Needham & Company LLC Cuts Accolade (NASDAQ:ACCD) Price Target to $13.00

Accolade (NASDAQ:ACCD) had its target price decreased by research analysts at Needham & Company LLC from $17.00 to $13.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 64.77% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Accolade from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 9th. William Blair reaffirmed an “outperform” rating on shares of Accolade in a research note on Tuesday, January 9th. Piper Sandler boosted their target price on shares of Accolade from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Tuesday, January 9th. Leerink Partnrs restated an “outperform” rating on shares of Accolade in a report on Monday, February 26th. Finally, Barclays lowered their target price on shares of Accolade from $13.00 to $11.00 and set an “equal weight” rating on the stock in a report on Friday. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Accolade has a consensus rating of “Moderate Buy” and an average price target of $14.80.

Accolade Stock Performance

Shares of ACCD stock opened at $7.89 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 2.35 and a current ratio of 2.35. The company has a market capitalization of $610.76 million, a P/E ratio of -5.93 and a beta of 2.08. The company’s 50 day moving average price is $9.66 and its two-hundred day moving average price is $9.92. Accolade has a 52 week low of $6.33 and a 52 week high of $17.00.

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 company had revenue of $124.80 million during 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 business’s quarterly revenue was up 26.1% on a year-over-year basis. During the same period last year, the business earned ($0.42) EPS. On average, analysts expect that Accolade will post -1.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Accolade

A number of institutional investors have recently modified their holdings of ACCD. Fairman Group LLC bought a new stake in shares of Accolade in the fourth quarter valued at about $14,139,000. Ieq Capital LLC bought a new stake in shares of Accolade in the fourth quarter valued at about $13,387,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position 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 acquiring an additional 946,970 shares during the period. ARK Investment Management LLC boosted its position in shares of Accolade by 12.6% in the fourth quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock valued at $81,731,000 after acquiring an additional 762,685 shares during the period. Finally, JFG Wealth Management LLC bought a new stake in shares of Accolade in the fourth quarter valued at about $5,657,000. Institutional investors 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.