Wells Fargo & Company Has Lowered Expectations for Accenture (NYSE:ACN) Stock Price

Accenture (NYSE:ACN) had its target price decreased by research analysts at Wells Fargo & Company from $275.00 to $248.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 39.22% from the company’s previous close.

A number of other research firms have also weighed in on ACN. HSBC lowered their price target on shares of Accenture from $220.00 to $210.00 and set a “hold” rating on the stock in a research report on Tuesday, April 14th. Guggenheim decreased their target price on shares of Accenture from $275.00 to $250.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. The Goldman Sachs Group dropped their price target on Accenture from $300.00 to $270.00 and set a “buy” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft reduced their price objective on Accenture from $210.00 to $199.00 and set a “hold” rating on the stock in a research report on Tuesday. Finally, UBS Group reissued a “buy” rating on shares of Accenture in a research note on Tuesday, March 17th. Seventeen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat.com, Accenture has an average rating of “Moderate Buy” and a consensus price target of $265.54.

Accenture Stock Performance

Shares of NYSE:ACN opened at $178.14 on Thursday. The business’s 50 day moving average price is $184.86 and its 200-day moving average price is $225.13. Accenture has a 1 year low of $155.82 and a 1 year high of $321.77. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $118.54 billion, a PE ratio of 14.59, a P/E/G ratio of 1.76 and a beta of 1.08.

Accenture (NYSE:ACN) last announced its quarterly earnings data on Friday, March 20th. The information technology services provider reported $2.93 earnings per share for the quarter, beating analysts’ consensus estimates of $2.84 by $0.09. Accenture had a return on equity of 26.33% and a net margin of 10.61%.The company had revenue of $18.04 billion for the quarter, compared to analyst estimates of $17.80 billion. During the same quarter last year, the firm posted $2.82 EPS. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. As a group, equities research analysts expect that Accenture will post 13.88 earnings per share for the current fiscal year.

Insider Transactions at Accenture

In other Accenture news, CEO Atsushi Egawa sold 4,872 shares of the firm’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $177.14, for a total transaction of $863,026.08. Following the completion of the sale, the chief executive officer owned 12,802 shares of the company’s stock, valued at $2,267,746.28. This trade represents a 27.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.02% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Accenture

Hedge funds have recently modified their holdings of the business. Weitz Investment Management Inc. boosted its position in shares of Accenture by 28.8% during the 3rd quarter. Weitz Investment Management Inc. now owns 160,550 shares of the information technology services provider’s stock worth $39,592,000 after purchasing an additional 35,900 shares during the period. Teacher Retirement System of Texas raised its holdings in shares of Accenture by 27.7% in the 4th quarter. Teacher Retirement System of Texas now owns 282,340 shares of the information technology services provider’s stock valued at $75,752,000 after buying an additional 61,314 shares during the period. Public Sector Pension Investment Board lifted its stake in Accenture by 180.4% during the 3rd quarter. Public Sector Pension Investment Board now owns 404,680 shares of the information technology services provider’s stock worth $99,794,000 after acquiring an additional 260,357 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Accenture by 197.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 141,484 shares of the information technology services provider’s stock valued at $37,960,000 after acquiring an additional 93,880 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Accenture by 36.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 557,516 shares of the information technology services provider’s stock valued at $149,582,000 after acquiring an additional 149,357 shares in the last quarter. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

About Accenture

Accenture is a global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations. The firm works with organizations across industries to design and implement business transformation programs, deploy and manage enterprise technology, optimize operations, and develop customer and digital experiences. Its offerings encompass management and technology consulting, systems integration, application and infrastructure services, cloud migration and managed services, as well as security and analytics capabilities.

The company delivers industry- and function-specific solutions, combining consulting expertise with proprietary tools, platforms and partnerships with major technology vendors.