Accenture (NYSE:ACN) PT Raised to $405.00 at Citigroup

Accenture (NYSE:ACN) had its price target increased by equities researchers at Citigroup from $350.00 to $405.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s target price indicates a potential upside of 19.35% from the company’s current price.

Several other equities research analysts have also weighed in on the company. Wedbush lowered their price objective on Accenture from $400.00 to $350.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 12th. JPMorgan Chase & Co. boosted their price target on Accenture from $330.00 to $376.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. The Goldman Sachs Group assumed coverage on shares of Accenture in a research report on Monday, June 24th. They issued a “neutral” rating and a $335.00 target price for the company. BMO Capital Markets reduced their price objective on Accenture from $375.00 to $350.00 and set a “market perform” rating on the stock in a research note on Friday, June 21st. Finally, TD Cowen lifted their price target on Accenture from $293.00 to $321.00 and gave the company a “hold” rating in a research note on Thursday, September 12th. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $354.91.

Accenture Price Performance

Shares of ACN stock traded down $14.77 during trading hours on Tuesday, reaching $339.35. The stock had a trading volume of 2,171,732 shares, compared to its average volume of 2,751,511. Accenture has a twelve month low of $278.69 and a twelve month high of $387.51. The firm has a market capitalization of $212.67 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 3.82 and a beta of 1.24. The firm has a 50-day simple moving average of $329.17 and a 200-day simple moving average of $322.90.

Accenture (NYSE:ACN) last issued its earnings results on Thursday, June 20th. The information technology services provider reported $3.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.15 by ($0.02). The company had revenue of $16.47 billion during the quarter, compared to analyst estimates of $16.55 billion. Accenture had a return on equity of 27.48% and a net margin of 10.79%. The business’s revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.19 earnings per share. On average, equities analysts anticipate that Accenture will post 11.95 earnings per share for the current year.

Insiders Place Their Bets

In other Accenture news, insider Ellyn Shook sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total value of $1,649,100.00. Following the transaction, the insider now owns 8,989 shares of the company’s stock, valued at $2,964,751.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Accenture news, insider Ellyn Shook sold 5,000 shares of Accenture stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total value of $1,649,100.00. Following the transaction, the insider now directly owns 8,989 shares in the company, valued at approximately $2,964,751.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Joel Unruch sold 8,145 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $331.05, for a total value of $2,696,402.25. Following the transaction, the general counsel now owns 22,849 shares in the company, valued at approximately $7,564,161.45. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,421 shares of company stock valued at $6,912,635. Insiders own 0.07% of the company’s stock.

Hedge Funds Weigh In On Accenture

A number of hedge funds have recently made changes to their positions in ACN. Pin Oak Investment Advisors Inc. increased its position in shares of Accenture by 8.2% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 357 shares of the information technology services provider’s stock worth $125,000 after purchasing an additional 27 shares during the last quarter. IronBridge Private Wealth LLC increased its stake in shares of Accenture by 2.3% in the fourth quarter. IronBridge Private Wealth LLC now owns 1,235 shares of the information technology services provider’s stock worth $433,000 after acquiring an additional 28 shares during the last quarter. Kolinsky Wealth Management LLC lifted its stake in shares of Accenture by 1.0% in the fourth quarter. Kolinsky Wealth Management LLC now owns 2,888 shares of the information technology services provider’s stock worth $1,013,000 after buying an additional 30 shares during the last quarter. Walled Lake Planning & Wealth Management LLC increased its holdings in shares of Accenture by 0.3% during the 4th quarter. Walled Lake Planning & Wealth Management LLC now owns 11,740 shares of the information technology services provider’s stock worth $4,120,000 after purchasing an additional 32 shares during the period. Finally, West Paces Advisors Inc. lifted its holdings in Accenture by 10.2% during the 1st quarter. West Paces Advisors Inc. now owns 346 shares of the information technology services provider’s stock valued at $120,000 after purchasing an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Accenture Company Profile

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