Canaccord Genuity Group Trims Accolade (NASDAQ:ACCD) Target Price to $7.00

Accolade (NASDAQ:ACCD) had its price objective lowered by Canaccord Genuity Group from $13.00 to $7.00 in a report published on Wednesday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages also recently commented on ACCD. Stifel Nicolaus reduced their price objective on shares of Accolade from $13.00 to $8.00 and set a buy rating for the company in a research note on Friday, June 28th. Stephens decreased their price objective on shares of Accolade from $10.00 to $8.00 and set an overweight rating for the company in a research report on Wednesday. Guggenheim reduced their price target on shares of Accolade from $13.00 to $6.00 and set a buy rating for the company in a research report on Friday, June 28th. Morgan Stanley cut their price objective on shares of Accolade from $12.00 to $6.00 and set an equal weight rating for the company in a report on Friday, June 28th. Finally, Barclays dropped their price target on shares of Accolade from $5.50 to $5.00 and set an equal weight rating for the company in a research note on Wednesday. Three analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $9.04.

Accolade Trading Down 2.1 %

Shares of ACCD stock opened at $3.79 on Wednesday. Accolade has a 52-week low of $3.35 and a 52-week high of $15.36. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.80 and a current ratio of 2.72. The firm has a market capitalization of $305.25 million, a PE ratio of -3.68 and a beta of 1.99. The stock has a fifty day simple moving average of $4.01 and a two-hundred day simple moving average of $5.77.

Accolade (NASDAQ:ACCD) last released its quarterly earnings data on Tuesday, October 8th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.14. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. The business had revenue of $106.40 million during the quarter, compared to the consensus estimate of $104.87 million. During the same quarter in the prior year, the firm earned ($0.43) EPS. The business’s revenue was up 9.8% on a year-over-year basis. On average, analysts predict that Accolade will post -1.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Accolade

A number of institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in Accolade during the second quarter worth approximately $43,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Accolade by 22.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after purchasing an additional 3,789 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Accolade during the first quarter worth approximately $87,000. The Manufacturers Life Insurance Company grew its stake in Accolade by 13.3% during the second quarter. The Manufacturers Life Insurance Company now owns 29,160 shares of the company’s stock worth $104,000 after buying an additional 3,416 shares during the period. Finally, Versor Investments LP purchased a new stake in Accolade during the second quarter worth approximately $150,000. Institutional investors and hedge funds 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.