TD Cowen downgrades Accenture plc (ACN) rating to a Market perform


Accenture plc’s recent filing unveils that its CEO-Growth Markets Framil Leonardo unloaded Company’s shares for reported $0.93 million on Aug 08. In the deal valued at $311.52 per share,3,000 shares were sold. As a result of this transaction, Framil Leonardo now holds 16,898 shares worth roughly $ 5.51 million.

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Then, Unruch Joel sold 7,000 shares, generating $2,244,229 in total proceeds. Upon selling the shares at $320.60, the General Counsel/Corp Secretary now owns 36,034 shares.

Before that, Shook Ellyn sold 5,250 shares. Accenture plc shares valued at $1,653,746 were divested by the Chief Leadership & HR Officer at a price of $315.00 per share. As a result of the transaction, Shook Ellyn now holds 21,958 shares, worth roughly $7.16 million.

TD Cowen downgraded its Accenture plc [ACN] rating to a Market perform from a an Outperform in a research note published on Tuesday, June 23, 2023; the price target was decreased to $300 from $325. PT values the company’s stock at a premium of -8.72 to its Tuesday closing price.

Price Performance Review of ACN

On Tuesday, Accenture plc [NYSE:ACN] saw its stock fall -0.48% to $326.16. On the same session, the stock had its day’s lowest price of $324.48, but rose to a high of $328.88. Over the last five days, the stock has gained 1.64%. Accenture plc shares have risen nearly 22.23% since the year began. Nevertheless, the stocks have risen 12.94% over the past one year. While a 52-week high of $328.72 was reached on 09/05/23, a 52-week low of $242.80 was recorded on 03/15/23. SMA at 50 days reached $313.50, while 200 days put it at $289.23. A total of 1.74 million shares were traded, compared to the trading of 1.73 million shares in the previous session.

Levels Of Support And Resistance For ACN Stock

The 24-hour chart illustrates a support level at 324.13, which if violated will result in even more drops to 322.11. On the upside, there is a resistance level at 328.53. A further resistance level may holdings at 330.91. The Relative Strength Index (RSI) on the 14-day chart is 64.97, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 9.81, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 9.87%. Stochastics %K at 94.33% indicates the stock is a selling.

How much short interest is there in Accenture plc?

A steep rise in short interest was recorded in Accenture plc stocks on Aug 14, 2023, dropping by -0.86 million shares to a total of 6.8 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 7.66 million shares. There was a decline of -12.65%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 1.08% of the overall stock float, the days-to-cover ratio (short ratio) fell to 3.74.

Accenture plc [ACN] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 55,617,389 shares, or roughly 8.37% of the outstanding ACN shares. In other words, the investor’s shares have risen by 501,118 from its previous 13-F filing of 55116271.0. Additionally, BlackRock Fund Advisors increased 1.22% of its stake after which the total value it holdings stand at $9,916,768,655, while SSgA Funds Management, Inc. added 0.72% of its stake to hold $8.43 billion in the firm. Over the last quarter, Massachusetts Financial Services sold -816,730 shares of Accenture plc, while Geode Capital Management LLC sold 353,521 shares. At present, Fidelity Management & Research Co is holding 11,415,746 shares valued at $3.61 billion. T. Rowe Price Associates, Inc. owned 10,980,143 shares of the company at the time of its most recent 13F filing, worth $3.47 billion.

According to FactSet, Accenture plc’s share price will average $339.15 in the next year, based on opinions of analysts polled by the firm. This is up nearly 3.89 percent from its previous closing price of $327.74. Analysts expect Accenture plc stock to reach the higher price of $380.00, while the lowest price estimate is $293.00. However, 27 analysts have rated ACN stock as an Overweight in their predictions for 2023.


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