Cantor Fitzgerald Reaffirms Buy Rating for Accenture (ACN)

Cantor Fitzgerald reaffirmed their buy rating on shares of Accenture (NYSE:ACN) in a research note published on Thursday morning. The brokerage currently has a $193.00 target price on the information technology services provider’s stock.

“: We maintain our Overweight rating on Accenture and our PT of $193. The company, in our view, is positioned to continue to post solid growth in Digital services, an important contributor to aggregate growth. The “New” includes Digital plus Cloud and Security and has been growing by close to 30% annually to over half of revenues. The prior period (4QFY18) saw double-digit constant currency (cc) growth for the fourth quarter in a row, with strength in the Tech vertical and across all verticals. Investor focus for the quarter will be on FY19 guidance updates and recent acquisitions.”,” the firm’s analyst wrote.

A number of other equities analysts have also weighed in on the company. Zacks Investment Research raised Accenture from a hold rating to a buy rating and set a $176.00 price objective for the company in a research note on Monday, December 10th. Moffett Nathanson assumed coverage on Accenture in a research note on Thursday, October 4th. They issued a buy rating and a $200.00 price objective for the company. SunTrust Banks upped their price objective on Accenture to $178.00 and gave the stock a hold rating in a research note on Monday, October 1st. Argus reaffirmed a buy rating on shares of Accenture in a research note on Monday, October 1st. Finally, BMO Capital Markets upped their price objective on Accenture to $180.00 and gave the stock a market perform rating in a research note on Friday, September 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Accenture has a consensus rating of Buy and a consensus price target of $177.39.

NYSE ACN opened at $155.53 on Thursday. The stock has a market capitalization of $103.31 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 2.09 and a beta of 1.01. Accenture has a twelve month low of $146.05 and a twelve month high of $175.64.

Accenture (NYSE:ACN) last released its quarterly earnings data on Thursday, September 27th. The information technology services provider reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.02. The firm had revenue of $10.15 billion during the quarter, compared to analyst estimates of $10.01 billion. Accenture had a return on equity of 41.92% and a net margin of 9.76%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.48 earnings per share. On average, research analysts forecast that Accenture will post 7.2 EPS for the current year.

In related news, CEO Pierre Nanterme sold 30,117 shares of the stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $173.45, for a total transaction of $5,223,793.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Johan Deblaere sold 5,000 shares of the stock in a transaction that occurred on Monday, October 1st. The shares were sold at an average price of $173.43, for a total value of $867,150.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,717 shares of company stock valued at $13,041,890. 0.21% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Accenture by 1.5% during the third quarter. Vanguard Group Inc. now owns 53,259,800 shares of the information technology services provider’s stock valued at $9,064,818,000 after purchasing an additional 770,904 shares during the period. Vanguard Group Inc raised its position in Accenture by 1.5% during the third quarter. Vanguard Group Inc now owns 53,259,800 shares of the information technology services provider’s stock valued at $9,064,818,000 after purchasing an additional 770,904 shares during the period. BlackRock Inc. raised its position in Accenture by 2.0% during the second quarter. BlackRock Inc. now owns 43,175,666 shares of the information technology services provider’s stock valued at $7,063,106,000 after purchasing an additional 826,900 shares during the period. Bank of New York Mellon Corp raised its position in Accenture by 115,500.5% during the third quarter. Bank of New York Mellon Corp now owns 10,222,554 shares of the information technology services provider’s stock valued at $1,739,880,000 after purchasing an additional 10,213,711 shares during the period. Finally, Northern Trust Corp raised its position in Accenture by 2.6% during the second quarter. Northern Trust Corp now owns 9,808,588 shares of the information technology services provider’s stock valued at $1,604,587,000 after purchasing an additional 246,828 shares during the period. 70.68% of the stock is owned by institutional investors.

About Accenture

Accenture plc provides consulting, technology, and outsourcing services in Ireland and internationally. Its Communications, Media & Technology segment provides professional services that help clients accelerate and deliver digital transformation, develop industry-specific solutions, and enhance efficiencies and business results for communications, media, high tech, software, and platform companies.

Read More: Rule of 72

Analyst Recommendations for Accenture (NYSE:ACN)

Receive News & Ratings for Accenture Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Accenture and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit