Canaccord Genuity Group Lowers Accolade (NASDAQ:ACCD) Price Target to $16.00

Accolade (NASDAQ:ACCD) had its target price dropped by investment analysts at Canaccord Genuity Group from $18.00 to $16.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 102.79% from the company’s current price.

A number of other brokerages have also weighed in on ACCD. Barclays reduced their price objective on shares of Accolade from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Friday. Leerink Partnrs reaffirmed an “outperform” rating on shares of Accolade in a research report on Monday, February 26th. Truist Financial increased their target price on shares of Accolade from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Tuesday, January 9th. Stifel Nicolaus dropped their target price on shares of Accolade from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Finally, SVB Leerink initiated coverage on shares of Accolade in a research report on Monday, February 26th. They issued an “outperform” rating and a $16.00 target price on the stock. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Accolade has a consensus rating of “Moderate Buy” and an average price target of $14.80.

Accolade Price Performance

Shares of ACCD opened at $7.89 on Friday. Accolade has a twelve month low of $6.33 and a twelve month high of $17.00. The firm’s fifty day simple moving average is $9.66 and its 200-day simple moving average is $9.92. The firm has a market capitalization of $610.76 million, a price-to-earnings ratio of -5.93 and a beta of 2.08. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.48.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings data on Thursday, April 25th. The company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.01. Accolade had a negative net margin of 24.09% and a negative return on equity of 22.57%. The business had revenue of $124.80 million for the quarter, compared to analyst estimates of $123.91 million. During the same period last year, the business earned ($0.42) EPS. The company’s revenue was up 26.1% on a year-over-year basis. Equities analysts forecast that Accolade will post -1.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ACCD. AE Wealth Management LLC purchased a new position in Accolade during the 3rd quarter worth $400,000. Handelsbanken Fonder AB grew its position in Accolade by 14.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 16,765 shares of the company’s stock worth $177,000 after purchasing an additional 2,165 shares during the last quarter. Raymond James & Associates purchased a new position in Accolade during the 3rd quarter worth $272,000. Bank of New York Mellon Corp grew its position in Accolade by 2.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 230,092 shares of the company’s stock worth $2,434,000 after purchasing an additional 6,069 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Accolade by 84.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,928 shares of the company’s stock worth $126,000 after acquiring an additional 5,455 shares during the period. 84.99% of the stock is owned by hedge funds and other institutional investors.

About Accolade

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.