Accolade (NASDAQ:ACCD) Price Target Lowered to $5.00 at Morgan Stanley

Accolade (NASDAQ:ACCD) had its target price dropped by investment analysts at Morgan Stanley from $6.00 to $5.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 44.51% from the company’s current price.

A number of other research analysts have also recently issued reports on ACCD. Wells Fargo & Company reduced their price objective on Accolade from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, October 11th. Needham & Company LLC restated a “buy” rating and set a $8.00 target price on shares of Accolade in a report on Monday, October 7th. Canaccord Genuity Group decreased their price target on Accolade from $13.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Stephens dropped their price objective on Accolade from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, Barclays cut their target price on shares of Accolade from $5.50 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday, October 9th. Three research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.96.

Accolade Price Performance

NASDAQ:ACCD traded down $0.03 during mid-day trading on Tuesday, reaching $3.46. The stock had a trading volume of 309,129 shares, compared to its average volume of 1,083,287. The stock has a market capitalization of $278.66 million, a P/E ratio of -3.36 and a beta of 2.07. The firm has a 50 day moving average price of $3.56 and a two-hundred day moving average price of $4.14. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.72 and a current ratio of 2.72. Accolade has a one year low of $3.08 and a one year high of $15.36.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings data on Tuesday, October 8th. The company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $106.40 million during the quarter, compared to analyst estimates of $104.87 million. During the same period in the previous year, the business posted ($0.43) EPS. The business’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, analysts expect that Accolade will post -0.92 earnings per share for the current year.

Insiders Place Their Bets

In other Accolade news, CEO Rajeev Singh sold 13,357 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $3.60, for a total transaction of $48,085.20. Following the transaction, the chief executive officer now owns 814,316 shares in the company, valued at approximately $2,931,537.60. This represents a 1.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 41,714 shares of company stock worth $149,168. 8.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Accolade

Hedge funds have recently made changes to their positions in the company. Clearline Capital LP bought a new position in Accolade in the second quarter worth $2,974,000. Whetstone Capital Advisors LLC bought a new position in shares of Accolade in the 3rd quarter worth about $3,842,000. Cubist Systematic Strategies LLC increased its stake in shares of Accolade by 273.4% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 260,040 shares of the company’s stock worth $931,000 after acquiring an additional 190,396 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Accolade during the 2nd quarter valued at about $1,229,000. Finally, Johnson Financial Group LLC bought a new stake in Accolade during the third quarter worth about $1,642,000. 84.99% of the stock is currently owned by 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 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.