Accenture (NYSE:ACN) Rating Reiterated by Wedbush

Accenture (NYSE:ACN – Get Rating)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $300.00 price target on the information technology services provider’s stock. Wedbush’s price objective points to a potential upside of 18.82% from the stock’s current price. Wedbush also issued estimates for Accenture’s Q4 2023 earnings at $2.88 EPS, Q1 2024 earnings at $2.98 EPS, Q3 2024 earnings at $3.17 EPS, Q4 2024 earnings at $2.90 EPS and FY2024 earnings at $12.13 EPS.

A number of other research analysts have also weighed in on the company. StockNews.com raised Accenture from a “hold” rating to a “buy” rating in a report on Thursday, March 2nd. Piper Sandler downgraded Accenture from a “neutral” rating to an “underweight” rating and set a $268.00 price target for the company. in a research note on Monday, December 12th. Wells Fargo & Company started coverage on Accenture in a research note on Monday, January 30th. They issued an “equal weight” rating and a $289.00 price target for the company. Robert W. Baird reduced their price target on Accenture from $310.00 to $290.00 and set a “neutral” rating for the company in a research note on Monday, December 19th. Finally, JPMorgan Chase & Co. boosted their price target on Accenture from $306.00 to $327.00 in a research note on Thursday, December 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $323.55.

Accenture Trading Up 0.5 %

ACN stock opened at $252.48 on Monday. The firm has a market capitalization of $159.12 billion, a PE ratio of 22.93, a PEG ratio of 2.33 and a beta of 1.25. Accenture has a 1-year low of $242.95 and a 1-year high of $345.30. The business’s 50 day simple moving average is $274.75 and its 200 day simple moving average is $275.84.

Accenture (NYSE:ACN – Get Rating) last posted its earnings results on Friday, December 16th. The information technology services provider reported $3.08 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.17. The business had revenue of $15.75 billion for the quarter, compared to analyst estimates of $15.58 billion. Accenture had a return on equity of 31.49% and a net margin of 11.31%. As a group, sell-side analysts predict that Accenture will post 11.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Accenture news, General Counsel Joel Unruch sold 556 shares of the company’s stock in a transaction dated Monday, January 23rd. The stock was sold at an average price of $280.53, for a total value of $155,974.68. Following the completion of the transaction, the general counsel now owns 42,991 shares of the company’s stock, valued at approximately $12,060,265.23. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Accenture news, General Counsel Joel Unruch sold 556 shares of the company’s stock in a transaction dated Monday, January 23rd. The stock was sold at an average price of $280.53, for a total value of $155,974.68. Following the completion of the transaction, the general counsel now owns 42,991 shares of the company’s stock, valued at approximately $12,060,265.23. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Paula A. Price sold 750 shares of the company’s stock in a transaction dated Tuesday, December 20th. The stock was sold at an average price of $258.77, for a total value of $194,077.50. Following the completion of the transaction, the director now directly owns 6,697 shares of the company’s stock, valued at approximately $1,732,982.69. The disclosure for this sale can be found here. Insiders sold a total of 39,015 shares of company stock worth $10,884,179 in the last ninety days. 0.08% of the stock is owned by insiders.

Institutional Investors Weigh In On Accenture

Several institutional investors and hedge funds have recently made changes to their positions in ACN. United Bank increased its stake in shares of Accenture by 6.3% in the first quarter. United Bank now owns 2,969 shares of the information technology services provider’s stock valued at $1,001,000 after buying an additional 176 shares during the period. Weitz Investment Management Inc. grew its stake in Accenture by 1.3% during the first quarter. Weitz Investment Management Inc. now owns 89,400 shares of the information technology services provider’s stock worth $30,148,000 after purchasing an additional 1,168 shares during the period. Fund Management at Engine No. 1 LLC acquired a new stake in Accenture during the first quarter worth approximately $1,805,000. Guardian Wealth Management Inc. grew its stake in Accenture by 0.6% during the first quarter. Guardian Wealth Management Inc. now owns 7,292 shares of the information technology services provider’s stock worth $2,459,000 after purchasing an additional 41 shares during the period. Finally, Clearbridge Investments LLC grew its stake in Accenture by 104.8% during the first quarter. Clearbridge Investments LLC now owns 441,451 shares of the information technology services provider’s stock worth $148,871,000 after purchasing an additional 225,943 shares during the period. Institutional investors and hedge funds own 73.97% of the company’s stock.

About Accenture

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Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following geographical segments: North America, Europe and Growth Markets. The company was founded in 1989 and is headquartered in Dublin, Ireland.