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

Envestnet Portfolio Solutions Inc. decreased its position in shares of Accenture plc (NYSE:ACN) by 1.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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.

Other institutional investors have also recently made changes to their positions in the company. Swedbank AB boosted its position in Accenture by 16.6% during the third 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 in the last quarter. Harbour Investments Inc. raised its stake in shares of Accenture by 14.1% during the 3rd quarter. Harbour Investments Inc. now owns 1,143 shares of the information technology services provider’s stock worth $404,000 after buying an additional 141 shares during the period. CIBC Asset Management Inc lifted its position in shares of Accenture by 8.1% during the 3rd quarter. CIBC Asset Management Inc now owns 111,561 shares of the information technology services provider’s stock valued at $39,411,000 after buying an additional 8,338 shares in the last quarter. Signature Estate & Investment Advisors LLC acquired a new stake in Accenture in the 3rd quarter valued at $305,000. Finally, Empowered Funds LLC increased its holdings in Accenture by 6.9% in 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 in the last quarter. 75.14% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

ACN has been the topic of several research analyst reports. Stifel Nicolaus dropped their target price on shares of Accenture from $390.00 to $380.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. UBS Group boosted their price objective on Accenture from $450.00 to $455.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Robert W. Baird restated a “neutral” rating and issued a $370.00 target price on shares of Accenture in a research report on Tuesday, December 3rd. The Goldman Sachs Group upgraded Accenture from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $370.00 to $420.00 in a research report on Friday, December 6th. Finally, Wolfe Research upgraded Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 8th. Nine research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $387.52.

Accenture Price Performance

NYSE:ACN opened at $318.28 on Friday. Accenture plc has a 52 week low of $278.69 and a 52 week high of $398.35. The stock’s fifty day moving average is $363.01 and its two-hundred day moving average is $358.10. 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. The company has a quick ratio of 1.47, a current ratio of 1.47 and a debt-to-equity ratio of 0.17.

Accenture (NYSE:ACN) last issued its quarterly earnings data on Thursday, December 19th. The information technology services provider reported $3.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.43 by $0.16. The firm 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%. Accenture’s revenue was up 9.0% on a year-over-year basis. During the same period in the previous year, the firm earned $3.27 EPS. Equities analysts expect that Accenture plc will post 12.73 EPS for the current year.

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.