Accolade (NASDAQ:ACCD) Price Target Lowered to $13.00 at Canaccord Genuity Group

Accolade (NASDAQ:ACCD) had its price objective reduced by Canaccord Genuity Group from $16.00 to $13.00 in a research note released on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Other research analysts also recently issued reports about the company. Needham & Company LLC restated a buy rating and set a $13.00 target price on shares of Accolade in a research note on Monday, June 24th. Barclays dropped their target price on Accolade from $13.00 to $11.00 and set an equal weight rating on the stock in a research note on Friday, April 26th. Stifel Nicolaus dropped their target price on Accolade from $15.00 to $13.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Morgan Stanley dropped their target price on Accolade from $13.00 to $12.00 and set an equal weight rating on the stock in a research note on Friday, April 26th. Finally, Guggenheim dropped their target price on Accolade from $17.00 to $13.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $11.89.

Accolade Trading Down 44.0 %

Shares of NASDAQ:ACCD opened at $3.58 on Friday. Accolade has a 12-month low of $3.52 and a 12-month high of $15.36. The business’s fifty day simple moving average is $7.09 and its 200-day simple moving average is $9.66. The company has a market capitalization of $286.44 million, a PE ratio of -2.69 and a beta of 2.10. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.47.

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

Insiders Place Their Bets

In other news, CAO Colin Mchugh sold 5,543 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was 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 owns 50,177 shares of the company’s stock, valued at approximately $332,171.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last 90 days, insiders sold 14,746 shares of company stock valued at $104,586. 8.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Accolade

Several institutional investors and hedge funds have recently modified their holdings of ACCD. AJOVista LLC acquired a new position in shares of Accolade in the 4th quarter valued at about $68,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Accolade in the 1st quarter valued at about $87,000. GGV Capital LLC lifted its holdings in shares of Accolade by 242.9% in the 1st quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after buying an additional 12,795 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Accolade by 39.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock valued at $199,000 after buying an additional 4,656 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Accolade by 15.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock valued at $205,000 after buying an additional 2,586 shares during the period. Institutional investors and hedge funds own 84.99% of the company’s stock.

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.