Accolade, Inc. (NASDAQ: ACCD) is set to release its earnings results on Wednesday, October 4th after the market closes. Analysts are anticipating that the company will report earnings of ($0.56) per share for the quarter. Accolade has provided guidance for its fiscal year 2024 at EPS and its second quarter 2024 at EPS.
Accolade is a company that specializes in developing and offering personalized, technology-enabled solutions to help individuals understand, navigate, and utilize their healthcare system and workplace benefits in the United States. Their platform utilizes cloud-based technology and provides multimodal support from a team of health assistants and clinicians, including registered nurses, physicians, pharmacists, behavioral health specialists, women’s health specialists, case management specialists, expert medical opinion providers, and virtual primary care physicians.
Several major investors have recently engaged in buying and selling shares of Accolade. California State Teachers Retirement System saw a 1.5% increase in its stake during the second quarter, now owning 79,596 shares of the company’s stock valued at $1,072,000 after acquiring an additional 1,147 shares in the last quarter.
Nuveen Asset Management LLC also boosted its position in Accolade by 41.3% during the same period with ownership of 1,165,059 shares valued at $15,693,000 after acquiring an additional 340,737 shares.
XTX Topco Ltd entered a new position with Accolade during the second quarter with a value of approximately $209,000.
Captrust Financial Advisors also acquired a new position with Accolade during this period amounting to around $216,000.
Lastly, Lazard Asset Management LLC experienced a slight increase of 0.9% in its position during the second quarter. The firm now owns 116,520 shares worth $1,569 million after acquiring an additional 1,081 shares in the last quarter. Approximately 73.92% of the stock is owned by institutional investors.
Overall, Accolade’s upcoming earnings report and guidance for FY 2024 will be closely watched by investors interested in the company’s performance. The participation in the conference call can be accessed through the provided link.
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Accolade Releases Strong Quarterly Earnings Results, Future Projections Remain Positive
Accolade (NASDAQ: ACCD), a company dedicated to providing personalized and technology-enabled healthcare solutions in the United States, recently released its quarterly earnings results for the period ending on June 29th. The company’s reported earnings per share (EPS) for the quarter were ($0.52), surpassing the consensus estimate by $0.10. Additionally, Accolade’s revenue for the quarter stood at $93.20 million, beating analysts’ predictions of $90.82 million.
Despite these positive outcomes, Accolade experienced a negative net margin of 41.86% and a negative return on equity of 32.34%. Nevertheless, it is noteworthy that the firm’s quarterly revenue showed a 9.0% increase compared to the same period last year when EPS was ($0.62).
Analyzing future projections, analysts predict that Accolade will post an EPS of $-2 for the current fiscal year and $-1 for the next fiscal year.
Examining stock performance, shares of NASDAQ: ACCD opened at $10.45 on Wednesday with a market capitalization of approximately $790.33 million. The company currently has a P/E ratio of -4.84 and a beta of 1.74 – reflecting its volatility compared to the market as a whole.
It should be noted that Accolade’s stock price has fluctuated between its 1-year low of $6.83 and its 1-year high of $17.00. These significant variations in share value may intrigue investors looking for potential opportunities within the healthcare sector.
Further analysis reveals that Accolade possesses strong financial health indicated by a current ratio and quick ratio both standing at 3.09 – highlighting the company’s ability to meet short-term obligations effectively.
Accolade stands out for its unique approach to healthcare by leveraging cloud-based technology and engaging a team of health assistants and clinicians to support individuals in understanding, navigating, and utilizing the healthcare system and workplace benefits. These specialized personnel include registered nurses, physician medical directors, pharmacists, behavioral health specialists, women’s health specialists, case management specialists, expert medical opinion providers, and virtual primary care physicians.
Multiple analysts have offered insight into Accolade’s prospects within the market. Credit Suisse Group raised their price objective on the company from $13.00 to $15.00 and assigned a “neutral” rating. Stephens reissued an “overweight” rating with a $18.00 price objective. Wells Fargo & Company also increased their price target from $13.00 to $14.00 while providing an “equal weight” rating.
Moreover, Guggenheim raised its price objective from $18.00 to $19.00 and Stifel Nicolaus upped their price target from $15.00 to $17.00 as they both maintained a positive “buy” rating for Accolade.
In total, five analysts hold a hold rating on the stock while ten analysts recommend buying shares in Accolade.
Taking into account these assessments by industry experts, it is worth noting that Bloomberg recognizes Accolade for having an average rating of “Moderate Buy,” along with a consensus target price of approximately $15.59.
In conclusion, Accolade’s recent quarterly earnings report showcased several positive outcomes concerning EPS and revenue surpassing consensus estimates despite experiencing negative net margins and return on equity percentages during the period examined.
The aforementioned financial performance coupled with Accolade’s unique platform offering personalized healthcare solutions places the company in an advantageous position within the United States healthcare sector.
Although it is crucial for investors to conduct thorough analysis before making any investment decisions, recommendations from multiple reputable analysts further enhance potential interest in investing in Accolade as reflected by its stock ratings and target prices issued by various financial institutions.+
