Accolade (NASDAQ:ACCD) Price Target Lowered to $13.00 at Canaccord Genuity Group

Accolade (NASDAQ:ACCD) had its target price cut by Canaccord Genuity Group from $16.00 to $13.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

ACCD has been the topic of several other reports. Wells Fargo & Company reduced their target price on Accolade from $12.00 to $10.00 and set an equal weight rating on the stock in a research note on Tuesday, April 30th. Barclays reduced their price target on Accolade from $13.00 to $11.00 and set an equal weight rating on the stock in a research note on Friday, April 26th. Morgan Stanley reduced their price target on Accolade from $13.00 to $12.00 and set an equal weight rating on the stock in a research note on Friday, April 26th. Stifel Nicolaus reduced their price target on Accolade from $15.00 to $13.00 and set a buy rating on the stock in a research note on Monday, April 22nd. Finally, Truist Financial reduced their price target on Accolade from $16.00 to $14.00 and set a buy rating on the stock in a research note on Friday, April 26th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Accolade currently has an average rating of Moderate Buy and a consensus target price of $11.89.

Accolade Price Performance

ACCD opened at $3.58 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64. Accolade has a 52-week low of $3.52 and a 52-week high of $15.36. The stock has a market capitalization of $286.44 million, a PE ratio of -2.69 and a beta of 2.10. The stock’s 50 day moving average price is $7.09 and its 200-day moving average price is $9.66.

Accolade (NASDAQ:ACCD) last posted its earnings results on Thursday, June 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.13. Accolade had a negative return on equity of 22.53% and a negative net margin of 24.09%. The firm had revenue of $110.50 million for the quarter, compared to analysts’ expectations of $105.22 million. During the same period in the previous year, the firm earned ($0.52) earnings per share. The business’s revenue was up 18.6% compared to the same quarter last year. On average, equities research analysts predict that Accolade will post -1.23 EPS for the current year.

Insiders Place Their Bets

In other Accolade news, CAO Colin Mchugh sold 5,543 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total value of $36,694.66. Following the sale, the chief accounting officer now directly owns 50,177 shares of the company’s stock, valued at $332,171.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have sold 14,746 shares of company stock valued at $104,586. 8.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ACCD. AJOVista LLC bought a new position in shares of Accolade during the fourth quarter valued at $68,000. Allspring Global Investments Holdings LLC bought a new position in shares of Accolade during the first quarter valued at $87,000. GGV Capital LLC lifted its holdings in shares of Accolade by 242.9% during the first quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after purchasing an additional 12,795 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Accolade by 39.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock valued at $199,000 after purchasing an additional 4,656 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Accolade by 15.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock valued at $205,000 after purchasing an additional 2,586 shares in the last quarter. 84.99% of the stock is owned by institutional investors.

Accolade Company Profile

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.