Cantor Fitzgerald reaffirmed their buy rating on shares of Accenture (NYSE:ACN) in a research note published on Wednesday. Cantor Fitzgerald currently has a $180.00 price objective on the information technology services provider’s stock.
“Digital continues to drive demand. Accenture expects $23 bn in revenues from the “New,” representing 60% of revenue in the current fiscal year (FY18, ending August 2018). We believe Digital is growing at ~25%, which means the rest of the business is contracting ~12% by our estimates. The company is using RPA to defend the core. We are moving to the next stage of Digital. Accenture approaches the Next New through its formula: vision, innovation architecture (Research/Ventures/Innovation), and eco-system. Two areas of growth in Next “New” are Blockchain and industry X.O. personalized experience.”,” Cantor Fitzgerald’s analyst wrote.
Several other analysts also recently weighed in on ACN. Wedbush reaffirmed an outperform rating and set a $180.00 price target (up previously from $165.00) on shares of Accenture in a research note on Tuesday, March 20th. ValuEngine raised shares of Accenture from a hold rating to a buy rating in a research note on Monday, April 2nd. Robert W. Baird lifted their price target on shares of Accenture from $162.00 to $165.00 and gave the company a neutral rating in a research note on Tuesday, March 20th. KeyCorp lifted their price target on shares of Accenture from $157.00 to $172.00 and gave the company an overweight rating in a research note on Saturday, December 30th. Finally, Pivotal Research set a $180.00 price target on shares of Accenture and gave the company a buy rating in a research note on Wednesday, March 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and fifteen have issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $161.80.
Shares of Accenture stock traded up $2.06 on Wednesday, hitting $152.15. 684,418 shares of the company traded hands, compared to its average volume of 2,385,720. Accenture has a 52 week low of $119.10 and a 52 week high of $165.58. The company has a market capitalization of $95,971.45, a PE ratio of 25.70, a P/E/G ratio of 2.26 and a beta of 1.04.
Accenture (NYSE:ACN) last posted its quarterly earnings results on Thursday, March 22nd. The information technology services provider reported $1.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.09. Accenture had a net margin of 9.18% and a return on equity of 41.50%. The firm had revenue of $9.59 billion during the quarter, compared to the consensus estimate of $9.31 billion. During the same quarter in the previous year, the firm posted $1.33 earnings per share. The company’s revenue was up 15.2% on a year-over-year basis. research analysts expect that Accenture will post 6.69 earnings per share for the current year.
In other news, COO Johan Deblaere sold 55,000 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $154.24, for a total transaction of $8,483,200.00. Following the sale, the chief operating officer now directly owns 112,208 shares of the company’s stock, valued at $17,306,961.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jean-Marc Ollagnier sold 1,637 shares of the business’s stock in a transaction on Monday, March 26th. The shares were sold at an average price of $150.87, for a total transaction of $246,974.19. Following the sale, the insider now directly owns 186,112 shares in the company, valued at $28,078,717.44. The disclosure for this sale can be found here. Insiders have sold 110,681 shares of company stock worth $16,919,843 over the last three months. Corporate insiders own 0.21% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in ACN. Farmers National Bank purchased a new stake in Accenture in the fourth quarter valued at $107,000. Virtue Capital Management LLC acquired a new position in shares of Accenture in the fourth quarter worth about $128,000. Aevitas Wealth Management Inc. acquired a new position in shares of Accenture in the fourth quarter worth about $131,000. Wagner Wealth Management LLC acquired a new position in shares of Accenture in the fourth quarter worth about $179,000. Finally, Santori & Peters Inc. acquired a new position in shares of Accenture in the fourth quarter worth about $181,000. 75.61% of the stock is currently owned by hedge funds and other institutional investors.
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Accenture Company Profile
Accenture plc provides consulting, technology, and outsourcing services worldwide. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, and enhance business results through industry-specific solutions for communications, media, and high tech industries, as well as for software platforms.
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