Citigroup Raises Accenture (NYSE:ACN) Price Target to $405.00

Accenture (NYSE:ACN) had its price target increased by Citigroup from $350.00 to $405.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

ACN has been the topic of several other research reports. Morgan Stanley downgraded Accenture from an overweight rating to an equal weight rating and decreased their target price for the company from $382.00 to $300.00 in a research report on Wednesday, June 26th. Guggenheim reissued a buy rating and set a $395.00 target price on shares of Accenture in a report on Friday, May 24th. Bank of America decreased their price target 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. Susquehanna cut their price objective on shares of Accenture from $360.00 to $350.00 and set a neutral rating for the company in a report on Friday, June 21st. Finally, Wedbush decreased their target price on shares of Accenture from $400.00 to $350.00 and set an outperform rating on the stock in a research report on Wednesday, June 12th. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $356.41.

Accenture Price Performance

Shares of Accenture stock opened at $336.22 on Tuesday. Accenture has a 1 year low of $278.69 and a 1 year high of $387.51. The company has a market capitalization of $210.71 billion, a price-to-earnings ratio of 30.79, a P/E/G ratio of 3.82 and a beta of 1.24. The business has a fifty day simple moving average of $332.01 and a two-hundred day simple moving average of $322.44.

Accenture (NYSE:ACN) last announced its 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). The company had revenue of $16.47 billion for the quarter, compared to the consensus estimate of $16.55 billion. Accenture had a return on equity of 27.48% and a net margin of 10.79%. The business’s quarterly revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.19 EPS. As a group, equities analysts anticipate that Accenture will post 11.95 earnings per share for the current fiscal year.

Insider Activity at Accenture

In other news, CEO Julie Spellman Sweet sold 3,776 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $309.05, for a total transaction of $1,166,972.80. Following the completion of the transaction, the chief executive officer now directly owns 11,819 shares in the company, valued at $3,652,661.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Accenture news, CFO Kathleen R. Mcclure sold 3,000 shares of the business’s 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 sale, the chief financial officer now directly owns 40,070 shares of the company’s stock, valued at approximately $12,390,445.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Julie Spellman Sweet sold 3,776 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $309.05, for a total transaction of $1,166,972.80. Following the transaction, the chief executive officer now directly owns 11,819 shares of the company’s stock, valued at approximately $3,652,661.95. 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. Insiders own 0.07% of the company’s stock.

Institutional Trading of Accenture

Institutional investors and hedge funds have recently bought and sold shares of the stock. Annapolis Financial Services LLC raised its position in shares of Accenture by 507.7% during the first quarter. Annapolis Financial Services LLC now owns 79 shares of the information technology services provider’s stock worth $27,000 after acquiring an additional 66 shares during the last quarter. Ables Iannone Moore & Associates Inc. bought a new position in Accenture during the 4th quarter worth approximately $29,000. Atwood & Palmer Inc. lifted its position in shares of Accenture by 214.8% in the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the information technology services provider’s stock worth $29,000 after purchasing an additional 58 shares during the period. Unique Wealth Strategies LLC bought a new stake in shares of Accenture in the 2nd quarter valued at $26,000. Finally, Grayhawk Investment Strategies Inc. acquired a new stake in shares of Accenture during the fourth quarter worth $35,000. 75.14% of the stock is currently owned by institutional investors and hedge funds.

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.