Mizuho Cuts Accenture (NYSE:ACN) Price Target to $398.00

Accenture (NYSE:ACN) had its price target decreased by research analysts at Mizuho from $428.00 to $398.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the information technology services provider’s stock. Mizuho’s target price points to a potential upside of 32.29% from the company’s previous close.

A number of other analysts have also commented on ACN. Morgan Stanley dropped their price target on Accenture from $380.00 to $372.00 and set an “equal weight” rating on the stock in a report on Monday. Robert W. Baird upgraded Accenture from a “neutral” rating to an “outperform” rating and set a $390.00 price target on the stock in a report on Monday. Piper Sandler dropped their price target on Accenture from $429.00 to $396.00 and set an “overweight” rating on the stock in a report on Friday, March 14th. Jefferies Financial Group lowered their target price on Accenture from $385.00 to $355.00 and set a “hold” rating on the stock in a research note on Tuesday, January 21st. Finally, BMO Capital Markets lowered their target price on Accenture from $425.00 to $370.00 and set a “market perform” rating on the stock in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Accenture presently has a consensus rating of “Moderate Buy” and a consensus target price of $384.45.

Accenture Stock Down 7.3 %

Shares of NYSE:ACN opened at $300.86 on Wednesday. The stock has a market cap of $188.28 billion, a price-to-earnings ratio of 25.24, a PEG ratio of 3.23 and a beta of 1.24. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17. Accenture has a 12-month low of $278.69 and a 12-month high of $398.35. The business’s 50 day moving average is $360.05 and its 200 day moving average is $357.39.

Accenture (NYSE:ACN) last issued its quarterly earnings results on Thursday, March 20th. The information technology services provider reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.01. The business had revenue of $16.70 billion for the quarter, compared to analyst estimates of $16.64 billion. Accenture had a return on equity of 26.91% and a net margin of 11.41%. Accenture’s quarterly revenue was up 5.7% compared to the same quarter last year. During the same period last year, the company posted $2.77 earnings per share. On average, sell-side analysts forecast that Accenture will post 12.73 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Melissa A. Burgum sold 232 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $394.46, for a total transaction of $91,514.72. Following the completion of the transaction, the chief accounting officer now directly owns 8,915 shares in the company, valued at $3,516,610.90. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Angela Beatty sold 375 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $358.50, for a total value of $134,437.50. Following the transaction, the insider now owns 5,149 shares of the company’s stock, valued at approximately $1,845,916.50. The trade was a 6.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,280 shares of company stock worth $8,316,190. 0.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Accenture

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Morse Asset Management Inc purchased a new position in Accenture during the third quarter worth about $25,000. FPC Investment Advisory Inc. boosted its holdings in shares of Accenture by 62.2% in the 4th quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider’s stock worth $28,000 after purchasing an additional 28 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Accenture in the 4th quarter worth about $30,000. Mpwm Advisory Solutions LLC purchased a new position in shares of Accenture in the 4th quarter worth about $30,000. Finally, POM Investment Strategies LLC boosted its holdings in shares of Accenture by 64.2% in the 4th quarter. POM Investment Strategies LLC now owns 87 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 34 shares in the last quarter. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

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.