Accolade (NASDAQ:ACCD) Price Target Lowered to $16.00 at Canaccord Genuity Group

Accolade (NASDAQ:ACCD) had its price target cut by Canaccord Genuity Group from $18.00 to $16.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.

ACCD has been the topic of a number of other reports. Wells Fargo & Company boosted their target price on Accolade from $10.00 to $12.00 and gave the stock an equal weight rating in a research report on Tuesday, January 9th. Leerink Partnrs reissued an outperform rating on shares of Accolade in a research note on Monday, February 26th. Needham & Company LLC reduced their price objective on Accolade from $17.00 to $13.00 and set a buy rating on the stock in a research note on Friday. SVB Leerink assumed coverage on Accolade in a research note on Monday, February 26th. They set an outperform rating and a $16.00 price objective on the stock. Finally, Raymond James boosted their price objective on Accolade from $12.00 to $16.00 and gave the stock an outperform rating in a research note on Tuesday, January 9th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Accolade has a consensus rating of Moderate Buy and a consensus price target of $14.80.

Accolade Price Performance

NASDAQ:ACCD opened at $7.89 on Friday. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $610.75 million, a P/E ratio of -4.78 and a beta of 2.08. Accolade has a 12 month low of $6.33 and a 12 month high of $17.00. The business’s 50-day moving average is $9.66 and its 200 day moving average is $9.91.

Accolade (NASDAQ:ACCD) last posted its earnings results on Thursday, April 25th. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The company had revenue of $124.80 million for the quarter, compared to the consensus estimate of $123.91 million. Accolade had a negative return on equity of 27.27% and a negative net margin of 31.59%. The firm’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.42) earnings per share. On average, equities research analysts forecast that Accolade will post -1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. ARK Investment Management LLC grew its stake in shares of Accolade by 12.6% during 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 last quarter. Vanguard Group Inc. grew its stake in Accolade by 3.1% in the third quarter. Vanguard Group Inc. now owns 5,283,858 shares of the company’s stock worth $55,903,000 after purchasing an additional 157,464 shares in the last quarter. Rock Springs Capital Management LP grew its stake in Accolade by 3.3% in the third quarter. Rock Springs Capital Management LP now owns 2,913,000 shares of the company’s stock worth $30,820,000 after purchasing an additional 93,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Accolade by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,921,676 shares of the company’s stock worth $23,083,000 after buying an additional 50,311 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Accolade by 111.1% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,798,993 shares of the company’s stock worth $19,033,000 after buying an additional 946,970 shares during the period. Institutional investors own 84.99% of the company’s stock.

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.