Accolade (NASDAQ:ACCD) Price Target Cut to $8.00

Accolade (NASDAQ:ACCD) had its price objective decreased by Stifel Nicolaus from $13.00 to $8.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 123.46% from the stock’s previous close.

Other analysts have also issued research reports about the stock. Canaccord Genuity Group lowered their price objective on shares of Accolade from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Friday. Truist Financial lowered their target price on shares of Accolade from $14.00 to $9.00 and set a “buy” rating on the stock in a research note on Friday. Wells Fargo & Company cut their target price on shares of Accolade from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Guggenheim cut their price target on shares of Accolade from $13.00 to $6.00 and set a “buy” rating on the stock in a report on Friday. Finally, Barclays decreased their target price on Accolade from $11.00 to $5.50 and set an “equal weight” rating for the company in a research report on Friday. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Accolade currently has an average rating of “Moderate Buy” and an average price target of $11.89.

Accolade Stock Performance

NASDAQ:ACCD opened at $3.58 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64. The firm’s 50-day moving average is $7.09 and its 200-day moving average is $9.66. Accolade has a 52-week low of $3.52 and a 52-week high of $15.36. The company has a market cap of $286.44 million, a price-to-earnings ratio of -3.09 and a beta of 2.10.

Accolade (NASDAQ:ACCD) last issued its earnings results on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.13. The firm had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.26%. The business’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.52) earnings per share. Equities research analysts anticipate that Accolade will post -1.23 earnings per share for the current year.

Insiders Place Their Bets

In other Accolade news, CAO Colin Mchugh sold 5,543 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total transaction of $36,694.66. Following the completion of the transaction, the chief accounting officer now owns 50,177 shares in the company, valued at $332,171.74. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 14,746 shares of company stock valued at $104,586 over the last three months. 8.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Accolade

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACCD. Swiss National Bank grew its stake in Accolade by 1.7% in the 1st quarter. Swiss National Bank now owns 137,500 shares of the company’s stock valued at $1,441,000 after buying an additional 2,300 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in 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 purchasing an additional 2,586 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in 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 acquiring an additional 4,656 shares during the period. AJOVista LLC acquired a new stake in shares of Accolade during the fourth quarter worth $68,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in shares of Accolade during the first quarter worth $87,000. 84.99% of the stock is currently owned by institutional investors and hedge funds.

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.