Morgan Stanley Lowers Accolade (NASDAQ:ACCD) Price Target to $12.00

Accolade (NASDAQ:ACCD) had its target price cut by stock analysts at Morgan Stanley from $13.00 to $12.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target points to a potential upside of 52.09% from the company’s previous close.

Several other research analysts have also recently weighed in on the company. Piper Sandler upped their price objective on Accolade from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 9th. Truist Financial reduced their price objective on Accolade from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Friday. William Blair reaffirmed an “outperform” rating on shares of Accolade in a research report on Tuesday, January 9th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Accolade in a research report on Monday, February 26th. Finally, Wells Fargo & Company upped their price objective on Accolade from $10.00 to $12.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 9th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Accolade presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.80.

Accolade Stock Down 14.1 %

Shares of Accolade stock opened at $7.89 on Friday. Accolade has a 1 year low of $6.33 and a 1 year high of $17.00. The business has a 50-day moving average of $9.66 and a two-hundred day moving average of $9.92. 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 has a debt-to-equity ratio of 0.48, a current ratio of 2.35 and a quick ratio of 2.35.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACCD. Fairman Group LLC bought a new position in shares of Accolade during the 4th quarter worth approximately $14,139,000. Ieq Capital LLC bought a new position in shares of Accolade during the 4th quarter worth approximately $13,387,000. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Accolade by 111.1% during the 3rd 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 period. ARK Investment Management LLC boosted its stake in shares of Accolade by 12.6% during the 4th quarter. ARK Investment Management LLC now owns 6,805,208 shares of the company’s stock worth $81,731,000 after acquiring an additional 762,685 shares during the period. Finally, JFG Wealth Management LLC bought a new position in shares of Accolade during the 4th quarter worth approximately $5,657,000. 84.99% of the stock is currently owned by institutional investors.

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.