Canaccord Genuity Group Cuts Accolade (NASDAQ:ACCD) Price Target to $13.00

Accolade (NASDAQ:ACCD) had its price objective lowered by investment analysts at Canaccord Genuity Group from $16.00 to $13.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 263.13% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Guggenheim cut their target price on shares of Accolade from $17.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Truist Financial decreased their price target on shares of Accolade from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, April 26th. Needham & Company LLC reiterated a “buy” rating and issued a $13.00 target price on shares of Accolade in a report on Monday, June 24th. Stifel Nicolaus lowered their price target on Accolade from $15.00 to $13.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Barclays dropped their price objective on shares of Accolade from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Friday, April 26th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.89.

Accolade Stock Down 44.0 %

Shares of NASDAQ ACCD opened at $3.58 on Friday. Accolade has a 1 year low of $3.52 and a 1 year high of $15.36. The firm has a market cap of $286.44 million, a P/E ratio of -3.09 and a beta of 2.10. The firm’s 50 day moving average price is $7.09 and its 200 day moving average price is $9.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.64 and a current ratio of 2.64.

Accolade (NASDAQ:ACCD) last released its quarterly earnings data on Thursday, June 27th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.13. Accolade had a negative net margin of 20.62% and a negative return on equity of 20.26%. The company had revenue of $110.50 million during the quarter, compared to the consensus estimate of $105.22 million. During the same period in the previous year, the firm earned ($0.52) earnings per share. Accolade’s revenue for the quarter was up 18.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Accolade will post -1.23 earnings per share for the current year.

Insider Activity at Accolade

In related news, CAO Colin Mchugh sold 5,543 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $6.62, for a total value of $36,694.66. Following the transaction, the chief accounting officer now owns 50,177 shares in the company, valued at $332,171.74. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders have sold a total of 14,746 shares of company stock worth $104,586 over the last quarter. Company insiders own 8.30% of the company’s stock.

Institutional Investors Weigh In On Accolade

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACCD. AJOVista LLC purchased a new stake in shares of Accolade during the 4th quarter worth approximately $68,000. Allspring Global Investments Holdings LLC bought a new position in Accolade in the 1st quarter valued at $87,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Accolade by 39.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock valued at $199,000 after purchasing an additional 4,656 shares during the period. GGV Capital LLC boosted its holdings in Accolade by 242.9% in the 1st quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after purchasing an additional 12,795 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Accolade by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after acquiring an additional 2,586 shares during the last quarter. Hedge funds and other 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.