Accenture (NYSE:ACN) Given New $175.00 Price Target at Morgan Stanley

Accenture (NYSE:ACN) had its target price increased by analysts at Morgan Stanley from $130.00 to $175.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the information technology services provider’s stock. Morgan Stanley’s price target points to a potential downside of 7.44% from the stock’s previous close.

Several other equities research analysts also recently weighed in on ACN. UBS Group reissued a “buy” rating on shares of Accenture in a report on Wednesday, August 26th. TD Cowen increased their price objective on shares of Accenture from $151.00 to $173.00 and gave the company a “hold” rating in a research report on Wednesday, August 26th. BNP Paribas Exane dropped their target price on shares of Accenture from $180.00 to $130.00 and set a “neutral” rating on the stock in a research report on Friday, June 26th. Oppenheimer set a $201.00 price target on shares of Accenture in a report on Monday, June 8th. Finally, Truist Financial lowered their price objective on shares of Accenture from $210.00 to $150.00 and set a “hold” rating for the company in a research note on Monday, June 22nd. Eleven analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $195.85.

Accenture Stock Up 2.8%

ACN traded up $5.16 during trading on Monday, hitting $189.06. The stock had a trading volume of 1,041,187 shares, compared to its average volume of 6,909,568. The stock has a 50 day simple moving average of $166.88 and a two-hundred day simple moving average of $175.32. The company has a market capitalization of $126.26 billion, a PE ratio of 15.11, a PEG ratio of 1.48 and a beta of 1.10. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.34 and a current ratio of 1.34. Accenture has a twelve month low of $118.15 and a twelve month high of $291.09.

Accenture (NYSE:ACN) last issued its quarterly earnings data on Friday, June 19th. The information technology services provider reported $3.80 EPS for the quarter, beating the consensus estimate of $3.70 by $0.10. Accenture had a return on equity of 26.47% and a net margin of 10.66%.The firm had revenue of $18.72 billion during the quarter, compared to analyst estimates of $18.78 billion. During the same quarter in the prior year, the business posted $3.49 EPS. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, research analysts predict that Accenture will post 13.86 earnings per share for the current year.

Accenture declared that its board has authorized a share buyback plan on Tuesday, June 23rd that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity at Accenture

In related news, General Counsel Joel Unruch sold 10,498 shares of the firm’s stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $162.98, for a total transaction of $1,710,964.04. Following the sale, the general counsel directly owned 17,735 shares of the company’s stock, valued at $2,890,450.30. This trade represents a 37.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is owned by insiders.

Hedge Funds Weigh In On Accenture

Several institutional investors have recently made changes to their positions in ACN. Regent Peak Wealth Advisors LLC lifted its holdings in Accenture by 10.4% during the second quarter. Regent Peak Wealth Advisors LLC now owns 74,187 shares of the information technology services provider’s stock valued at $9,232,000 after purchasing an additional 7,018 shares in the last quarter. Pzena Investment Management LLC raised its position in shares of Accenture by 287.0% during the 4th quarter. Pzena Investment Management LLC now owns 1,307,722 shares of the information technology services provider’s stock worth $350,862,000 after purchasing an additional 969,792 shares during the last quarter. Illinois Municipal Retirement Fund lifted its stake in Accenture by 6.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 74,054 shares of the information technology services provider’s stock valued at $19,869,000 after buying an additional 4,640 shares in the last quarter. Ironwood Investment Counsel LLC boosted its holdings in Accenture by 29.0% in the 4th quarter. Ironwood Investment Counsel LLC now owns 39,755 shares of the information technology services provider’s stock worth $10,666,000 after buying an additional 8,944 shares during the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Accenture during the fourth quarter valued at approximately $13,014,000. 75.14% of the stock is owned by hedge funds and other institutional investors.

Accenture Company Profile

Accenture plc is a global professional services company that helps organizations improve business performance through consulting, technology, and managed services. Its offerings include strategy and consulting, technology implementation, operations support, and business process services.

The company provides digital transformation services involving cloud computing, artificial intelligence, data and analytics, cybersecurity, systems integration, and enterprise software. Through its Song and Industry X businesses, Accenture also supports customer experience, marketing, product engineering, and smart manufacturing initiatives.

Accenture serves clients across a broad range of industries, including financial services, health care, public service, communications, media and technology, consumer goods, retail, resources, and industrial markets.