Intech Investment Management LLC Raises Position in Accenture plc (NYSE:ACN)

Intech Investment Management LLC boosted its holdings in Accenture plc (NYSE:ACN) by 13.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,701 shares of the information technology services provider’s stock after buying an additional 5,045 shares during the period. Intech Investment Management LLC’s holdings in Accenture were worth $12,652,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of ACN. Unique Wealth Strategies LLC purchased a new position in Accenture in the 2nd quarter valued at approximately $26,000. Annapolis Financial Services LLC grew its position in shares of Accenture by 507.7% during the 1st quarter. Annapolis Financial Services LLC now owns 79 shares of the information technology services provider’s stock valued at $27,000 after purchasing an additional 66 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Accenture during the 2nd quarter valued at $28,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Accenture during the 4th quarter valued at $29,000. Finally, Atwood & Palmer Inc. grew its position in shares of Accenture by 214.8% during the 1st quarter. Atwood & Palmer Inc. now owns 85 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 58 shares in the last quarter. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on ACN shares. Morgan Stanley lowered shares of Accenture from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $382.00 to $300.00 in a research report on Wednesday, June 26th. JPMorgan Chase & Co. lifted their price objective on shares of Accenture from $330.00 to $376.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Mizuho lifted their price objective on shares of Accenture from $352.00 to $365.00 and gave the stock an “outperform” rating in a report on Wednesday. Citigroup lifted their price objective on shares of Accenture from $350.00 to $405.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Piper Sandler lifted their price objective on shares of Accenture from $320.00 to $329.00 and gave the stock a “neutral” rating in a report on Friday. Eleven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $356.41.

Accenture Trading Up 0.3 %

ACN stock opened at $336.22 on Friday. The firm’s 50-day moving average price is $332.01 and its two-hundred day moving average price is $322.44. Accenture plc has a 12-month low of $278.69 and a 12-month high of $387.51. The stock has a market capitalization of $210.71 billion, a price-to-earnings ratio of 30.79, a PEG ratio of 3.82 and a beta of 1.24.

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

Insider Activity at Accenture

In related news, CEO Julie Spellman Sweet sold 3,776 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $309.05, for a total transaction of $1,166,972.80. Following the transaction, the chief executive officer now owns 11,819 shares in the company, valued at $3,652,661.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Julie Spellman Sweet sold 3,776 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $309.05, for a total transaction of $1,166,972.80. Following the transaction, the chief executive officer now owns 11,819 shares in the company, valued at $3,652,661.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ellyn Shook sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was 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 in the company, valued at approximately $2,964,751.98. The disclosure for this sale can be found here. Insiders have sold 21,421 shares of company stock worth $6,912,635 over the last 90 days. 0.07% of the stock is owned by company insiders.

About Accenture

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.