Investment analysts at Piper Sandler Companies have reiterated their “neutral” rating for Accenture, the information technology services provider. In a research note issued to investors on Friday, Piper Sandler Companies maintained a price target of $329.00 for Accenture’s stock. This suggests a potential downside of 2.15% from the company’s previous close.
Other research firms have also recently commented on Accenture. BMO Capital Markets lowered their price objective from $375.00 to $350.00 and assigned a “market perform” rating. Stifel Nicolaus reduced their target price from $395.00 to $340.00 and labeled the stock as a “buy.” Bank of America lowered their target price from $419.00 to $365.00 and also assigned a “buy” rating. Piper Sandler reduced their target price from $379.00 to $320.00 and maintained a “neutral” rating. TD Cowen, on the other hand, raised their target price from $293.00 to $321.00 and gave the stock a “hold” rating.
Overall, eleven research analysts have rated Accenture as “hold,” while twelve have assigned a “buy” rating. The stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $356.41, according to data from MarketBeat.
In terms of financial performance, Accenture reported earnings per share of $3.13 for the quarter ending June 20th, slightly missing the consensus estimate of $3.15. The company’s net margin was 10.79%, and it had a return on equity of 27.48%. Accenture’s revenue for the quarter was $16.47 billion, slightly lower than analyst estimates of $16.55 billion. Compared to the same quarter last year, the company’s revenue was down by 0.6%. Analysts predict that Accenture will post earnings per share of 11.95 for the current fiscal year.
In terms of insider trading, CEO Julie Spellman Sweet sold 3,776 shares of Accenture’s stock on July 12th, with an average price of $309.05 per share. Following the sale, the CEO now holds 11,819 shares of the company’s stock, valued at approximately $3,652,661.95. Insider Ellyn Shook also sold 5,000 shares on July 23rd, at an average price of $329.82 per share. Following the transaction, the insider now holds 8,989 shares of Accenture’s stock, valued at $2,964,751.98. In the last 90 days, insiders have sold a total of 21,421 shares, amounting to $6,912,635. Corporate insiders currently own 0.07% of the company’s stock.
Several hedge funds have made changes to their positions in Accenture. Pin Oak Investment Advisors Inc. increased its stake by 8.2% during the fourth quarter. IronBridge Private Wealth LLC boosted its position by 2.3%, while Kolinsky Wealth Management LLC grew its stake by 1.0%. Walled Lake Planning & Wealth Management LLC raised its holdings by 0.3%, and West Paces Advisors Inc. lifted its stake by 10.2% during the first quarter. Hedge funds and other institutional investors now own 75.14% of the company’s stock.