Accenture (NYSE:ACN) Given New $390.00 Price Target at BMO Capital Markets

Accenture (NYSE:ACN) had its price target hoisted by equities researchers at BMO Capital Markets from $380.00 to $390.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “market perform” rating on the information technology services provider’s stock. BMO Capital Markets’ price objective points to a potential upside of 9.36% from the company’s current price.

ACN has been the subject of several other reports. Barclays cut their target price on shares of Accenture from $390.00 to $350.00 and set an “overweight” rating for the company in a research note on Monday, June 17th. Citigroup increased their target price on shares of Accenture from $350.00 to $405.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Bank of America upped their price target on Accenture from $365.00 to $388.00 and gave the company a “buy” rating in a report on Friday. TD Cowen lifted their price objective on Accenture from $293.00 to $321.00 and gave the stock a “hold” rating in a report on Thursday, September 12th. Finally, Wedbush reduced their target price on Accenture from $400.00 to $350.00 and set an “outperform” rating for the company in a research report on Wednesday, June 12th. Ten analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $363.95.

Accenture Trading Up 0.2 %

Accenture stock traded up $0.82 on Friday, reaching $356.63. 197,778 shares of the stock were exchanged, compared to its average volume of 2,769,797. The stock has a market cap of $223.50 billion, a PE ratio of 32.45, a PEG ratio of 3.69 and a beta of 1.24. The firm has a fifty day moving average price of $333.51 and a two-hundred day moving average price of $321.39. Accenture has a twelve month low of $278.69 and a twelve month high of $387.51.

Accenture (NYSE:ACN) last announced its earnings results on Thursday, September 26th. The information technology services provider reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.02. The firm had revenue of $16.41 billion during the quarter, compared to the consensus estimate of $16.37 billion. Accenture had a return on equity of 27.48% and a net margin of 10.79%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.71 EPS. Equities analysts anticipate that Accenture will post 11.95 EPS for the current fiscal year.

Accenture declared that its board has authorized a stock repurchase program on Thursday, September 26th that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Ellyn Shook sold 5,000 shares of Accenture stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total value of $1,649,100.00. Following the completion of the sale, the insider now directly owns 8,989 shares of the company’s stock, valued at approximately $2,964,751.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Ellyn Shook sold 5,000 shares of Accenture stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the completion of the sale, the insider now owns 8,989 shares in the company, valued at approximately $2,964,751.98. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Kathleen R. Mcclure sold 3,000 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $309.22, for a total transaction of $927,660.00. Following the completion of the transaction, the chief financial officer now owns 40,070 shares in the company, valued at $12,390,445.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,421 shares of company stock valued at $6,912,635. 0.07% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Accenture

Several hedge funds have recently added to or reduced their stakes in ACN. Accretive Wealth Partners LLC grew its holdings in Accenture by 2.3% during the fourth quarter. Accretive Wealth Partners LLC now owns 2,171 shares of the information technology services provider’s stock valued at $762,000 after purchasing an additional 48 shares during the period. Aveo Capital Partners LLC increased its position in shares of Accenture by 7.6% in the 4th quarter. Aveo Capital Partners LLC now owns 2,264 shares of the information technology services provider’s stock valued at $794,000 after buying an additional 160 shares in the last quarter. 9258 Wealth Management LLC lifted its holdings in Accenture by 3.6% during the fourth quarter. 9258 Wealth Management LLC now owns 1,308 shares of the information technology services provider’s stock worth $459,000 after acquiring an additional 46 shares in the last quarter. Gryphon Financial Partners LLC grew its stake in Accenture by 79.5% in the fourth quarter. Gryphon Financial Partners LLC now owns 2,535 shares of the information technology services provider’s stock valued at $881,000 after acquiring an additional 1,123 shares during the period. Finally, Evoke Wealth LLC raised its position in shares of Accenture by 6.2% during the fourth quarter. Evoke Wealth LLC now owns 4,694 shares of the information technology services provider’s stock worth $1,647,000 after purchasing an additional 276 shares during the period. Institutional investors and hedge funds own 75.14% of the company’s stock.

Accenture Company Profile

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.