Accolade (NASDAQ:ACCD) Price Target Cut to $13.00

Accolade (NASDAQ:ACCD) had its target price lowered by Canaccord Genuity Group from $16.00 to $13.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective points to a potential upside of 263.13% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Morgan Stanley decreased their price objective on shares of Accolade from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Friday, April 26th. Guggenheim dropped their price target on Accolade from $17.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $13.00 target price on shares of Accolade in a research note on Monday, June 24th. Barclays reduced their price target on Accolade from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Friday, April 26th. Finally, Truist Financial reduced their target price on Accolade from $16.00 to $14.00 and set a “buy” rating for the company in a report on Friday, April 26th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Accolade presently has an average rating of “Moderate Buy” and a consensus price target of $11.89.

Accolade Stock Down 44.0 %

ACCD stock opened at $3.58 on Friday. The company’s 50 day moving average is $7.09 and its two-hundred day moving average is $9.66. The stock has a market cap of $286.44 million, a P/E ratio of -3.09 and a beta of 2.10. Accolade has a twelve month low of $3.52 and a twelve month high of $15.36. The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.47.

Accolade (NASDAQ:ACCD) last issued its earnings results on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.13. The company had revenue of $110.50 million for the quarter, compared to analyst estimates of $105.22 million. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.26%. The business’s revenue was up 18.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.52) EPS. Research analysts expect that Accolade will post -1.23 earnings per share for the current fiscal year.

Insider Activity at Accolade

In other Accolade news, CAO Colin Mchugh sold 5,543 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total value of $36,694.66. Following the completion of the sale, the chief accounting officer now directly owns 50,177 shares of the company’s stock, valued at $332,171.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last three months, insiders sold 14,746 shares of company stock valued at $104,586. 8.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Accolade

Large investors have recently added to or reduced their stakes in the business. Swiss National Bank increased its holdings in shares of Accolade by 1.7% in the first quarter. Swiss National Bank now owns 137,500 shares of the company’s stock worth $1,441,000 after buying an additional 2,300 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Accolade by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after acquiring an additional 2,586 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Accolade by 39.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock worth $199,000 after acquiring an additional 4,656 shares during the period. AJOVista LLC purchased a new position in shares of Accolade during the 4th quarter worth approximately $68,000. Finally, Allspring Global Investments Holdings LLC bought a new stake in shares of Accolade in the 1st quarter worth approximately $87,000. Institutional investors own 84.99% of the company’s stock.

About Accolade

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.