Accolade (NASDAQ:ACCD) Price Target Lowered to $16.00 at Canaccord Genuity Group

Accolade (NASDAQ:ACCD) had its price objective cut by Canaccord Genuity Group from $18.00 to $16.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities analysts have also recently issued reports on ACCD. Truist Financial upped their price objective on Accolade from $15.00 to $16.00 and gave the stock a buy rating in a report on Tuesday, January 9th. Raymond James upped their price objective on Accolade from $12.00 to $16.00 and gave the stock an outperform rating in a report on Tuesday, January 9th. SVB Leerink assumed coverage on Accolade in a report on Monday, February 26th. They issued an outperform rating and a $16.00 price objective for the company. Barclays cut their price objective on Accolade from $13.00 to $11.00 and set an equal weight rating for the company in a report on Friday. Finally, Leerink Partnrs reiterated an outperform rating on shares of Accolade in a report on Monday, February 26th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $14.80.

Accolade Price Performance

Accolade stock opened at $7.89 on Friday. Accolade has a 52 week low of $6.33 and a 52 week high of $17.00. The business has a 50-day simple moving average of $9.66 and a 200 day simple moving average of $9.91. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.48. The stock has a market cap of $610.75 million, a price-to-earnings ratio of -4.78 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last posted its earnings results on Thursday, April 25th. The company reported ($0.10) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.01. Accolade had a negative return on equity of 27.27% and a negative net margin of 31.59%. The business had revenue of $124.80 million during the quarter, compared to analysts’ expectations of $123.91 million. During the same period in the previous year, the business earned ($0.42) earnings per share. The firm’s revenue was up 26.1% on a year-over-year basis. On average, research analysts forecast that Accolade will post -1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ACCD. AE Wealth Management LLC bought a new position in Accolade during the 3rd quarter valued at approximately $400,000. Handelsbanken Fonder AB raised its position in Accolade by 14.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 16,765 shares of the company’s stock valued at $177,000 after purchasing an additional 2,165 shares during the last quarter. Raymond James & Associates bought a new position in Accolade during the 3rd quarter valued at approximately $272,000. Bank of New York Mellon Corp raised its position in Accolade by 2.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 230,092 shares of the company’s stock valued at $2,434,000 after purchasing an additional 6,069 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Accolade by 84.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,928 shares of the company’s stock valued at $126,000 after purchasing an additional 5,455 shares during the last quarter. Institutional investors own 84.99% of the company’s stock.

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.