Accenture (NYSE:ACN) Price Target Raised to $312.00 at TD Cowen

Accenture (NYSE:ACN) had its target price raised by equities research analysts at TD Cowen from $300.00 to $312.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “market perform” rating on the information technology services provider’s stock. TD Cowen’s price objective points to a potential downside of 1.42% from the company’s previous close.

A number of other research firms also recently commented on ACN. Citigroup boosted their price objective on shares of Accenture from $306.00 to $358.00 in a report on Wednesday, June 14th. Societe Generale raised their price objective on Accenture from $314.00 to $373.00 and gave the company a “buy” rating in a research note on Friday, July 7th. Piper Jaffray Companies decreased their target price on Accenture from $316.00 to $314.00 and set a “neutral” rating on the stock in a research report on Friday, June 23rd. StockNews.com upgraded Accenture from a “hold” rating to a “buy” rating in a research report on Monday. Finally, Morgan Stanley boosted their price objective on shares of Accenture from $340.00 to $356.00 and gave the stock an “overweight” rating in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $335.25.

Accenture Trading Down 2.9 %

Shares of NYSE:ACN traded down $9.38 during midday trading on Tuesday, hitting $316.49. The stock had a trading volume of 1,458,389 shares, compared to its average volume of 2,297,315. The company has a market capitalization of $210.35 billion, a PE ratio of 28.07, a P/E/G ratio of 2.79 and a beta of 1.22. Accenture has a 1 year low of $242.80 and a 1 year high of $330.43. The stock has a 50 day moving average price of $315.85 and a two-hundred day moving average price of $294.99.

Accenture (NYSE:ACN) last issued its earnings results on Thursday, June 22nd. The information technology services provider reported $3.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.96 by $0.23. The business had revenue of $16.56 billion during the quarter, compared to the consensus estimate of $16.49 billion. Accenture had a return on equity of 30.47% and a net margin of 11.28%. The company’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $2.79 EPS. As a group, equities analysts expect that Accenture will post 11.59 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Melissa A. Burgum sold 1,344 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $300.00, for a total value of $403,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,506 shares in the company, valued at $3,151,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, General Counsel Joel Unruch sold 7,000 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $320.60, for a total value of $2,244,200.00. Following the transaction, the general counsel now directly owns 36,034 shares of the company’s stock, valued at approximately $11,552,500.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Melissa A. Burgum sold 1,344 shares of the business’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $300.00, for a total value of $403,200.00. Following the sale, the chief accounting officer now directly owns 10,506 shares of the company’s stock, valued at approximately $3,151,800. The disclosure for this sale can be found here. Insiders have sold a total of 25,774 shares of company stock valued at $8,138,451 in the last quarter. 0.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Accenture

Large investors have recently modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new position in Accenture during the first quarter valued at approximately $28,000. Barrett & Company Inc. purchased a new stake in Accenture during the 1st quarter worth $29,000. Sageworth Trust Co increased its holdings in Accenture by 872.7% in the 1st quarter. Sageworth Trust Co now owns 107 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 96 shares in the last quarter. Guardian Wealth Advisors LLC acquired a new position in shares of Accenture during the first quarter worth about $32,000. Finally, Tyler Stone Wealth Management purchased a new stake in shares of Accenture in the second quarter worth about $35,000. 70.42% of the stock is currently owned by hedge funds and other institutional investors.

About Accenture

Accenture plc, a professional services company, provides strategy and consulting, interactive, 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 comprises 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 comprises turnkey analytics and artificial intelligence (AI) solutions; metaverse; and sustainability services.