Berkshire Bank Cuts Stock Position in Accenture plc (NYSE:ACN)

Berkshire Bank decreased its holdings in shares of Accenture plc (NYSE:ACN) by 1.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 10,488 shares of the information technology services provider’s stock after selling 163 shares during the period. Berkshire Bank’s holdings in Accenture were worth $3,236,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Ashburton Jersey Ltd purchased a new stake in shares of Accenture during the first quarter worth about $143,000. Curated Wealth Partners LLC lifted its holdings in shares of Accenture by 3.6% during the second quarter. Curated Wealth Partners LLC now owns 2,029 shares of the information technology services provider’s stock worth $626,000 after purchasing an additional 71 shares during the period. GW Henssler & Associates Ltd. acquired a new stake in shares of Accenture during the first quarter worth about $207,000. Gradient Investments LLC lifted its holdings in shares of Accenture by 1.5% during the second quarter. Gradient Investments LLC now owns 52,557 shares of the information technology services provider’s stock worth $16,218,000 after purchasing an additional 789 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of Accenture by 12.7% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 97,668 shares of the information technology services provider’s stock worth $27,914,000 after purchasing an additional 10,994 shares during the period. Hedge funds and other institutional investors own 70.42% of the company’s stock.

Accenture Price Performance

Shares of ACN stock opened at $315.91 on Tuesday. The company has a market cap of $209.97 billion, a price-to-earnings ratio of 28.16, a PEG ratio of 2.67 and a beta of 1.22. The stock has a 50 day simple moving average of $316.31 and a 200-day simple moving average of $296.37. Accenture plc has a 1-year low of $242.80 and a 1-year high of $330.43.

Accenture (NYSE:ACN) last issued its quarterly earnings results on Thursday, June 22nd. The information technology services provider reported $3.19 EPS for the quarter, topping the consensus estimate of $2.96 by $0.23. Accenture had a return on equity of 30.47% and a net margin of 11.28%. The firm had revenue of $16.56 billion during the quarter, compared to analysts’ expectations of $16.49 billion. During the same period in the previous year, the business earned $2.79 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. Analysts anticipate that Accenture plc will post 11.6 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. JPMorgan Chase & Co. lifted their target price on Accenture from $314.00 to $341.00 and gave the stock an “overweight” rating in a report on Tuesday, August 22nd. TD Cowen lifted their target price on Accenture from $300.00 to $312.00 and gave the stock a “market perform” rating in a report on Tuesday, September 12th. StockNews.com raised Accenture from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Robert W. Baird boosted their price target on Accenture from $316.00 to $332.00 and gave the company a “neutral” rating in a report on Friday, September 8th. Finally, Morgan Stanley boosted their price target on Accenture from $340.00 to $356.00 and gave the company an “overweight” rating in a report on Tuesday, September 12th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $335.25.

Insider Buying and Selling

In related news, insider Ellyn Shook sold 5,250 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $315.00, for a total transaction of $1,653,750.00. Following the completion of the sale, the insider now directly owns 21,958 shares in the company, valued at $6,916,770. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Accenture news, insider Ellyn Shook sold 5,250 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $315.00, for a total value of $1,653,750.00. Following the completion of the sale, the insider now directly owns 21,958 shares in the company, valued at approximately $6,916,770. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Melissa A. Burgum sold 1,344 shares of the company’s stock in a transaction on Monday, June 26th. The shares were sold at an average price of $300.00, for a total value of $403,200.00. Following the completion of the sale, the chief accounting officer now owns 10,506 shares of the company’s stock, valued at $3,151,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,774 shares of company stock worth $8,138,451. 0.08% of the stock is owned by corporate insiders.

Accenture Profile

Accenture plc, a professional services company, provides strategy and consulting, interactive, 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 comprises 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 comprises turnkey analytics and artificial intelligence (AI) solutions; metaverse; and sustainability services.