Accolade (NASDAQ:ACCD) Price Target Cut to $12.00 by Analysts at Morgan Stanley

Accolade (NASDAQ:ACCD) had its target price reduced by equities researchers at Morgan Stanley from $13.00 to $12.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 52.67% from the stock’s previous close.

Several other brokerages have also recently issued reports on ACCD. Truist Financial decreased their price objective on Accolade from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Friday. Leerink Partnrs reiterated an “outperform” rating on shares of Accolade in a research report on Monday, February 26th. SVB Leerink initiated coverage on shares of Accolade in a report on Monday, February 26th. They issued an “outperform” rating and a $16.00 target price on the stock. Needham & Company LLC dropped their price target on Accolade from $17.00 to $13.00 and set a “buy” rating for the company in a research report on Friday. Finally, Piper Sandler increased their target price on Accolade from $12.00 to $15.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 9th. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.80.

Accolade Price Performance

Shares of Accolade stock traded down $1.33 during trading on Friday, hitting $7.86. The stock had a trading volume of 929,057 shares, compared to its average volume of 721,127. The business’s 50-day moving average is $9.75 and its 200 day moving average is $9.92. The firm has a market cap of $608.44 million, a price-to-earnings ratio of -4.81 and a beta of 2.08. Accolade has a 12 month low of $6.33 and a 12 month high of $17.00. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.48.

Accolade (NASDAQ:ACCD) last issued its quarterly earnings results on Thursday, April 25th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.01. The business had revenue of $124.80 million for the quarter, compared to analysts’ expectations of $123.91 million. Accolade had a negative net margin of 31.59% and a negative return on equity of 27.27%. The company’s revenue was up 26.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.42) EPS. As a group, sell-side analysts anticipate that Accolade will post -1.33 earnings per share for the current year.

Institutional Investors Weigh In On Accolade

Large investors have recently made changes to their positions in the stock. Fairman Group LLC acquired a new position in shares of Accolade in the 4th quarter worth approximately $14,139,000. Ieq Capital LLC purchased a new position in shares of Accolade during the fourth quarter worth $13,387,000. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Accolade by 111.1% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,798,993 shares of the company’s stock valued at $19,033,000 after buying an additional 946,970 shares in the last quarter. ARK Investment Management LLC lifted its stake in Accolade by 12.6% during the 4th quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock worth $81,731,000 after acquiring an additional 762,685 shares in the last quarter. Finally, JFG Wealth Management LLC purchased a new position in Accolade during the 4th quarter valued at about $5,657,000. 84.99% of the stock is currently owned by hedge funds and other institutional investors.

Accolade Company Profile

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.