Accenture (NYSE:ACN) Stock Price Target Raised at Susquehanna

Key Points

• Susquehanna raised Accenture’s price target from $140 to $153 while maintaining a “neutral” rating, implying roughly 13% downside from the stock’s $175.83 opening price.
• Analyst sentiment remains mixed: MarketBeat reports an average “Hold” rating and a consensus price target of $200.52, based on 10 Buy, 16 Hold, and one Sell recommendation.
• Accenture authorized a $2 billion share-repurchase program, covering up to 2.4% of shares; institutional investors own approximately 75.14% of the company.

Accenture (NYSE:ACN - Get Free Report) had its target price raised by stock analysts at Susquehanna from $140.00 to $153.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "neutral" rating on the information technology services provider's stock. Susquehanna's price target indicates a potential downside of 12.98% from the stock's current price.

ACN has been the topic of several other research reports. Wells Fargo & Company downgraded Accenture from an "overweight" rating to an "equal weight" rating and set a $194.00 target price on the stock. in a research report on Monday, September 14th. Robert W. Baird set a $190.00 price objective on shares of Accenture in a research note on Thursday, June 18th. TD Cowen boosted 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. Royal Bank Of Canada set a $195.00 target price on shares of Accenture in a research note on Tuesday, September 15th. Finally, Weiss Ratings lowered shares of Accenture from a "hold (c-)" rating to a "sell (d+)" rating in a report on Thursday, July 9th. Ten analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $200.52.

Accenture Trading Down 0.2%

Shares of ACN stock opened at $175.83 on Monday. The company has a market cap of $117.42 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10. Accenture has a 1 year low of $118.15 and a 1 year high of $291.09. The stock's 50 day simple moving average is $176.21 and its two-hundred day simple moving average is $173.79. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.34 and a quick ratio of 1.34.

Accenture announced that its Board of Directors has authorized a share repurchase 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 reacquire up to 2.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other news, General Counsel Joel Unruch sold 10,498 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $162.98, for a total transaction of $1,710,964.04. Following the transaction, the general counsel directly owned 17,735 shares of the company's stock, valued at approximately $2,890,450.30. This trade represents a 37.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Accenture

Several institutional investors have recently made changes to their positions in ACN. Envestnet Portfolio Solutions Inc. increased its position in Accenture by 33.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 30,041 shares of the information technology services provider's stock valued at $3,738,000 after purchasing an additional 7,591 shares during the period. Andra AP fonden raised its position in shares of Accenture by 92.5% in the 2nd quarter. Andra AP fonden now owns 121,326 shares of the information technology services provider's stock worth $15,098,000 after acquiring an additional 58,300 shares in the last quarter. Smith Chas P & Associates PA Cpas grew its stake in Accenture by 8.3% in the second quarter. Smith Chas P & Associates PA Cpas now owns 172,023 shares of the information technology services provider's stock valued at $21,406,000 after purchasing an additional 13,244 shares during the last quarter. National Pension Service raised its holdings in Accenture by 5.6% in the second quarter. National Pension Service now owns 1,564,857 shares of the information technology services provider's stock worth $194,731,000 after purchasing an additional 82,362 shares in the last quarter. Finally, Engineers Gate Manager LP boosted its holdings in shares of Accenture by 5.2% in the 2nd quarter. Engineers Gate Manager LP now owns 15,708 shares of the information technology services provider's stock valued at $1,955,000 after buying an additional 781 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company's stock.

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.

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