Cabot Wealth Management Inc. Buys 1,123 Shares of Accenture plc (NYSE:ACN)

Cabot Wealth Management Inc. raised its position in Accenture plc (NYSE:ACN) by 3.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,486 shares of the information technology services provider’s stock after buying an additional 1,123 shares during the quarter. Accenture comprises about 1.5% of Cabot Wealth Management Inc.’s holdings, making the stock its 28th largest position. Cabot Wealth Management Inc.’s holdings in Accenture were worth $11,428,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ACN. Baldwin Wealth Partners LLC MA boosted its stake in Accenture by 6.5% during the fourth quarter. Baldwin Wealth Partners LLC MA now owns 63,429 shares of the information technology services provider’s stock valued at $22,314,000 after buying an additional 3,883 shares during the period. Davidson Trust Co. grew its holdings in shares of Accenture by 7.4% in the fourth quarter. Davidson Trust Co. now owns 2,307 shares of the information technology services provider’s stock worth $812,000 after purchasing an additional 158 shares during the last quarter. Schrum Private Wealth Management LLC increased its holdings in Accenture by 78.6% during the 3rd quarter. Schrum Private Wealth Management LLC now owns 11,448 shares of the information technology services provider’s stock valued at $4,047,000 after purchasing an additional 5,038 shares during the period. MQS Management LLC purchased a new position in shares of Accenture during the third quarter valued at approximately $1,040,000. Finally, Concurrent Investment Advisors LLC boosted its stake in shares of Accenture by 70.6% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 35,591 shares of the information technology services provider’s stock valued at $12,581,000 after purchasing an additional 14,724 shares in the last quarter. Institutional investors own 75.14% of the company’s stock.

Insider Activity at Accenture

In related news, insider Angela Beatty sold 375 shares of the stock in a transaction that occurred on 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 in the company, valued at $1,845,916.50. This represents a 6.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Melissa A. Burgum sold 1,487 shares of Accenture stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $354.54, for a total value of $527,200.98. Following the completion of the sale, the chief accounting officer now directly owns 9,247 shares of the company’s stock, valued at $3,278,431.38. This trade represents a 13.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,280 shares of company stock worth $8,316,190 in the last 90 days. 0.02% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on ACN. The Goldman Sachs Group upgraded Accenture from a “neutral” rating to a “buy” rating and upped their price target for the stock from $370.00 to $420.00 in a research note on Friday, December 6th. Piper Sandler increased their price objective on shares of Accenture from $422.00 to $429.00 and gave the stock an “overweight” rating in a research note on Thursday, December 19th. StockNews.com raised Accenture from a “hold” rating to a “buy” rating in a report on Monday, January 13th. Morgan Stanley boosted 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. Finally, BNP Paribas downgraded shares of Accenture from an “outperform” rating to a “neutral” rating and set a $375.00 price target on the stock. in a research note on Wednesday, October 30th. Eight analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Accenture currently has a consensus rating of “Moderate Buy” and a consensus target price of $387.22.

Accenture Stock Performance

Shares of Accenture stock opened at $364.35 on Friday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.47 and a current ratio of 1.47. The firm has a market cap of $228.00 billion, a PE ratio of 30.57, a price-to-earnings-growth ratio of 3.41 and a beta of 1.24. Accenture plc has a 1 year low of $278.69 and a 1 year high of $398.35. The firm’s 50-day simple moving average is $367.48 and its 200-day simple moving average is $356.38.

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, topping 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 business had revenue of $17.69 billion for the quarter, compared to analysts’ expectations of $17.15 billion. During the same quarter last year, the company earned $3.27 EPS. The company’s revenue for the quarter was up 9.0% compared to the same quarter last year. Equities analysts forecast that Accenture plc will post 12.73 earnings per share for the current fiscal year.

About Accenture

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.