Envestnet Portfolio Solutions Inc. Decreases Stock Position in Accenture PLC (NYSE:ACN)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Accenture PLC (NYSE:ACN) by 19.5% in the first quarter, HoldingsChannel reports. The firm owned 104,805 shares of the information technology services provider’s stock after selling 25,340 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Accenture were worth $32,703,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Capital Research Global Investors grew its stake in shares of Accenture by 16.8% in the 4th quarter. Capital Research Global Investors now owns 12,295,748 shares of the information technology services provider’s stock worth $4,325,526,000 after buying an additional 1,770,024 shares in the last quarter. Alteri Wealth LLC purchased a new position in Accenture in the fourth quarter worth about $321,000. Proficio Capital Partners LLC grew its position in Accenture by 47.6% in the fourth quarter. Proficio Capital Partners LLC now owns 2,446 shares of the information technology services provider’s stock worth $861,000 after acquiring an additional 789 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Accenture during the fourth quarter valued at approximately $317,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Accenture in the 4th quarter valued at approximately $350,000. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Accenture Trading Down 1.9%

Shares of NYSE ACN opened at $306.11 on Thursday. Accenture PLC has a twelve month low of $275.01 and a twelve month high of $398.35. The firm has a market cap of $191.72 billion, a PE ratio of 25.28, a price-to-earnings-growth ratio of 3.15 and a beta of 1.33. The business has a fifty day simple moving average of $306.52 and a two-hundred day simple moving average of $334.70. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.17.

Accenture (NYSE:ACN) last released its quarterly earnings data on Thursday, March 20th. The information technology services provider reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.81 by $0.01. Accenture had a net margin of 11.43% and a return on equity of 26.49%. The company had revenue of $16.70 billion during the quarter, compared to analyst estimates of $16.64 billion. During the same period in the prior year, the firm earned $2.77 earnings per share. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. Analysts expect that Accenture PLC will post 12.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Accenture

In other Accenture news, COO John F. Walsh sold 2,500 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $325.00, for a total transaction of $812,500.00. Following the sale, the chief operating officer now owns 15,882 shares of the company’s stock, valued at approximately $5,161,650. This trade represents a 13.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Angela Beatty sold 169 shares of the business’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $281.90, for a total value of $47,641.10. Following the completion of the transaction, the insider now directly owns 5,364 shares of the company’s stock, valued at approximately $1,512,111.60. The trade was a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,516 shares of company stock valued at $2,507,366. Company insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Piper Sandler decreased their price target on Accenture from $364.00 to $355.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Mizuho reduced their target price on shares of Accenture from $428.00 to $398.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 19th. Morgan Stanley dropped their price target on shares of Accenture from $372.00 to $340.00 and set an “equal weight” rating for the company in a research note on Thursday, June 12th. Wall Street Zen lowered shares of Accenture from a “buy” rating to a “hold” rating in a research report on Tuesday, March 11th. Finally, Barclays dropped their target price on Accenture from $415.00 to $390.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Seven analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Accenture presently has an average rating of “Moderate Buy” and an average price target of $380.00.

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.