ARK Investment Management LLC Raises Stock Position in Accolade, Inc. (NASDAQ:ACCD)

ARK Investment Management LLC lifted its holdings in Accolade, Inc. (NASDAQ:ACCD) by 12.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,805,208 shares of the company’s stock after buying an additional 762,685 shares during the quarter. ARK Investment Management LLC owned approximately 8.79% of Accolade worth $81,731,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ACCD. MetLife Investment Management LLC grew its position in shares of Accolade by 58.5% in the 1st quarter. MetLife Investment Management LLC now owns 28,794 shares of the company’s stock worth $506,000 after buying an additional 10,627 shares during the period. Panagora Asset Management Inc. purchased a new stake in shares of Accolade in the 1st quarter worth about $942,000. Rhumbline Advisers grew its position in shares of Accolade by 6.7% in the 1st quarter. Rhumbline Advisers now owns 52,869 shares of the company’s stock worth $928,000 after buying an additional 3,312 shares during the period. BlackRock Inc. grew its position in shares of Accolade by 6.9% in the 1st quarter. BlackRock Inc. now owns 3,730,360 shares of the company’s stock worth $65,503,000 after buying an additional 241,048 shares during the period. Finally, Bridgewater Associates LP grew its position in shares of Accolade by 31.5% in the 1st quarter. Bridgewater Associates LP now owns 79,586 shares of the company’s stock worth $1,398,000 after buying an additional 19,074 shares during the period. 84.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Barclays assumed coverage on shares of Accolade in a research note on Wednesday, January 3rd. They issued an “equal weight” rating and a $13.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $17.00 price target on shares of Accolade in a research note on Friday, January 19th. Wells Fargo & Company upped their price target on shares of Accolade from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 9th. William Blair restated an “outperform” rating on shares of Accolade in a research note on Tuesday, January 9th. Finally, Piper Sandler upped their target price on shares of Accolade from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $15.67.

Insider Buying and Selling

In related news, CEO Rajeev Singh sold 21,530 shares of the stock in a transaction that occurred on Thursday, January 11th. The shares were sold at an average price of $15.02, for a total value of $323,380.60. Following the completion of the sale, the chief executive officer now directly owns 742,162 shares of the company’s stock, valued at approximately $11,147,273.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last ninety days, insiders sold 65,370 shares of company stock valued at $953,666. 8.30% of the stock is owned by corporate insiders.

Accolade Price Performance

Shares of NASDAQ:ACCD opened at $9.99 on Thursday. The firm’s 50 day moving average price is $11.08 and its 200-day moving average price is $10.17. Accolade, Inc. has a twelve month low of $6.33 and a twelve month high of $17.00. The company has a quick ratio of 2.35, a current ratio of 2.35 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $773.31 million, a PE ratio of -6.05 and a beta of 2.08.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings data on Monday, January 8th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.17. Accolade had a negative net margin of 31.59% and a negative return on equity of 27.27%. The firm had revenue of $99.37 million for the quarter, compared to analysts’ expectations of $96.16 million. During the same quarter in the prior year, the business earned ($0.56) EPS. The business’s quarterly revenue was up 9.3% on a year-over-year basis. Equities research analysts expect that Accolade, Inc. will post -1.38 EPS for the current year.

Accolade Company Profile

Accolade, Inc, together with its subsidiaries, engages in the development and provision of personalized and technology-enabled solutions that help people to understand, navigate, and utilize the healthcare system and their workplace benefits in the United States. The company offers a platform with cloud-based technology and multimodal support from a team of health assistants and clinicians, including 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.