan Board now owns 3,402 shares of the information technology services provider’s stock valued at $1,045,000 after purchasing an additional 164 shares during the period. 75.14% of the stock is owned by institutional investors and hedge funds.

About Accenture

Accenture plc, a professional services company, provides strategy and consulting, industry X, song, and technology and operation services worldwide. The company offers application services, including agile transformation, DevOps, application modernization, enterprise architecture, software and quality engineering, data management; intelligent automation comprising robotic process automation, natural language processing, and virtual agents; and application management services, as well as software engineering services; strategy and consulting services; data and analytics strategy, data discovery and augmentation, data management and beyond, data democratization, and industrialized solutions comprising turnkey analytics and artificial intelligence (AI) solutions; metaverse; and sustainability services.