JPMorgan Chase & Co. Increases Accenture (NYSE:ACN) Price Target to $376.00

Accenture (NYSE:ACN) had its price target upped by analysts at JPMorgan Chase & Co. from $330.00 to $376.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 10.64% from the company’s previous close.

Several other research firms have also recently weighed in on ACN. Barclays decreased their target price on shares of Accenture from $390.00 to $350.00 and set an “overweight” rating for the company in a research note on Monday, June 17th. Susquehanna lowered their price objective on shares of Accenture from $360.00 to $350.00 and set a “neutral” rating on the stock in a research note on Friday, June 21st. Mizuho cut their target price on shares of Accenture from $398.00 to $350.00 and set a “buy” rating for the company in a research note on Tuesday, June 18th. Guggenheim reissued a “buy” rating and set a $395.00 price target on shares of Accenture in a research report on Friday, May 24th. Finally, Piper Sandler cut their price objective on Accenture from $379.00 to $320.00 and set a “neutral” rating for the company in a research report on Monday, June 17th. Eleven equities research 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.com, Accenture has a consensus rating of “Moderate Buy” and an average target price of $353.41.

Accenture Stock Down 0.3 %

Shares of ACN stock opened at $339.84 on Friday. The firm has a market cap of $212.98 billion, a PE ratio of 31.12, a P/E/G ratio of 3.81 and a beta of 1.24. Accenture has a 12 month low of $278.69 and a 12 month high of $387.51. The company’s fifty day simple moving average is $323.63 and its 200-day simple moving average is $324.30.

Accenture (NYSE:ACN) last posted its quarterly earnings data on Thursday, June 20th. The information technology services provider reported $3.13 EPS for the quarter, missing analysts’ consensus estimates of $3.15 by ($0.02). Accenture had a return on equity of 27.48% and a net margin of 10.79%. The business had revenue of $16.47 billion for the quarter, compared to analyst estimates of $16.55 billion. During the same quarter in the prior year, the company earned $3.19 earnings per share. The company’s quarterly revenue was down .6% on a year-over-year basis. On average, equities analysts predict that Accenture will post 11.95 earnings per share for the current fiscal year.

Insider Activity

In other Accenture news, insider Ellyn Shook sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total value of $1,649,100.00. Following the transaction, the insider now directly owns 8,989 shares of the company’s stock, valued at approximately $2,964,751.98. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, General Counsel Joel Unruch sold 8,145 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $331.05, for a total transaction of $2,696,402.25. Following the completion of the sale, the general counsel now directly owns 22,849 shares in the company, valued at approximately $7,564,161.45. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ellyn Shook sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total value of $1,649,100.00. Following the completion of the sale, the insider now directly owns 8,989 shares in the company, valued at $2,964,751.98. The disclosure for this sale can be found here. In the last three months, insiders sold 21,421 shares of company stock worth $6,912,635. 0.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Accenture

A number of hedge funds have recently made changes to their positions in the stock. Cim LLC lifted its stake in Accenture by 9.6% in the 2nd quarter. Cim LLC now owns 6,887 shares of the information technology services provider’s stock valued at $2,090,000 after purchasing an additional 604 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Accenture during the second quarter worth $27,862,000. Brown Financial Advisors bought a new position in shares of Accenture in the 2nd quarter valued at $675,000. SRN Advisors LLC boosted its holdings in shares of Accenture by 0.8% during the 2nd quarter. SRN Advisors LLC now owns 8,327 shares of the information technology services provider’s stock valued at $2,526,000 after acquiring an additional 64 shares in the last quarter. Finally, Sycomore Asset Management increased its holdings in Accenture by 66.1% in the 2nd quarter. Sycomore Asset Management now owns 34,923 shares of the information technology services provider’s stock worth $10,638,000 after purchasing an additional 13,902 shares in the last quarter. 75.14% of the stock is currently owned by institutional investors and hedge funds.

About Accenture

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.