Ieq Capital LLC Lowers Holdings in Accenture plc (NYSE:ACN)

Ieq Capital LLC cut its position in shares of Accenture plc (NYSE:ACN) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,031 shares of the information technology services provider’s stock after selling 1,115 shares during the period. Ieq Capital LLC’s holdings in Accenture were worth $13,359,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in ACN. Swedbank AB purchased a new stake in Accenture in the first quarter worth about $820,912,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in shares of Accenture by 100.0% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 1,751,531 shares of the information technology services provider’s stock worth $614,615,000 after purchasing an additional 875,723 shares during the period. Winslow Capital Management LLC bought a new position in shares of Accenture during the fourth quarter valued at approximately $288,168,000. Generation Investment Management LLP bought a new position in Accenture in the fourth quarter worth approximately $286,220,000. Finally, Public Employees Retirement Association of Colorado purchased a new stake in Accenture during the fourth quarter worth $263,421,000. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ACN shares. Morgan Stanley downgraded Accenture from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $382.00 to $300.00 in a report on Wednesday, June 26th. UBS Group raised shares of Accenture from a “neutral” rating to a “buy” rating and set a $400.00 price objective on the stock in a research report on Friday, July 19th. Bank of America decreased their target price on shares of Accenture from $419.00 to $365.00 and set a “buy” rating for the company in a research report on Wednesday, June 5th. Citigroup lifted their price target on shares of Accenture from $350.00 to $405.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Jefferies Financial Group decreased their price objective on Accenture from $340.00 to $275.00 and set a “hold” rating for the company in a report on Wednesday, June 5th. Eleven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $355.59.

Accenture Stock Down 0.3 %

NYSE:ACN opened at $335.24 on Friday. The stock has a market capitalization of $210.09 billion, a PE ratio of 30.70, a price-to-earnings-growth ratio of 3.82 and a beta of 1.24. The stock’s 50-day moving average price is $331.50 and its 200-day moving average price is $322.77. Accenture plc has a 52 week low of $278.69 and a 52 week high of $387.51.

Accenture (NYSE:ACN) last announced its earnings results on Thursday, June 20th. The information technology services provider reported $3.13 earnings per share for the quarter, missing the consensus estimate of $3.15 by ($0.02). The business had revenue of $16.47 billion for the quarter, compared to analyst estimates of $16.55 billion. Accenture had a return on equity of 27.48% and a net margin of 10.79%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.19 earnings per share. Sell-side analysts expect that Accenture plc will post 11.95 earnings per share for the current fiscal year.

Insider Buying and Selling at Accenture

In other news, insider Ellyn Shook sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total transaction of $1,649,100.00. Following the completion of the sale, the insider now owns 8,989 shares of the company’s stock, valued at $2,964,751.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Julie Spellman Sweet sold 3,776 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $309.05, for a total transaction of $1,166,972.80. Following the completion of the sale, the chief executive officer now directly owns 11,819 shares in the company, valued at $3,652,661.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ellyn Shook sold 5,000 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $329.82, for a total value of $1,649,100.00. Following the completion of the transaction, the insider now directly owns 8,989 shares of the company’s stock, valued at $2,964,751.98. The disclosure for this sale can be found here. Insiders have sold a total of 21,421 shares of company stock valued at $6,912,635 over the last ninety days. Corporate insiders own 0.07% 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.