Accenture (NYSE:ACN) Price Target Cut to $360.00

Accenture (NYSE:ACNGet Rating) had its target price reduced by equities research analysts at Susquehanna from $460.00 to $360.00 in a research report issued on Friday, The Fly reports. Susquehanna’s price target indicates a potential upside of 37.24% from the stock’s current price.

A number of other brokerages also recently issued reports on ACN. Royal Bank of Canada cut their price objective on Accenture from $435.00 to $357.00 and set an “outperform” rating on the stock in a research report on Friday, June 24th. BMO Capital Markets cut their price objective on Accenture from $337.00 to $315.00 and set a “market perform” rating on the stock in a research report on Wednesday. Morgan Stanley cut their price objective on Accenture from $385.00 to $350.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 7th. Citigroup cut their price objective on Accenture from $315.00 to $305.00 in a research report on Friday. Finally, Jefferies Financial Group dropped their price target on Accenture from $342.00 to $310.00 and set a “hold” rating on the stock in a research report on Wednesday, September 14th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Accenture presently has an average rating of “Moderate Buy” and a consensus price target of $350.11.

Accenture Trading Down 1.2 %

ACN opened at $262.32 on Friday. The company has a market cap of $165.93 billion, a P/E ratio of 25.44, a P/E/G ratio of 2.28 and a beta of 1.22. The business’s 50-day moving average price is $294.97 and its 200-day moving average price is $299.75. Accenture has a 12 month low of $261.77 and a 12 month high of $417.37.

Accenture (NYSE:ACNGet Rating) last announced its quarterly earnings results on Thursday, September 22nd. The information technology services provider reported $2.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.57 by $0.03. Accenture had a return on equity of 31.50% and a net margin of 11.13%. The company had revenue of $15.42 billion for the quarter, compared to the consensus estimate of $15.41 billion. During the same quarter in the previous year, the business earned $2.20 EPS. Accenture’s revenue was up 14.9% compared to the same quarter last year. Equities research analysts forecast that Accenture will post 10.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Accenture news, insider Ellyn Shook sold 750 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $300.00, for a total transaction of $225,000.00. Following the completion of the transaction, the insider now owns 21,400 shares of the company’s stock, valued at approximately $6,420,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Ellyn Shook sold 750 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $300.00, for a total value of $225,000.00. Following the sale, the insider now directly owns 21,400 shares of the company’s stock, valued at approximately $6,420,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Joel Unruch sold 555 shares of the stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $300.00, for a total transaction of $166,500.00. Following the completion of the sale, the general counsel now directly owns 25,601 shares in the company, valued at $7,680,300. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,389 shares of company stock worth $3,132,777. Corporate insiders own 0.07% of the company’s stock.

Hedge Funds Weigh In On Accenture

A number of institutional investors have recently modified their holdings of ACN. Norges Bank purchased a new position in shares of Accenture during the fourth quarter worth approximately $2,346,198,000. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in Accenture during the first quarter valued at approximately $918,234,000. Price T Rowe Associates Inc. MD increased its holdings in Accenture by 33.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 8,858,899 shares of the information technology services provider’s stock valued at $2,459,673,000 after buying an additional 2,228,802 shares during the period. GQG Partners LLC purchased a new position in Accenture during the second quarter valued at approximately $373,981,000. Finally, Third Point LLC purchased a new position in Accenture during the fourth quarter valued at approximately $518,188,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

Accenture Company Profile

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Accenture plc, a professional services company, provides strategy and consulting, interactive, and technology and operations services worldwide. The company offers application services, including agile transformation, DevOps, application modernization, enterprise architecture, software and quality engineering, data management, intelligent automation comprises robotic process automation, natural language processing, and virtual agents, and liquid application management services, as well as program, project, and service management services; strategy consulting services; critical data elements, data management and governance, data platform and architecture, product-based organization and skills, business adoption, and value realization services; engineering, and research and development digitization; smart connected product design and development; product platform engineering and modernization; product as-a-service enablement; products related to production and operations; autonomous robotics systems; the digital transformation of capital projects; and digital industrial workforce solutions.

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