Accenture (NYSE:ACN) Price Target Raised to $390.00

Accenture (NYSE:ACN) had its price objective boosted by equities researchers at Citigroup from $340.00 to $390.00 in a report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Citigroup’s target price indicates a potential upside of 14.97% from the company’s previous close.

A number of other research analysts have also issued reports on ACN. BMO Capital Markets raised their target price on shares of Accenture from $302.00 to $330.00 and gave the company a “market perform” rating in a research note on Friday, June 25th. Barclays raised their target price on shares of Accenture from $310.00 to $335.00 and gave the company an “overweight” rating in a research note on Monday, June 28th. Cowen raised their target price on shares of Accenture from $316.00 to $365.00 and gave the company an “outperform” rating in a research note on Wednesday, September 8th. They noted that the move was a valuation call. Argus raised their target price on shares of Accenture from $300.00 to $330.00 and gave the company a “buy” rating in a research note on Tuesday, June 29th. Finally, Susquehanna Bancshares raised their target price on shares of Accenture from $325.00 to $340.00 and gave the company a “positive” rating in a research note on Friday, June 25th. Five analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $350.29.

Shares of ACN opened at $339.23 on Friday. The company’s fifty day moving average is $329.06 and its 200-day moving average is $301.13. Accenture has a 12 month low of $210.42 and a 12 month high of $345.52. The firm has a market cap of $215.29 billion, a price-to-earnings ratio of 37.95, a price-to-earnings-growth ratio of 3.48 and a beta of 1.11.

Accenture (NYSE:ACN) last announced its quarterly earnings results on Wednesday, September 22nd. The information technology services provider reported $2.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.19 by $0.01. Accenture had a net margin of 12.06% and a return on equity of 28.94%. The company had revenue of $13.42 billion for the quarter, compared to analyst estimates of $13.42 billion. During the same quarter in the prior year, the business posted $1.70 EPS. Accenture’s quarterly revenue was up 23.8% on a year-over-year basis. Research analysts anticipate that Accenture will post 8.79 EPS for the current year.

In related news, CFO Kathleen R. Mcclure sold 4,500 shares of Accenture stock in a transaction that occurred on Friday, July 16th. The shares were sold at an average price of $314.20, for a total transaction of $1,413,900.00. Following the transaction, the chief financial officer now owns 16,131 shares of the company’s stock, valued at approximately $5,068,360.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jean-Marc Ollagnier sold 5,233 shares of Accenture stock in a transaction that occurred on Friday, July 16th. The stock was sold at an average price of $314.20, for a total transaction of $1,644,208.60. The disclosure for this sale can be found here. Insiders sold a total of 19,993 shares of company stock valued at $6,194,020 in the last 90 days. Corporate insiders own 0.07% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. Trust Asset Management LLC boosted its stake in Accenture by 12.4% during the 2nd quarter. Trust Asset Management LLC now owns 5,743 shares of the information technology services provider’s stock worth $1,693,000 after acquiring an additional 635 shares during the last quarter. TownSquare Capital LLC lifted its stake in Accenture by 8.1% in the first quarter. TownSquare Capital LLC now owns 103,647 shares of the information technology services provider’s stock valued at $28,631,000 after buying an additional 7,734 shares in the last quarter. Glenmede Trust Co. NA lifted its stake in Accenture by 8.3% in the first quarter. Glenmede Trust Co. NA now owns 616,731 shares of the information technology services provider’s stock valued at $170,370,000 after buying an additional 47,124 shares in the last quarter. Comgest Global Investors S.A.S. lifted its stake in Accenture by 9.5% in the first quarter. Comgest Global Investors S.A.S. now owns 1,619,634 shares of the information technology services provider’s stock valued at $447,424,000 after buying an additional 141,064 shares in the last quarter. Finally, Van Leeuwen & Company LLC bought a new position in Accenture in the second quarter valued at approximately $2,306,000. 73.20% of the stock is currently owned by institutional investors and hedge funds.

About Accenture

Accenture Plc engages in the provision of management consulting, technology, and outsourcing services. It operates through the following segments: Communications, Media, and Technology; Financial Services; Health and Public Service; Products; Resources; and Other. The Communications, Media, and Technology segment serves communications, media, high-tech, and software and platform companies through acceleration and delivery of digital transformation, development of comprehensive and industry-specific solutions, and enhance efficiency and business results.

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