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

Accenture (NYSE:ACN) had its price target cut by 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 indicates a potential upside of 13.28% from the stock’s previous close.

ACN has been the topic of several other reports. Mizuho decreased their price target on shares of Accenture from $398.00 to $350.00 and set a “buy” rating on the stock in a research note on Tuesday, June 18th. Bank of America reduced their price objective on shares of Accenture from $419.00 to $365.00 and set a “buy” rating on the stock in a research note on Wednesday, June 5th. Piper Sandler reduced their price objective on shares of Accenture from $379.00 to $320.00 and set a “neutral” rating on the stock in a research note on Monday, June 17th. Stifel Nicolaus reduced their price objective on shares of Accenture from $395.00 to $340.00 and set a “buy” rating on the stock in a research note on Wednesday, June 12th. Finally, Redburn Atlantic increased their price objective on shares of Accenture from $410.00 to $445.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Ten research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $358.09.

Accenture Stock Performance

ACN stock opened at $308.98 on Friday. The company’s 50-day simple moving average is $301.15 and its 200 day simple moving average is $337.27. Accenture has a 52 week low of $278.69 and a 52 week high of $387.51. The company has a market capitalization of $207.25 billion, a PE ratio of 28.29, a price-to-earnings-growth ratio of 3.35 and a beta of 1.21.

Accenture (NYSE:ACN) last released its quarterly earnings results on Thursday, June 20th. The information technology services provider reported $3.13 EPS for the quarter, missing the consensus estimate of $3.15 by ($0.02). Accenture had a net margin of 10.79% and a return on equity of 27.48%. The business had revenue of $16.47 billion during the quarter, compared to analyst estimates of $16.55 billion. During the same quarter last year, the company posted $3.19 earnings per share. The company’s revenue was down .6% on a year-over-year basis. On average, analysts forecast that Accenture will post 12 EPS for the current year.

Insider Activity at Accenture

In related news, CEO Jean-Marc Ollagnier sold 6,250 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were 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 owns 161,581 shares in the company, valued at approximately $51,045,053.71. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Accenture news, insider Ellyn Shook sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $307.22, for a total transaction of $1,536,100.00. Following the completion of the transaction, the insider now owns 13,699 shares in the company, valued at approximately $4,208,606.78. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jean-Marc Ollagnier sold 6,250 shares of the firm’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 transaction of $1,974,437.50. Following the transaction, the chief executive officer now owns 161,581 shares of the company’s stock, valued at approximately $51,045,053.71. The disclosure for this sale can be found here. Insiders sold a total of 28,083 shares of company stock worth $8,959,325 in the last quarter. 0.07% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACN. Ontario Teachers Pension Plan Board increased its stake in shares of Accenture by 5.1% in the 3rd 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 acquiring an additional 164 shares in the last quarter. Visionary Wealth Advisors grew its position in Accenture by 5.0% in the 3rd quarter. Visionary Wealth Advisors now owns 742 shares of the information technology services provider’s stock valued at $228,000 after purchasing an additional 35 shares during the period. Cary Street Partners Investment Advisory LLC grew its position in Accenture by 52.3% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 11,357 shares of the information technology services provider’s stock valued at $3,488,000 after purchasing an additional 3,902 shares during the period. Asset Dedication LLC grew its position in Accenture by 1.3% in the 3rd quarter. Asset Dedication LLC now owns 3,353 shares of the information technology services provider’s stock valued at $1,028,000 after purchasing an additional 43 shares during the period. Finally, EPG Wealth Management LLC grew its position in Accenture by 6.4% in the 3rd quarter. EPG Wealth Management LLC now owns 1,825 shares of the information technology services provider’s stock valued at $561,000 after purchasing an additional 110 shares during the period. Institutional investors own 75.14% of the company’s stock.

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.