Rialto Wealth Management LLC Takes $70,000 Position in Accenture plc (NYSE:ACN)

Rialto Wealth Management LLC acquired a new stake in shares of Accenture plc (NYSE:ACN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 200 shares of the information technology services provider’s stock, valued at approximately $70,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Morse Asset Management Inc purchased a new position in shares of Accenture in the 3rd quarter worth approximately $25,000. FPC Investment Advisory Inc. boosted its stake in Accenture by 62.2% in the fourth quarter. FPC Investment Advisory Inc. now owns 73 shares of the information technology services provider’s stock valued at $28,000 after acquiring an additional 28 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Accenture in the third quarter worth $30,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Accenture during the 4th quarter valued at $30,000. Finally, POM Investment Strategies LLC boosted its position in shares of Accenture by 64.2% in the 4th quarter. POM Investment Strategies LLC now owns 87 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 75.14% of the company’s stock.

Accenture Price Performance

NYSE:ACN opened at $341.68 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.47 and a quick ratio of 1.47. The company has a 50 day moving average price of $365.74 and a 200-day moving average price of $358.46. Accenture plc has a 1-year low of $278.69 and a 1-year high of $398.35. The firm has a market cap of $213.82 billion, a price-to-earnings ratio of 28.66, a price-to-earnings-growth ratio of 3.23 and a beta of 1.24.

Accenture (NYSE:ACN) last released its quarterly earnings data on Thursday, December 19th. The information technology services provider reported $3.59 earnings per share for the quarter, beating analysts’ consensus estimates of $3.43 by $0.16. Accenture had a net margin of 11.41% and a return on equity of 26.91%. The company had revenue of $17.69 billion during the quarter, compared to analysts’ expectations of $17.15 billion. During the same quarter in the previous year, the company earned $3.27 earnings per share. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. Equities research analysts forecast that Accenture plc will post 12.73 EPS for the current year.

Insiders Place Their Bets

In other Accenture news, CEO Julie Spellman Sweet sold 8,793 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $394.47, for a total transaction of $3,468,574.71. Following the transaction, the chief executive officer now directly owns 11,858 shares of the company’s stock, valued at $4,677,625.26. This trade represents a 42.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 directly owns 5,149 shares of the company’s stock, valued at $1,845,916.50. This represents a 6.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,280 shares of company stock worth $8,316,190. 0.02% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on ACN. Jefferies Financial Group decreased their price target on Accenture from $385.00 to $355.00 and set a “hold” rating for the company in a research note on Tuesday, January 21st. Wolfe Research raised shares of Accenture from a “peer perform” rating to an “outperform” rating and set a $425.00 price objective for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. boosted their target price on shares of Accenture from $370.00 to $396.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Stifel Nicolaus decreased their price target on shares of Accenture from $390.00 to $380.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Finally, Morgan Stanley upped their target price on Accenture from $335.00 to $380.00 and gave the company an “equal weight” rating in a research report on Friday, January 31st. Eight equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $388.96.

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.