Accenture (NYSE:ACN) Price Target Cut to $370.00

Accenture (NYSE:ACN) had its price objective decreased by JPMorgan Chase & Co. from $376.00 to $370.00 in a research report sent to investors on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the information technology services provider’s stock.

A number of other equities analysts have also weighed in on the company. Piper Sandler Companies reiterated a neutral rating and issued a $329.00 price target on shares of Accenture in a research report on Friday, September 20th. Bank of America lowered their price objective on shares of Accenture from $419.00 to $365.00 and set a buy rating on the stock in a research report on Wednesday, June 5th. Wedbush reduced their price objective on Accenture from $400.00 to $350.00 and set an outperform rating for the company in a research note on Wednesday, June 12th. Citigroup lifted their target price on Accenture from $350.00 to $405.00 and gave the company a buy rating in a research note on Tuesday, September 17th. Finally, UBS Group upgraded shares of Accenture from a neutral rating to a buy rating and set a $400.00 target price for the company in a research report on Friday, July 19th. Ten analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $359.14.

Accenture Price Performance

ACN stock opened at $355.81 on Tuesday. The firm has a market cap of $222.98 billion, a PE ratio of 32.58, a P/E/G ratio of 3.69 and a beta of 1.24. Accenture has a 12 month low of $278.69 and a 12 month high of $387.51. The firm has a 50 day simple moving average of $332.96 and a 200 day simple moving average of $321.15.

Accenture announced that its board has initiated a stock buyback program on Thursday, September 26th that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Accenture

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

Institutional Trading of Accenture

Several institutional investors have recently made changes to their positions in the business. Anchor Investment Management LLC boosted its position in Accenture by 1.1% in the second quarter. Anchor Investment Management LLC now owns 5,661 shares of the information technology services provider’s stock valued at $1,718,000 after buying an additional 61 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Accenture by 38.0% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 379,060 shares of the information technology services provider’s stock valued at $115,011,000 after buying an additional 104,325 shares in the last quarter. Verity & Verity LLC raised its holdings in shares of Accenture by 8.0% in the second quarter. Verity & Verity LLC now owns 5,216 shares of the information technology services provider’s stock valued at $1,583,000 after buying an additional 387 shares during the last quarter. Cim LLC lifted its position in shares of Accenture by 9.6% during the second quarter. Cim LLC now owns 6,887 shares of the information technology services provider’s stock worth $2,090,000 after purchasing an additional 604 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Accenture during the second quarter valued at approximately $27,862,000. 75.14% of the stock is currently owned by institutional investors and hedge funds.

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.