Accenture (NYSE:ACN) Given New $388.00 Price Target at Bank of America

Accenture (NYSE:ACN) had its price objective increased by equities research analysts at Bank of America from $365.00 to $388.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Bank of America‘s target price indicates a potential upside of 9.05% from the stock’s previous close.

Several other brokerages have also weighed in on ACN. The Goldman Sachs Group assumed coverage on shares of Accenture in a research report on Monday, June 24th. They set a “neutral” rating and a $335.00 price objective on the stock. Jefferies Financial Group reduced their price objective on shares of Accenture from $340.00 to $275.00 and set a “hold” rating for the company in a research note on Wednesday, June 5th. JPMorgan Chase & Co. lowered their target price on shares of Accenture from $376.00 to $370.00 and set an “overweight” rating on the stock in a research report on Tuesday. Piper Sandler raised Accenture from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $329.00 to $395.00 in a research report on Thursday. Finally, Barclays lowered their price objective on Accenture from $390.00 to $350.00 and set an “overweight” rating on the stock in a report on Monday, June 17th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Accenture currently has an average rating of “Moderate Buy” and an average price target of $361.77.

Accenture Trading Up 5.6 %

Shares of NYSE:ACN opened at $355.81 on Friday. The firm has a market cap of $222.98 billion, a price-to-earnings ratio of 32.58, a P/E/G ratio of 3.69 and a beta of 1.24. Accenture has a 1 year low of $278.69 and a 1 year high of $387.51. The business has a fifty day simple moving average of $333.51 and a 200 day simple moving average of $321.39.

Accenture declared that its Board of Directors has initiated a stock repurchase plan on Thursday, September 26th that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the information technology services provider to repurchase up to 1.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Accenture

In other news, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the sale, the insider now directly owns 8,989 shares in the company, valued at $2,964,751.98. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Accenture news, CEO Julie Spellman Sweet sold 3,776 shares of Accenture stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $309.05, for a total transaction of $1,166,972.80. Following the sale, the chief executive officer now directly owns 11,819 shares of the company’s stock, valued at $3,652,661.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ellyn Shook sold 5,000 shares of the stock in a transaction that occurred 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 transaction, the insider now directly owns 8,989 shares of the company’s stock, valued at $2,964,751.98. The disclosure for this sale can be found here. Insiders sold a total of 21,421 shares of company stock valued at $6,912,635 in the last quarter. Corporate insiders own 0.07% of the company’s stock.

Institutional Trading of Accenture

Large investors have recently bought and sold shares of the stock. Anchor Investment Management LLC boosted its stake in shares of Accenture by 1.1% in the 2nd quarter. Anchor Investment Management LLC now owns 5,661 shares of the information technology services provider’s stock valued at $1,718,000 after purchasing an additional 61 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Accenture by 38.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 379,060 shares of the information technology services provider’s stock valued at $115,011,000 after purchasing an additional 104,325 shares during the last quarter. Verity & Verity LLC grew its stake in Accenture by 8.0% during the second quarter. Verity & Verity LLC now owns 5,216 shares of the information technology services provider’s stock worth $1,583,000 after buying an additional 387 shares during the last quarter. Cim LLC increased its holdings in shares of Accenture by 9.6% during the second quarter. Cim LLC now owns 6,887 shares of the information technology services provider’s stock worth $2,090,000 after buying an additional 604 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Accenture in the second quarter valued at approximately $27,862,000. 75.14% of the stock is currently owned by 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.