Accolade (NASDAQ:ACCD) Price Target Cut to $6.00 by Analysts at Guggenheim

Accolade (NASDAQ:ACCD) had its price objective decreased by Guggenheim from $13.00 to $6.00 in a research note issued to investors on Friday morning, Benzinga reports. Guggenheim currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on ACCD. Canaccord Genuity Group lowered their target price on shares of Accolade from $16.00 to $13.00 and set a buy rating on the stock in a report on Friday. Stifel Nicolaus dropped their price objective on Accolade from $15.00 to $13.00 and set a buy rating on the stock in a report on Monday, April 22nd. Needham & Company LLC restated a buy rating and issued a $13.00 target price on shares of Accolade in a research note on Monday, June 24th. Morgan Stanley decreased their price target on Accolade from $12.00 to $6.00 and set an equal weight rating on the stock in a research report on Friday. Finally, Wells Fargo & Company cut their price objective on shares of Accolade from $12.00 to $10.00 and set an equal weight rating for the company in a research report on Tuesday, April 30th. Four investment 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 stock currently has a consensus rating of Moderate Buy and an average target price of $11.89.

Accolade Stock Down 44.0 %

ACCD stock opened at $3.58 on Friday. The stock has a fifty day moving average of $7.09 and a 200-day moving average of $9.66. Accolade has a fifty-two week low of $3.52 and a fifty-two week high of $15.36. The company has a market capitalization of $286.44 million, a price-to-earnings ratio of -2.69 and a beta of 2.10. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64.

Accolade (NASDAQ:ACCD) last released its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.13. The business had revenue of $110.50 million for the quarter, compared to the consensus estimate of $105.22 million. Accolade had a negative net margin of 24.09% and a negative return on equity of 22.53%. The company’s revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.52) earnings per share. As a group, equities research analysts predict that Accolade will post -1.23 earnings per share for the current year.

Insider Activity

In related news, CAO Colin Mchugh sold 5,543 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total value of $36,694.66. Following the completion of the transaction, the chief accounting officer now directly owns 50,177 shares in the company, valued at $332,171.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 14,746 shares of company stock worth $104,586. 8.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Accolade

Hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Accolade by 8.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 521,423 shares of the company’s stock valued at $5,517,000 after buying an additional 41,043 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Accolade during the third quarter worth approximately $516,000. Rock Springs Capital Management LP lifted its holdings in shares of Accolade by 3.3% in the 3rd quarter. Rock Springs Capital Management LP now owns 2,913,000 shares of the company’s stock worth $30,820,000 after acquiring an additional 93,000 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Accolade by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 5,283,858 shares of the company’s stock valued at $55,903,000 after purchasing an additional 157,464 shares in the last quarter. Finally, ARK Investment Management LLC grew its holdings in shares of Accolade by 12.6% during the 4th quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock valued at $81,731,000 after purchasing an additional 762,685 shares during the last quarter. Institutional investors own 84.99% of the company’s stock.

Accolade Company Profile

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.