Canaccord Genuity Group Trims Accolade (NASDAQ:ACCD) Target Price to $13.00

Accolade (NASDAQ:ACCD) had its price objective reduced by Canaccord Genuity Group from $16.00 to $13.00 in a research report released on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company cut their price target on Accolade from $12.00 to $10.00 and set an equal weight rating for the company in a research note on Tuesday, April 30th. Stifel Nicolaus lowered their price objective on Accolade from $15.00 to $13.00 and set a buy rating on the stock in a report on Monday, April 22nd. Morgan Stanley lowered their price objective on Accolade from $13.00 to $12.00 and set an equal weight rating on the stock in a report on Friday, April 26th. Needham & Company LLC reiterated a buy rating and issued a $13.00 price objective on shares of Accolade in a report on Monday, June 24th. Finally, Truist Financial lowered their price objective on Accolade from $16.00 to $14.00 and set a buy rating on the stock in a report on Friday, April 26th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $11.65.

Accolade Price Performance

Shares of Accolade stock opened at $3.54 on Friday. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 0.48. Accolade has a twelve month low of $3.48 and a twelve month high of $15.36. The business has a 50-day moving average price of $7.09 and a 200 day moving average price of $9.66. The firm has a market cap of $283.24 million, a PE ratio of -3.05 and a beta of 2.00.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings results 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. Accolade had a negative return on equity of 20.30% and a negative net margin of 20.62%. The firm had revenue of $110.50 million during the quarter, compared to analyst estimates of $105.22 million. During the same quarter in the previous year, the business earned ($0.52) EPS. Accolade’s revenue for the quarter was up 18.6% compared to the same quarter last year. Sell-side analysts predict that Accolade will post -1.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Accolade

In other Accolade news, CAO Colin Mchugh sold 5,543 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total value of $36,694.66. Following the sale, the chief accounting officer now directly owns 50,177 shares in the company, valued at $332,171.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 14,303 shares of company stock worth $100,342 over the last ninety days. Corporate insiders own 8.20% of the company’s stock.

Hedge Funds Weigh In On Accolade

Hedge funds have recently made changes to their positions in the company. Bellevue Group AG grew its holdings in shares of Accolade by 6.6% during the first quarter. Bellevue Group AG now owns 4,804,514 shares of the company’s stock worth $50,351,000 after buying an additional 297,110 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Accolade by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after buying an additional 2,586 shares during the last quarter. GGV Capital LLC grew its holdings in shares of Accolade by 242.9% during the first quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock worth $189,000 after buying an additional 12,795 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Accolade by 1.4% during the first quarter. Vanguard Group Inc. now owns 5,403,256 shares of the company’s stock worth $56,626,000 after buying an additional 77,044 shares during the last quarter. Finally, Inspire Investing LLC purchased a new position in shares of Accolade during the first quarter worth about $360,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.

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.