Edgestream Partners L.P. Invests $1.52 Million in Accenture plc (NYSE:ACN)

Edgestream Partners L.P. bought a new position in Accenture plc (NYSE:ACN) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,022 shares of the information technology services provider’s stock, valued at approximately $1,524,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Unique Wealth Strategies LLC acquired a new position in shares of Accenture during the 2nd quarter worth about $26,000. Annapolis Financial Services LLC boosted its position in shares of Accenture by 507.7% in the first quarter. Annapolis Financial Services LLC now owns 79 shares of the information technology services provider’s stock valued at $27,000 after acquiring an additional 66 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Accenture in the second quarter worth $28,000. Ables Iannone Moore & Associates Inc. bought a new position in Accenture during the fourth quarter worth $29,000. Finally, Atwood & Palmer Inc. boosted its holdings in Accenture by 214.8% in 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 during the period. Institutional investors and hedge funds own 75.14% of the company’s stock.

Accenture Trading Down 0.3 %

Shares of NYSE ACN opened at $335.24 on Friday. Accenture plc has a 1-year low of $278.69 and a 1-year high of $387.51. The company has a 50-day moving average of $331.50 and a two-hundred day moving average of $322.77. The company has a market cap of $210.09 billion, a PE ratio of 30.70, a P/E/G ratio of 3.82 and a beta of 1.24.

Accenture (NYSE:ACN) last posted its quarterly earnings data 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). The firm 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 firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company posted $3.19 EPS. As a group, equities research analysts forecast that Accenture plc will post 11.95 earnings per share for the current year.

Analyst Ratings Changes

ACN has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Accenture from $330.00 to $376.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. UBS Group upgraded Accenture from a “neutral” rating to a “buy” rating and set a $400.00 price objective for the company in a research report on Friday, July 19th. Morgan Stanley cut Accenture from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $382.00 to $300.00 in a research report on Wednesday, June 26th. Piper Sandler Companies reduced their target price on Accenture from $379.00 to $320.00 and set a “neutral” rating for the company in a research report on Monday, June 17th. Finally, Wedbush dropped their price objective on shares of Accenture from $400.00 to $350.00 and set an “outperform” rating for the company in a research note on Wednesday, June 12th. Eleven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $355.59.

Insider Activity

In related news, CEO Julie Spellman Sweet sold 3,776 shares of Accenture stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $309.05, for a total value 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 filing with the SEC, which is available through the SEC website. In other Accenture news, CEO Julie Spellman Sweet sold 3,776 shares of Accenture stock in a transaction on 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 completion of the sale, the chief executive officer now owns 11,819 shares of the company’s stock, valued at approximately $3,652,661.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 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 valued at $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.