1ST Source Bank Raises Stock Position in Accenture plc (NYSE:ACN)

1ST Source Bank grew its holdings in shares of Accenture plc (NYSE:ACN) by 3.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,554 shares of the information technology services provider’s stock after purchasing an additional 48 shares during the period. 1ST Source Bank’s holdings in Accenture were worth $547,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ACN. Morse Asset Management Inc purchased a new stake in shares of Accenture during the third quarter worth approximately $25,000. FPC Investment Advisory Inc. increased its stake in shares of Accenture by 62.2% during the fourth quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider’s stock worth $28,000 after buying an additional 28 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in shares of Accenture during the third quarter worth approximately $30,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Accenture during the fourth quarter worth approximately $30,000. Finally, POM Investment Strategies LLC increased its stake in shares of Accenture by 64.2% during the fourth quarter. POM Investment Strategies LLC now owns 87 shares of the information technology services provider’s stock worth $31,000 after buying an additional 34 shares during the period. 75.14% of the stock is currently owned by hedge funds and other institutional investors.

Accenture Trading Up 2.3 %

Shares of ACN opened at $326.25 on Tuesday. The firm’s 50-day moving average is $362.51 and its two-hundred day moving average is $358.14. The firm has a market capitalization of $204.16 billion, a P/E ratio of 27.37, a PEG ratio of 3.23 and a beta of 1.24. Accenture plc has a twelve month low of $278.69 and a twelve month high of $398.35. The company has a current ratio of 1.47, a quick ratio of 1.47 and a debt-to-equity ratio of 0.17.

Accenture (NYSE:ACN) last released its quarterly earnings results on Thursday, December 19th. The information technology services provider reported $3.59 EPS for the quarter, beating the consensus estimate of $3.43 by $0.16. The business 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%. The company’s quarterly revenue was up 9.0% on a year-over-year basis. During the same period in the prior year, the business earned $3.27 earnings per share. On average, research analysts predict that Accenture plc will post 12.73 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ACN. Piper Sandler lowered their price target on Accenture from $429.00 to $396.00 and set an “overweight” rating for the company in a report on Friday. Stifel Nicolaus cut their price objective on shares of Accenture from $390.00 to $380.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Wolfe Research raised shares of Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 price target for the company in a research report on Wednesday, January 8th. BMO Capital Markets boosted their price target 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, UBS Group boosted their price target on shares of Accenture from $450.00 to $455.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Accenture presently has an average rating of “Moderate Buy” and an average price target of $388.04.

Insider Activity

In related news, CAO Melissa A. Burgum sold 1,487 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $354.54, for a total transaction of $527,200.98. Following the transaction, the chief accounting officer now owns 9,247 shares of the company’s stock, valued at approximately $3,278,431.38. This represents a 13.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Angela Beatty sold 375 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $358.50, for a total transaction of $134,437.50. Following the transaction, the insider now directly owns 5,149 shares in the company, valued at $1,845,916.50. The trade was a 6.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 22,280 shares of company stock worth $8,316,190 over the last ninety days. 0.02% of the stock is currently owned by insiders.

About Accenture

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.