Needham & Company LLC Cuts Accolade (NASDAQ:ACCD) Price Target to $13.00

Accolade (NASDAQ:ACCD) had its price target reduced by Needham & Company LLC from $17.00 to $13.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages have also issued reports on ACCD. Stifel Nicolaus dropped their target price on shares of Accolade from $15.00 to $13.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Truist Financial lifted their target price on shares of Accolade from $15.00 to $16.00 and gave the company a buy rating in a research report on Tuesday, January 9th. Piper Sandler boosted their price target on shares of Accolade from $12.00 to $15.00 and gave the stock an overweight rating in a research report on Tuesday, January 9th. Wells Fargo & Company boosted their price target on shares of Accolade from $10.00 to $12.00 and gave the stock an equal weight rating in a research report on Tuesday, January 9th. Finally, Leerink Partnrs restated an outperform rating on shares of Accolade in a research report on Monday, February 26th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Accolade currently has an average rating of Moderate Buy and an average target price of $14.80.

Accolade Stock Down 14.1 %

ACCD opened at $7.89 on Friday. Accolade has a fifty-two week low of $6.33 and a fifty-two week high of $17.00. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.35 and a current ratio of 2.35. The company has a fifty day moving average of $9.66 and a two-hundred day moving average of $9.93. The stock has a market capitalization of $610.76 million, a price-to-earnings ratio of -5.93 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last announced its earnings results on Thursday, April 25th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.01. Accolade had a negative net margin of 24.09% and a negative return on equity of 22.57%. The business had revenue of $124.80 million for the quarter, compared to analyst estimates of $123.91 million. During the same quarter last year, the business earned ($0.42) earnings per share. The company’s revenue for the quarter was up 26.1% compared to the same quarter last year. On average, research analysts expect that Accolade will post -1.2 earnings per share for the current year.

Institutional Investors Weigh In On Accolade

Several large investors have recently added to or reduced their stakes in ACCD. AE Wealth Management LLC purchased a new stake in Accolade during the 3rd quarter worth approximately $400,000. Handelsbanken Fonder AB increased its stake in Accolade by 14.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 16,765 shares of the company’s stock worth $177,000 after buying an additional 2,165 shares during the period. Raymond James & Associates purchased a new stake in Accolade during the 3rd quarter worth approximately $272,000. Bank of New York Mellon Corp increased its stake in Accolade by 2.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 230,092 shares of the company’s stock worth $2,434,000 after buying an additional 6,069 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Accolade by 84.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,928 shares of the company’s stock worth $126,000 after buying an additional 5,455 shares during the period. 84.99% of the stock is owned by hedge funds and other institutional investors.

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.