As of May 8, 2023, Accenture (NYSE:ACN) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report. This recent upgrade comes after the information technology service provider released its earnings results on Thursday, March 23rd. The quarter’s earnings per share were reported at $2.69, exceeding analysts’ consensus estimates of $2.49 by $0.20.
In addition to beating estimates, Accenture impressed with its high return on equity and net margin of 30.73% and 11%, respectively. Moreover, the company’s revenue for the quarter amounted to $15.81 billion, exceeding analysts’ previous expectations of $15.59 billion.
Further analysis reveals that this quarter marks a significant increase in revenue when compared to the same quarter last year—a promising sign of sustained growth for the powerhouse IT services company.
Founded in 1989 and currently headquartered in Dublin, Ireland, Accenture Plc provides management consulting, technology, and outsourcing services to clients worldwide.
The company operates through three distinct geographic segments: North America, Europe, and Growth Markets.
This upgrade is a positive sign for shareholders who have been riding along with an extended period of consistent growth from Accenture over the past few quarters. And looking ahead, equities analysts predict that Accenture will post an impressive earnings per share estimate of 11.57 for this current fiscal year—an encouraging forecast for investors who believe in this world-renowned IT solutions brand.
In summary—Accenture has proven itself as a powerful player in its industry and continues to drive innovation forward with its wide array of offerings. An upgrade like this latest one from StockNews.com can only serve to bolster investor confidence even more moving forward with this dynamic company poised for continued success well into the future.
Accenture Receives Moderate Buy Rating with Consensus Price Target of $314.00
Accenture Receives “Moderate Buy” Rating with Consensus Price Target of $314.00
Accenture Plc, a leading provider of management consulting, technology, and outsourcing services, has recently received a “Moderate Buy” rating from Bloomberg.com based on data collected on May 8th, 2023. This coveted rating is based on strong endorsements from various research analysts who have recently provided their opinions on the company.
Wedbush and Citigroup gave Accenture a “buy” rating with price targets of $300.00 and $310.00 respectively, while JPMorgan Chase & Co upgraded their rating from “overweight” to “buy,” stating that they expect the stock to reach $314.00 in the near future. In contrast, Morgan Stanley cut their price target from $340.00 to $325.00 but still provided an “overweight” rating for Accenture shares.
Despite this broad range of recommendations and opinions, investors remain optimistic about Accenture’s future as evidenced by its recent trading activity. As of May 8th, 2023, the stock had reached a twelve month high of $322.88.
Furthermore, large institutional investors continue to support Accenture with many recent purchases adding to their stakes in the company. According to reports found on Bloomberg.com as of May 8th, new positions in Accenture were taken by Affiance Financial LLC ($25K), My Personal CFO LLC ($27k), Mizuho Securities Co Ltd ($27K), Ten Capital Wealth Advisors LLC who raised their holdings by over 60%, and EWG Elevate Inc ($32K).
While some insiders have sold off portions of their holdings recently – Joel Unruch sold 556 shares at an average price of $276.82 – overall confidence remains strong among those invested in Accenture. For instance, insider Ellyn Shook sold only 5,250 shares of her stake compared to the more than 15,000 sold by other insiders.
In terms of actual performance, Accenture has a market capitalization of $167.86 billion with a price-to-earnings-growth ratio of 2.50 and a beta of 1.25. This impressive company continues to operate across North America and Europe in Growth Markets – segments in which Accenture excels. Accenture’s success does not come as a surprise since it is headquartered in Dublin, Ireland where it was founded back in 1989.
Despite pushback from some analysts and insiders selling off portions of their holding, it appears that Accenture still holds promise for those looking to invest in the long-term future of this successful consulting firm.