JPMorgan Chase & Co. Cuts Accenture (NYSE:ACN) Price Target to $370.00

Accenture (NYSE:ACN) had its price objective lowered by JPMorgan Chase & Co. from $376.00 to $370.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

Several other brokerages have also recently issued reports on ACN. TD Cowen lifted their price objective on Accenture from $293.00 to $321.00 and gave the stock a hold rating in a report on Thursday, September 12th. The Goldman Sachs Group started coverage on Accenture in a research note on Monday, June 24th. They issued a neutral rating and a $335.00 target price on the stock. Susquehanna decreased their price objective on Accenture from $360.00 to $350.00 and set a neutral rating on the stock in a research note on Friday, June 21st. Piper Sandler boosted their price objective on shares of Accenture from $320.00 to $329.00 and gave the company a neutral rating in a research report on Friday, September 20th. Finally, Citigroup raised their target price on shares of Accenture from $350.00 to $405.00 and gave the stock a buy rating in a research report on Tuesday, September 17th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Accenture has an average rating of Moderate Buy and a consensus price target of $359.14.

Accenture Stock Up 5.6 %

NYSE:ACN opened at $355.81 on Tuesday. The stock has a market cap of $222.98 billion, a PE ratio of 32.58, a price-to-earnings-growth ratio of 3.69 and a beta of 1.24. Accenture has a fifty-two week low of $278.69 and a fifty-two week high of $387.51. The firm’s fifty day simple moving average is $332.96 and its 200-day simple moving average is $321.15.

Accenture announced that its Board of Directors has authorized a stock buyback program on Thursday, September 26th that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the information technology services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the transaction, the insider now directly owns 8,989 shares of the company’s stock, valued at $2,964,751.98. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Kathleen R. Mcclure sold 3,000 shares of Accenture stock in a transaction on Friday, July 12th. The shares were sold at an average price of $309.22, for a total value of $927,660.00. Following the completion of the sale, the chief financial officer now owns 40,070 shares in the company, valued at $12,390,445.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the completion of the sale, the insider now directly owns 8,989 shares of the company’s stock, valued at approximately $2,964,751.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 21,421 shares of company stock worth $6,912,635. 0.07% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ACN. Unique Wealth Strategies LLC acquired a new position in Accenture during the 2nd quarter valued at approximately $26,000. Annapolis Financial Services LLC boosted its stake in Accenture by 507.7% during the 1st quarter. Annapolis Financial Services LLC now owns 79 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 66 shares during the period. Strategic Financial Concepts LLC bought a new position in Accenture in the 2nd quarter worth approximately $28,000. Ables Iannone Moore & Associates Inc. acquired a new stake in Accenture in the 4th quarter valued at approximately $29,000. Finally, Atwood & Palmer Inc. raised its stake in shares of Accenture by 214.8% during the first quarter. Atwood & Palmer Inc. now owns 85 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 58 shares in the last quarter. Institutional investors own 75.14% of the company’s stock.

About Accenture

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.