Canaccord Genuity Group Cuts Accolade (NASDAQ:ACCD) Price Target to $16.00

Accolade (NASDAQ:ACCD) had its target price cut by Canaccord Genuity Group from $18.00 to $16.00 in a research note released on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other analysts also recently issued reports on ACCD. Piper Sandler boosted their price objective on Accolade from $12.00 to $15.00 and gave the stock an overweight rating in a report on Tuesday, January 9th. SVB Leerink began coverage on Accolade in a report on Monday, February 26th. They set an outperform rating and a $16.00 price objective on the stock. Truist Financial boosted their price objective on Accolade from $15.00 to $16.00 and gave the stock a buy rating in a report on Tuesday, January 9th. Stifel Nicolaus cut 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. Finally, Barclays cut their price objective on Accolade from $13.00 to $11.00 and set an equal weight rating on the stock in a report on Friday. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Accolade presently has an average rating of Moderate Buy and a consensus target price of $14.80.

Accolade Price Performance

Shares of Accolade stock opened at $7.89 on Friday. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $9.66 and its two-hundred day moving average price is $9.93. Accolade has a 52 week low of $6.33 and a 52 week high of $17.00. The stock has a market cap of $610.76 million, a PE ratio of -5.93 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings results on Thursday, April 25th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. The firm had revenue of $124.80 million for the quarter, compared to analysts’ expectations of $123.91 million. Accolade had a negative net margin of 24.09% and a negative return on equity of 22.57%. Accolade’s revenue for the quarter was up 26.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.42) earnings per share. As a group, sell-side analysts anticipate that Accolade will post -1.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Accolade

A number of large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in Accolade during the first quarter worth approximately $87,000. Los Angeles Capital Management LLC boosted its position in shares of Accolade by 233.8% in the first quarter. Los Angeles Capital Management LLC now owns 56,149 shares of the company’s stock valued at $588,000 after acquiring an additional 39,330 shares during the period. Fairman Group LLC bought a new stake in shares of Accolade in the fourth quarter valued at approximately $14,139,000. PNC Financial Services Group Inc. boosted its position in shares of Accolade by 52,492.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 33,659 shares of the company’s stock valued at $404,000 after acquiring an additional 33,595 shares during the period. Finally, Ieq Capital LLC bought a new stake in shares of Accolade in the fourth quarter valued at approximately $13,387,000. Institutional investors own 84.99% of the company’s stock.

Accolade Company Profile

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.