Convergence Financial LLC Increases Holdings in Accenture plc (NYSE:ACN)

Convergence Financial LLC grew its stake in shares of Accenture plc (NYSE:ACN) by 88.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,402 shares of the information technology services provider’s stock after purchasing an additional 659 shares during the quarter. Convergence Financial LLC’s holdings in Accenture were worth $493,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of ACN. Baldwin Wealth Partners LLC MA boosted its holdings in Accenture by 6.5% in the 4th quarter. Baldwin Wealth Partners LLC MA now owns 63,429 shares of the information technology services provider’s stock worth $22,314,000 after acquiring an additional 3,883 shares during the period. Davidson Trust Co. boosted its stake in shares of Accenture by 7.4% in the fourth quarter. Davidson Trust Co. now owns 2,307 shares of the information technology services provider’s stock valued at $812,000 after purchasing an additional 158 shares during the period. Schrum Private Wealth Management LLC grew its holdings in Accenture by 78.6% during the 3rd quarter. Schrum Private Wealth Management LLC now owns 11,448 shares of the information technology services provider’s stock valued at $4,047,000 after purchasing an additional 5,038 shares in the last quarter. MQS Management LLC purchased a new stake in Accenture during the 3rd quarter worth $1,040,000. Finally, Concurrent Investment Advisors LLC lifted its holdings in Accenture by 70.6% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 35,591 shares of the information technology services provider’s stock worth $12,581,000 after buying an additional 14,724 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Accenture Trading Down 1.3 %

NYSE:ACN opened at $358.32 on Thursday. Accenture plc has a 12 month low of $278.69 and a 12 month high of $398.35. The company’s 50 day moving average is $367.94 and its 200-day moving average is $357.33. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17. The firm has a market cap of $224.23 billion, a price-to-earnings ratio of 30.06, a P/E/G ratio of 3.23 and a beta of 1.24.

Accenture (NYSE:ACN) last posted its quarterly earnings data on Thursday, December 19th. The information technology services provider reported $3.59 EPS for the quarter, topping analysts’ consensus estimates of $3.43 by $0.16. The business had revenue of $17.69 billion for the quarter, compared to analyst estimates of $17.15 billion. Accenture had a return on equity of 26.91% and a net margin of 11.41%. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.27 earnings per share. Equities analysts anticipate that Accenture plc will post 12.73 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Wolfe Research raised Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 target price on the stock in a research report on Wednesday, January 8th. BNP Paribas downgraded Accenture from an “outperform” rating to a “neutral” rating and set a $375.00 price target for the company. in a report on Wednesday, October 30th. JPMorgan Chase & Co. lifted their target price on Accenture from $370.00 to $396.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Stifel Nicolaus lowered their price objective on Accenture from $390.00 to $380.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, StockNews.com upgraded shares of Accenture from a “hold” rating to a “buy” rating in a research report on Monday, January 13th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, Accenture presently has an average rating of “Moderate Buy” and a consensus price target of $388.96.

Insider Transactions at Accenture

In related news, CAO Melissa A. Burgum sold 232 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $394.46, for a total value of $91,514.72. Following the completion of the transaction, the chief accounting officer now directly owns 8,915 shares in the company, valued at approximately $3,516,610.90. This represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Angela Beatty sold 375 shares of Accenture stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $358.50, for a total transaction of $134,437.50. Following the sale, the insider now owns 5,149 shares in the company, valued at $1,845,916.50. This represents a 6.79 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,280 shares of company stock worth $8,316,190. Insiders own 0.02% of the company’s stock.

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.