Connor Clark & Lunn Investment Management Ltd. Acquires 215,958 Shares of Accolade, Inc. (NASDAQ:ACCD)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in Accolade, Inc. (NASDAQ:ACCD) by 167.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 344,723 shares of the company’s stock after acquiring an additional 215,958 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.43% of Accolade worth $1,327,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its holdings in Accolade by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after purchasing an additional 2,586 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Accolade by 13.3% in the second quarter. The Manufacturers Life Insurance Company now owns 29,160 shares of the company’s stock worth $104,000 after buying an additional 3,416 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Accolade by 22.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock valued at $73,000 after acquiring an additional 3,789 shares during the period. Inspire Investing LLC grew its stake in Accolade by 11.1% during the third quarter. Inspire Investing LLC now owns 106,679 shares of the company’s stock valued at $411,000 after acquiring an additional 10,658 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Accolade during the 3rd quarter worth approximately $46,000. 84.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ACCD has been the subject of several analyst reports. Truist Financial cut their price target on shares of Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a report on Wednesday, October 9th. Barclays dropped their price objective on Accolade from $5.50 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 9th. Canaccord Genuity Group reduced their target price on Accolade from $13.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price target on shares of Accolade in a report on Monday, October 7th. Finally, Stephens cut their price objective on Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $9.04.

Accolade Trading Down 0.8 %

ACCD stock opened at $3.77 on Wednesday. The company has a market capitalization of $303.64 million, a PE ratio of -3.66 and a beta of 2.02. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.72 and a current ratio of 2.72. Accolade, Inc. has a one year low of $3.08 and a one year high of $15.36. The company’s 50 day moving average price is $3.63 and its two-hundred day moving average price is $4.50.

Accolade (NASDAQ:ACCD) last issued its earnings results on Tuesday, October 8th. The company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.14. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. The company had revenue of $106.40 million for the quarter, compared to analysts’ expectations of $104.87 million. During the same quarter last year, the company earned ($0.43) EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. As a group, analysts predict that Accolade, Inc. will post -0.92 earnings per share for the current fiscal year.

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 intelligent technology and multimodal support from a team of advocates and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women’s health specialists, case management specialists, expert medical opinion providers, and primary care physicians.