Envestnet Portfolio Solutions Inc. Trims Stock Position in Accenture plc (NYSE:ACN)

Envestnet Portfolio Solutions Inc. lessened its position in shares of Accenture plc (NYSE:ACN) by 1.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 130,145 shares of the information technology services provider’s stock after selling 1,568 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Accenture were worth $45,784,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Swedbank AB boosted its stake in Accenture by 16.6% during the 3rd quarter. Swedbank AB now owns 2,551,679 shares of the information technology services provider’s stock worth $901,967,000 after purchasing an additional 363,401 shares during the period. Harbour Investments Inc. raised its holdings in shares of Accenture by 14.1% in the third quarter. Harbour Investments Inc. now owns 1,143 shares of the information technology services provider’s stock valued at $404,000 after buying an additional 141 shares during the last quarter. CIBC Asset Management Inc grew its holdings in shares of Accenture by 8.1% during the third quarter. CIBC Asset Management Inc now owns 111,561 shares of the information technology services provider’s stock worth $39,411,000 after buying an additional 8,338 shares during the last quarter. Signature Estate & Investment Advisors LLC acquired a new position in Accenture in the 3rd quarter valued at about $305,000. Finally, Empowered Funds LLC lifted its position in Accenture by 6.9% during the 3rd quarter. Empowered Funds LLC now owns 23,389 shares of the information technology services provider’s stock worth $8,268,000 after acquiring an additional 1,502 shares during the period. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Angie Y. Park sold 685 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $354.38, for a total value of $242,750.30. Following the sale, the chief financial officer now directly owns 8,674 shares of the company’s stock, valued at approximately $3,073,892.12. This trade represents a 7.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Melissa A. Burgum sold 232 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $394.46, for a total transaction of $91,514.72. Following the transaction, the chief accounting officer now directly owns 8,915 shares of the company’s stock, valued at $3,516,610.90. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 22,280 shares of company stock valued at $8,316,190. Company insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ACN. UBS Group upped their price target on Accenture from $450.00 to $455.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Piper Sandler dropped their target price on Accenture from $429.00 to $396.00 and set an “overweight” rating on the stock in a research report on Friday. Jefferies Financial Group reduced their price target on Accenture from $385.00 to $355.00 and set a “hold” rating for the company in a report on Tuesday, January 21st. BMO Capital Markets increased their price objective on Accenture from $390.00 to $425.00 and gave the stock a “market perform” rating in a research report on Friday, December 20th. Finally, StockNews.com lowered shares of Accenture from a “buy” rating to a “hold” rating in a research report on Tuesday, March 11th. Nine equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, Accenture presently has an average rating of “Moderate Buy” and an average target price of $387.52.

Accenture Stock Up 0.4 %

Shares of NYSE:ACN opened at $318.28 on Friday. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $199.17 billion, a P/E ratio of 26.70, a P/E/G ratio of 3.23 and a beta of 1.24. Accenture plc has a 52-week low of $278.69 and a 52-week high of $398.35. The stock’s fifty day simple moving average is $363.01 and its 200-day simple moving average is $358.10.

Accenture (NYSE:ACN) last released its earnings results on Thursday, December 19th. The information technology services provider reported $3.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.43 by $0.16. The company had revenue of $17.69 billion for the quarter, compared to analyst estimates of $17.15 billion. Accenture had a net margin of 11.41% and a return on equity of 26.91%. The firm’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the firm earned $3.27 EPS. As a group, equities research analysts forecast that Accenture plc will post 12.73 earnings per share for the current fiscal year.

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.