Clearline Capital LP Purchases 708,794 Shares of Accolade, Inc. (NASDAQ:ACCD)

Clearline Capital LP raised its position in shares of Accolade, Inc. (NASDAQ:ACCD) by 85.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,539,578 shares of the company’s stock after purchasing an additional 708,794 shares during the period. Clearline Capital LP owned about 1.91% of Accolade worth $5,927,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ACCD. Whetstone Capital Advisors LLC purchased a new position in shares of Accolade in the 3rd quarter worth approximately $3,842,000. Cubist Systematic Strategies LLC grew its holdings in Accolade by 273.4% in the second quarter. Cubist Systematic Strategies LLC now owns 260,040 shares of the company’s stock worth $931,000 after purchasing an additional 190,396 shares during the last quarter. Acadian Asset Management LLC acquired a new position in shares of Accolade during the second quarter worth $1,229,000. Johnson Financial Group LLC purchased a new stake in shares of Accolade during the 3rd quarter valued at $1,642,000. Finally, Algert Global LLC boosted its position in shares of Accolade by 153.5% in the 2nd quarter. Algert Global LLC now owns 354,119 shares of the company’s stock worth $1,268,000 after purchasing an additional 214,441 shares in the last quarter. 84.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Truist Financial reduced their target price on Accolade from $9.00 to $7.50 and set a “buy” rating on the stock in a research report on Wednesday, October 9th. Barclays cut their price target on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 9th. Stephens lowered their price objective on shares of Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Wells Fargo & Company cut their target price on Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday, October 11th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price target on shares of Accolade in a research report on Monday, October 7th. Three analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.04.

Accolade Trading Up 2.9 %

Shares of NASDAQ:ACCD opened at $3.86 on Monday. The company has a market capitalization of $310.87 million, a PE ratio of -3.75 and a beta of 2.02. Accolade, Inc. has a 12-month low of $3.08 and a 12-month high of $15.36. The business has a 50 day moving average of $3.61 and a two-hundred day moving average of $4.43. The company has a current ratio of 2.72, a quick ratio of 2.72 and a debt-to-equity ratio of 0.49.

Accolade (NASDAQ:ACCD) last released its quarterly earnings results on Tuesday, October 8th. The company reported ($0.30) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.14. Accolade had a negative net margin of 18.16% and a negative return on equity of 18.43%. The company had revenue of $106.40 million for the quarter, compared to analyst estimates of $104.87 million. During the same quarter last year, the business earned ($0.43) earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. As a group, analysts forecast that Accolade, Inc. will post -0.92 EPS for the current year.

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 intelligent technology and multimodal support from a team of advocates and clinicians, including registered nurses, physician medical directors, pharmacists, behavioral health specialists, women’s health specialists, case management specialists, expert medical opinion providers, and primary care physicians.