Truist Financial Lowers Accolade (NASDAQ:ACCD) Price Target to $9.00

Accolade (NASDAQ:ACCD) had its target price reduced by Truist Financial from $14.00 to $9.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued research reports about the stock. Stifel Nicolaus cut their price objective on shares of Accolade from $15.00 to $13.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Guggenheim lowered their target price on shares of Accolade from $17.00 to $13.00 and set a buy rating on the stock in a report on Wednesday, May 8th. Morgan Stanley lowered their target price on shares of Accolade from $13.00 to $12.00 and set an equal weight rating on the stock in a report on Friday, April 26th. Needham & Company LLC reiterated a buy rating and issued a $13.00 price objective on shares of Accolade in a report on Monday, June 24th. Finally, Wells Fargo & Company decreased their price objective on shares of Accolade from $12.00 to $10.00 and set an equal weight rating on the stock in a report on Tuesday, April 30th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Accolade presently has a consensus rating of Moderate Buy and an average price target of $11.65.

Accolade Stock Performance

Shares of ACCD opened at $3.54 on Friday. The firm’s 50 day moving average price is $7.09 and its two-hundred day moving average price is $9.66. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.80 and a current ratio of 2.80. The firm has a market cap of $283.24 million, a P/E ratio of -3.05 and a beta of 2.00. Accolade has a twelve month low of $3.48 and a twelve month high of $15.36.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.13. The business 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 20.30%. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.52) earnings per share. On average, analysts forecast that Accolade will post -1.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Colin Mchugh sold 5,543 shares of the company’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total transaction of $36,694.66. Following the completion of the sale, the chief accounting officer now 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 available at the SEC website. Insiders sold 14,303 shares of company stock valued at $100,342 over the last quarter. 8.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ACCD. ARK Investment Management LLC increased its stake in shares of Accolade by 12.6% in the fourth quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock valued at $81,731,000 after buying an additional 762,685 shares during the period. Vanguard Group Inc. increased its stake in shares of Accolade by 1.4% in the first quarter. Vanguard Group Inc. now owns 5,403,256 shares of the company’s stock valued at $56,626,000 after buying an additional 77,044 shares during the period. Bellevue Group AG increased its stake in shares of Accolade by 6.6% in the first quarter. Bellevue Group AG now owns 4,804,514 shares of the company’s stock valued at $50,351,000 after buying an additional 297,110 shares during the period. Rock Springs Capital Management LP increased its stake in shares of Accolade by 3.3% in the third quarter. Rock Springs Capital Management LP now owns 2,913,000 shares of the company’s stock valued at $30,820,000 after buying an additional 93,000 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Accolade by 2.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,921,676 shares of the company’s stock valued at $23,083,000 after buying an additional 50,311 shares during the period. 84.99% of the stock is currently owned by institutional investors.

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.