Wells Fargo & Company Lowers Accolade (NASDAQ:ACCD) Price Target to $6.00

Accolade (NASDAQ:ACCD) had its price objective reduced by analysts at Wells Fargo & Company from $7.00 to $6.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 59.15% from the stock’s current price.

A number of other research analysts have also recently issued reports on ACCD. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 target price on shares of Accolade in a report on Monday. Truist Financial dropped their price objective on Accolade from $9.00 to $7.50 and set a “buy” rating for the company in a research note on Wednesday. Barclays lowered their target price on Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday. Canaccord Genuity Group cut their price target on Accolade from $13.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Stephens lowered their price objective on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.04.

Accolade Stock Down 2.6 %

ACCD opened at $3.77 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.72 and a quick ratio of 2.80. Accolade has a 12 month low of $3.35 and a 12 month high of $15.36. The stock has a market capitalization of $303.64 million, a P/E ratio of -3.65 and a beta of 1.99. The business has a 50 day simple moving average of $4.01 and a 200-day simple moving average of $5.78.

Accolade (NASDAQ:ACCD) last released its earnings results on Tuesday, October 8th. The company reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.14. Accolade had a negative return on equity of 18.43% and a negative net margin of 18.16%. The company had revenue of $106.40 million during the quarter, compared to the consensus estimate of $104.87 million. During the same quarter last year, the company earned ($0.43) earnings per share. Accolade’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities analysts anticipate that Accolade will post -1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Accolade

Several hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in shares of Accolade during the 2nd quarter valued at about $43,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Accolade by 22.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,373 shares of the company’s stock worth $73,000 after buying an additional 3,789 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Accolade during the first quarter worth about $87,000. The Manufacturers Life Insurance Company increased its stake in Accolade by 13.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,160 shares of the company’s stock worth $104,000 after purchasing an additional 3,416 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in shares of Accolade in the second quarter worth $150,000. Institutional investors and hedge funds own 84.99% of the company’s stock.

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.