Accolade, Inc. (NASDAQ:ACCD) Shares Acquired by ARK Investment Management LLC

ARK Investment Management LLC grew its stake in Accolade, Inc. (NASDAQ:ACCD) by 12.6% during the fourth quarter, HoldingsChannel reports. The firm owned 6,805,208 shares of the company’s stock after purchasing an additional 762,685 shares during the quarter. ARK Investment Management LLC owned about 0.09% of Accolade worth $81,731,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Nordea Investment Management AB increased its holdings in shares of Accolade by 1.4% in the third quarter. Nordea Investment Management AB now owns 106,764 shares of the company’s stock valued at $1,148,000 after purchasing an additional 1,423 shares during the period. HighTower Advisors LLC acquired a new position in shares of Accolade in the third quarter valued at approximately $2,354,000. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Accolade by 111.1% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,798,993 shares of the company’s stock valued at $19,033,000 after purchasing an additional 946,970 shares during the period. Olympiad Research LP purchased a new stake in shares of Accolade in the third quarter valued at approximately $171,000. Finally, Handelsbanken Fonder AB boosted its stake in shares of Accolade by 14.8% in the third quarter. Handelsbanken Fonder AB now owns 16,765 shares of the company’s stock valued at $177,000 after buying an additional 2,165 shares in the last quarter. Institutional investors and hedge funds own 84.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ACCD shares. Truist Financial lifted their price target on Accolade from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Tuesday, January 9th. SVB Leerink began coverage on Accolade in a research note on Monday, February 26th. They issued an “outperform” rating and a $16.00 price target on the stock. Raymond James boosted their target price on Accolade from $12.00 to $16.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 9th. Wells Fargo & Company boosted their target price on Accolade from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 9th. Finally, DA Davidson reiterated a “buy” rating on shares of Accolade in a research report on Wednesday, December 6th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $15.67.

Accolade Stock Performance

Accolade stock opened at $9.99 on Thursday. The firm has a market capitalization of $773.31 million, a P/E ratio of -6.05 and a beta of 2.08. The stock has a fifty day moving average price of $11.08 and a 200 day moving average price of $10.17. Accolade, Inc. has a 52 week low of $6.33 and a 52 week high of $17.00. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.48.

Accolade (NASDAQ:ACCD) last released its earnings results on Monday, January 8th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.45) by $0.17. The firm had revenue of $99.37 million during the quarter, compared to analyst estimates of $96.16 million. Accolade had a negative return on equity of 27.27% and a negative net margin of 31.59%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.56) earnings per share. Equities research analysts anticipate that Accolade, Inc. will post -1.38 earnings per share for the current year.

Insider Activity at Accolade

In related news, CEO Rajeev Singh sold 21,530 shares of the company’s stock in a transaction on Thursday, January 11th. The stock was sold at an average price of $15.02, for a total value of $323,380.60. Following the completion of the transaction, the chief executive officer now directly owns 742,162 shares in the company, valued at $11,147,273.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last ninety days, insiders sold 65,370 shares of company stock worth $953,666. 8.30% of the stock is currently owned by insiders.

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.