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

Accolade (NASDAQ:ACCD) had its price target dropped by analysts at Canaccord Genuity Group from $18.00 to $16.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price points to a potential upside of 102.79% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. SVB Leerink started coverage on shares of Accolade in a report on Monday, February 26th. They issued an “outperform” rating and a $16.00 price target for the company. Piper Sandler upped their price objective on shares of Accolade from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Needham & Company LLC reduced their price objective on shares of Accolade from $17.00 to $13.00 and set a “buy” rating for the company in a research note on Friday. Stifel Nicolaus reduced their price objective on shares of Accolade from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Finally, Raymond James upped their price objective on shares of Accolade from $12.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, January 9th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Accolade currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.80.

Accolade Trading Down 14.1 %

ACCD opened at $7.89 on Friday. The stock has a market capitalization of $610.76 million, a PE ratio of -5.93 and a beta of 2.08. The firm’s fifty day moving average price is $9.66 and its 200 day moving average price is $9.92. The company has a debt-to-equity ratio of 0.48, a current ratio of 2.35 and a quick ratio of 2.35. Accolade has a 12-month low of $6.33 and a 12-month high of $17.00.

Accolade (NASDAQ:ACCD) last posted its quarterly earnings results on Thursday, April 25th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.01. The firm had revenue of $124.80 million for the quarter, compared to analysts’ expectations of $123.91 million. Accolade had a negative net margin of 24.09% and a negative return on equity of 22.57%. The firm’s quarterly revenue was up 26.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.42) earnings per share. As a group, research analysts expect that Accolade will post -1.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Accolade

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB grew its holdings in Accolade by 1.4% during the third quarter. Nordea Investment Management AB now owns 106,764 shares of the company’s stock valued at $1,148,000 after purchasing an additional 1,423 shares during the last quarter. HighTower Advisors LLC acquired a new stake in shares of Accolade in the third quarter worth $2,354,000. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 157,464 shares during the last quarter. 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 worth $19,033,000 after acquiring an additional 946,970 shares during the last quarter. Finally, Olympiad Research LP acquired a new stake in shares of Accolade in the third quarter worth $171,000. Institutional investors and hedge funds own 84.99% of the company’s stock.

About Accolade

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.