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

Accenture (NYSE:ACN) had its price target decreased by equities researchers at BMO Capital Markets from $375.00 to $350.00 in a report released on Friday, Benzinga reports. The firm currently has a “market perform” rating on the information technology services provider’s stock. BMO Capital Markets’ target price points to a potential upside of 14.32% from the stock’s current price.

A number of other equities research analysts have also commented on the stock. Redburn Atlantic upped their price objective on shares of Accenture from $410.00 to $445.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Piper Sandler decreased their price target on Accenture from $379.00 to $320.00 and set a “neutral” rating for the company in a report on Monday. Robert W. Baird lowered their price objective on Accenture from $372.00 to $345.00 and set a “neutral” rating for the company in a research report on Thursday, May 16th. Citigroup cut their target price on Accenture from $430.00 to $400.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Finally, Stifel Nicolaus lowered their target price on Accenture from $395.00 to $340.00 and set a “buy” rating for the company in a report on Wednesday, June 12th. Ten analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Accenture currently has a consensus rating of “Moderate Buy” and a consensus price target of $359.36.

Accenture Stock Up 7.3 %

Shares of Accenture stock opened at $306.16 on Friday. The stock has a market cap of $205.35 billion, a price-to-earnings ratio of 27.76, a P/E/G ratio of 3.11 and a beta of 1.21. Accenture has a twelve month low of $278.69 and a twelve month high of $387.51. The company’s fifty day moving average is $301.27 and its 200 day moving average is $337.45.

Accenture (NYSE:ACN) last issued its quarterly earnings results on Thursday, June 20th. The information technology services provider reported $3.13 earnings per share for the quarter, missing the consensus estimate of $3.15 by ($0.02). The company had revenue of $16.47 billion during the quarter, compared to analyst estimates of $16.55 billion. Accenture had a net margin of 10.89% and a return on equity of 28.30%. The company’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the company posted $3.19 EPS. As a group, equities analysts anticipate that Accenture will post 12.06 earnings per share for the current fiscal year.

Insider Activity at Accenture

In other Accenture news, insider Ellyn Shook sold 5,000 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $307.22, for a total transaction of $1,536,100.00. Following the transaction, the insider now directly owns 13,699 shares in the company, valued at approximately $4,208,606.78. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Jean-Marc Ollagnier sold 6,250 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 161,581 shares of the company’s stock, valued at $51,045,053.71. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Ellyn Shook sold 5,000 shares of Accenture stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $307.22, for a total value of $1,536,100.00. Following the sale, the insider now owns 13,699 shares in the company, valued at $4,208,606.78. The disclosure for this sale can be found here. Insiders have sold a total of 28,083 shares of company stock valued at $8,959,325 over the last 90 days. Insiders own 0.07% of the company’s stock.

Institutional Investors Weigh In On Accenture

Several large investors have recently made changes to their positions in the business. Pin Oak Investment Advisors Inc. increased its holdings in Accenture by 8.2% during the fourth quarter. Pin Oak Investment Advisors Inc. now owns 357 shares of the information technology services provider’s stock worth $125,000 after buying an additional 27 shares during the last quarter. Brave Asset Management Inc. raised its holdings in shares of Accenture by 2.8% in the 4th quarter. Brave Asset Management Inc. now owns 1,028 shares of the information technology services provider’s stock worth $361,000 after purchasing an additional 28 shares during the period. Addison Advisors LLC lifted its stake in Accenture by 0.9% in the fourth quarter. Addison Advisors LLC now owns 3,181 shares of the information technology services provider’s stock valued at $1,116,000 after purchasing an additional 28 shares during the last quarter. Searle & CO. grew its holdings in Accenture by 3.6% during the fourth quarter. Searle & CO. now owns 803 shares of the information technology services provider’s stock valued at $282,000 after purchasing an additional 28 shares during the period. Finally, Sound View Wealth Advisors Group LLC increased its position in Accenture by 2.1% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 1,363 shares of the information technology services provider’s stock worth $478,000 after buying an additional 28 shares during the last quarter. 75.14% of the stock is owned by hedge funds and other institutional investors.

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.