Accenture PLC $ACN Shares Sold by Selective Wealth Management Inc.

Key Points

• Selective Wealth Management Inc. significantly reduced its stake in Accenture PLC by 51.5%, holding 2,495 shares worth approximately $742,000 after selling 2,646 shares in the second quarter.
• Accenture reported a strong quarterly performance, with earnings per share of $3.49, exceeding estimates, alongside a revenue increase of 7.7% year-over-year to $17.73 billion.
• A number of analysts have recently downgraded their price targets for Accenture, with Rothschild & Co Redburn setting a new target at $250.00, reflecting varied market opinions about the stock's future performance.

Selective Wealth Management Inc. reduced its stake in shares of Accenture PLC (NYSE:ACN - Free Report) by 51.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,495 shares of the information technology services provider's stock after selling 2,646 shares during the quarter. Selective Wealth Management Inc.'s holdings in Accenture were worth $742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ACN. Park Square Financial Group LLC bought a new position in shares of Accenture during the 4th quarter valued at approximately $31,000. Kelly Lawrence W & Associates Inc. CA bought a new position in shares of Accenture during the 1st quarter valued at approximately $31,000. Inlight Wealth Management LLC bought a new position in shares of Accenture during the 1st quarter valued at approximately $32,000. Capital A Wealth Management LLC bought a new position in shares of Accenture during the 4th quarter valued at approximately $34,000. Finally, WPG Advisers LLC bought a new position in shares of Accenture during the 1st quarter valued at approximately $42,000. 75.14% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Mauro Macchi sold 500 shares of the company's stock in a transaction on Friday, July 11th. The stock was sold at an average price of $282.34, for a total value of $141,170.00. Following the transaction, the chief executive officer owned 2,283 shares of the company's stock, valued at $644,582.22. This represents a 17.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Angela Beatty sold 203 shares of the company's stock in a transaction on Friday, July 11th. The shares were sold at an average price of $282.34, for a total value of $57,315.02. Following the completion of the transaction, the insider directly owned 5,249 shares in the company, valued at approximately $1,482,002.66. This trade represents a 3.72% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,954 shares of company stock valued at $834,280. Insiders own 0.02% of the company's stock.

Analysts Set New Price Targets

ACN has been the subject of a number of analyst reports. Mizuho set a $348.00 price target on Accenture and gave the stock an "outperform" rating in a research report on Tuesday, June 24th. Guggenheim reduced their target price on Accenture from $335.00 to $305.00 and set a "buy" rating on the stock in a research note on Wednesday, September 17th. HSBC started coverage on Accenture in a research note on Monday, July 28th. They issued a "reduce" rating and a $240.00 target price on the stock. Evercore ISI started coverage on Accenture in a research note on Thursday, July 17th. They issued an "outperform" rating and a $330.00 target price on the stock. Finally, Barclays reduced their target price on Accenture from $390.00 to $360.00 and set an "overweight" rating on the stock in a research note on Monday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $335.61.

Accenture Trading Down 0.1%

NYSE ACN traded down $0.13 on Monday, reaching $239.57. 4,084,555 shares of the company were exchanged, compared to its average volume of 3,672,188. The business's fifty day moving average price is $257.73 and its 200 day moving average price is $289.02. The stock has a market capitalization of $150.05 billion, a P/E ratio of 19.07, a price-to-earnings-growth ratio of 2.07 and a beta of 1.29. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 0.16. Accenture PLC has a fifty-two week low of $234.18 and a fifty-two week high of $398.35.

Accenture (NYSE:ACN - Get Free Report) last released its quarterly earnings data on Friday, June 20th. The information technology services provider reported $3.49 earnings per share for the quarter, topping analysts' consensus estimates of $3.32 by $0.17. The company had revenue of $17.73 billion for the quarter, compared to analyst estimates of $17.26 billion. Accenture had a return on equity of 26.55% and a net margin of 11.61%.The firm's revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.13 earnings per share. Analysts forecast that Accenture PLC will post 12.73 earnings per share for the current year.

Accenture Profile

Accenture plc, a professional services company, provides strategy and consulting, industry X, song, and technology and operation services worldwide. The company offers application services, including agile transformation, DevOps, application modernization, enterprise architecture, software and quality engineering, data management; intelligent automation comprising robotic process automation, natural language processing, and virtual agents; and application management services, as well as software engineering services; strategy and consulting services; data and analytics strategy, data discovery and augmentation, data management and beyond, data democratization, and industrialized solutions comprising turnkey analytics and artificial intelligence (AI) solutions; metaverse; and sustainability services.