Accolade (NASDAQ:ACCD) Price Target Cut to $5.50

Accolade (NASDAQ:ACCD) had its target price dropped by stock analysts at Barclays from $11.00 to $5.50 in a report issued on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price target would indicate a potential upside of 53.63% from the stock’s current price.

Several other research firms have also recently weighed in on ACCD. Stifel Nicolaus cut their price objective on Accolade from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Needham & Company LLC reissued a “buy” rating and issued a $13.00 price target on shares of Accolade in a research report on Monday, June 24th. Morgan Stanley dropped their price target on Accolade from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday. Canaccord Genuity Group dropped their price target on Accolade from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Wells Fargo & Company dropped their price target on Accolade from $12.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.89.

Accolade Stock Performance

Accolade stock opened at $3.58 on Friday. The stock’s 50 day simple moving average is $7.09 and its two-hundred day simple moving average is $9.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64. The stock has a market cap of $286.44 million, a price-to-earnings ratio of -3.09 and a beta of 2.10. Accolade has a fifty-two week low of $3.52 and a fifty-two week high of $15.36.

Accolade (NASDAQ:ACCD) last posted its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.13. The business had revenue of $110.50 million for the quarter, compared to analysts’ expectations of $105.22 million. Accolade had a negative return on equity of 20.26% and a negative net margin of 20.62%. The business’s revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.52) EPS. As a group, analysts expect that Accolade will post -1.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Colin Mchugh sold 5,543 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total value of $36,694.66. Following the completion of the transaction, the chief accounting officer now directly owns 50,177 shares in the company, valued at approximately $332,171.74. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 14,746 shares of company stock worth $104,586 in the last three months. Insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Accolade

A number of hedge funds have recently added to or reduced their stakes in the company. AJOVista LLC purchased a new stake in Accolade during the 4th quarter valued at $68,000. Allspring Global Investments Holdings LLC purchased a new stake in Accolade during the 1st quarter valued at $87,000. GGV Capital LLC raised its stake in Accolade by 242.9% during the 1st quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after buying an additional 12,795 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Accolade by 39.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock valued at $199,000 after buying an additional 4,656 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Accolade by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock valued at $205,000 after buying an additional 2,586 shares during the last quarter. 84.99% of the stock is currently owned by hedge funds and other institutional investors.

About Accolade

Accolade, Inc, together with its subsidiaries, engages in the development and provision of personalized and technology-enabled solutions that help people to understand, navigate, and utilize the healthcare system and their workplace benefits in the United States. The company offers a platform with cloud-based technology and multimodal support from a team of health assistants and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women's health specialists, case management specialists, expert medical opinion providers, and virtual primary care physicians.