Pinnacle West Asset Management Inc. Invests $211,000 in Accenture plc (NYSE:ACN)

Pinnacle West Asset Management Inc. acquired a new stake in shares of Accenture plc (NYSE:ACN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 600 shares of the information technology services provider’s stock, valued at approximately $211,000.

Several other hedge funds have also added to or reduced their stakes in ACN. Baldwin Wealth Partners LLC MA boosted its stake in Accenture by 6.5% in the 4th quarter. Baldwin Wealth Partners LLC MA now owns 63,429 shares of the information technology services provider’s stock worth $22,314,000 after purchasing an additional 3,883 shares in the last quarter. Davidson Trust Co. lifted its stake in shares of Accenture by 7.4% in the fourth quarter. Davidson Trust Co. now owns 2,307 shares of the information technology services provider’s stock worth $812,000 after buying an additional 158 shares in the last quarter. Schrum Private Wealth Management LLC grew its holdings in shares of Accenture by 78.6% during the third quarter. Schrum Private Wealth Management LLC now owns 11,448 shares of the information technology services provider’s stock valued at $4,047,000 after buying an additional 5,038 shares during the last quarter. MQS Management LLC purchased a new position in Accenture in the 3rd quarter worth approximately $1,040,000. Finally, Concurrent Investment Advisors LLC lifted its position in Accenture by 70.6% in the 3rd quarter. Concurrent Investment Advisors LLC now owns 35,591 shares of the information technology services provider’s stock valued at $12,581,000 after acquiring an additional 14,724 shares in the last quarter. 75.14% of the stock is owned by institutional investors.

Accenture Trading Down 0.2 %

Shares of Accenture stock opened at $363.22 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.47 and a current ratio of 1.47. The company has a fifty day moving average of $367.73 and a 200 day moving average of $357.32. The company has a market capitalization of $227.30 billion, a P/E ratio of 30.47, a P/E/G ratio of 3.23 and a beta of 1.24. Accenture plc has a fifty-two week low of $278.69 and a fifty-two week high of $398.35.

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, topping the consensus estimate of $3.43 by $0.16. Accenture had a return on equity of 26.91% and a net margin of 11.41%. The firm had revenue of $17.69 billion during the quarter, compared to analysts’ expectations of $17.15 billion. During the same quarter last year, the business posted $3.27 earnings per share. The firm’s revenue was up 9.0% on a year-over-year basis. On average, sell-side analysts anticipate that Accenture plc will post 12.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on ACN. Robert W. Baird restated a “neutral” rating and issued a $370.00 price target on shares of Accenture in a research note on Tuesday, December 3rd. UBS Group boosted their target price on Accenture from $450.00 to $455.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Piper Sandler raised their price target on shares of Accenture from $422.00 to $429.00 and gave the company an “overweight” rating in a report on Thursday, December 19th. BMO Capital Markets increased their price objective on shares of Accenture from $390.00 to $425.00 and gave the company a “market perform” rating in a research report on Friday, December 20th. Finally, StockNews.com raised shares of Accenture from a “hold” rating to a “buy” rating in a research report on Monday, January 13th. Eight analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Accenture presently has a consensus rating of “Moderate Buy” and an average target price of $387.22.

Insider Transactions at Accenture

In related news, insider Angela Beatty sold 375 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $358.50, for a total value of $134,437.50. Following the completion of the transaction, the insider now directly owns 5,149 shares of the company’s stock, valued at approximately $1,845,916.50. This trade represents a 6.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Julie Spellman Sweet sold 8,793 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $394.47, for a total transaction of $3,468,574.71. Following the transaction, the chief executive officer now owns 11,858 shares of the company’s stock, valued at $4,677,625.26. This trade represents a 42.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,280 shares of company stock valued at $8,316,190. 0.02% of the stock is currently owned by corporate insiders.

Accenture Company Profile

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.