Accolade (NASDAQ:ACCD) Price Target Cut to $6.00 by Analysts at Guggenheim

Accolade (NASDAQ:ACCD) had its price target lowered by Guggenheim from $13.00 to $6.00 in a research note released on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities research analysts have also recently weighed in on ACCD. Truist Financial cut their price objective on shares of Accolade from $14.00 to $9.00 and set a buy rating on the stock in a report on Friday. Needham & Company LLC restated a buy rating and issued a $13.00 price objective on shares of Accolade in a report on Monday, June 24th. Stifel Nicolaus cut their price objective on shares of Accolade from $15.00 to $13.00 and set a buy rating on the stock in a report on Monday, April 22nd. Wells Fargo & Company cut their price target on shares of Accolade from $12.00 to $10.00 and set an equal weight rating on the stock in a report on Tuesday, April 30th. Finally, Morgan Stanley cut their price target on shares of Accolade from $12.00 to $6.00 and set an equal weight rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $11.65.

Accolade Price Performance

ACCD stock opened at $3.54 on Friday. Accolade has a 1 year low of $3.48 and a 1 year high of $15.36. The company has a market cap of $283.24 million, a P/E ratio of -3.05 and a beta of 2.00. The firm has a 50-day moving average of $7.09 and a 200 day moving average of $9.66. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.80 and a quick ratio of 2.80.

Accolade (NASDAQ:ACCD) last released its quarterly earnings results on Thursday, June 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.13. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.30%. The company had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. During the same period in the prior year, the firm earned ($0.52) earnings per share. Accolade’s revenue was up 18.6% on a year-over-year basis. On average, sell-side analysts forecast that Accolade will post -1.23 EPS for the current year.

Insider Activity at Accolade

In other Accolade news, CAO Colin Mchugh sold 5,543 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total value of $36,694.66. Following the transaction, the chief accounting officer now directly owns 50,177 shares in the company, valued at $332,171.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 14,303 shares of company stock worth $100,342 over the last quarter. Company insiders own 8.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Bellevue Group AG raised its position in Accolade by 6.6% in the first quarter. Bellevue Group AG now owns 4,804,514 shares of the company’s stock worth $50,351,000 after acquiring an additional 297,110 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Accolade by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock valued at $205,000 after purchasing an additional 2,586 shares during the period. GGV Capital LLC raised its position in shares of Accolade by 242.9% during the 1st quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after purchasing an additional 12,795 shares during the period. Vanguard Group Inc. raised its position in shares of Accolade by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 5,403,256 shares of the company’s stock valued at $56,626,000 after purchasing an additional 77,044 shares during the period. Finally, Inspire Investing LLC bought a new stake in shares of Accolade during the 1st quarter valued at $360,000. 84.99% of the stock is currently owned by 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.