Morgan Stanley Cuts Accolade (NASDAQ:ACCD) Price Target to $6.00

Accolade (NASDAQ:ACCD) had its price target decreased by Morgan Stanley from $12.00 to $6.00 in a research note issued to investors on Friday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

ACCD has been the subject of several other research reports. Needham & Company LLC reiterated a buy rating and set a $13.00 price objective on shares of Accolade in a research report on Monday, June 24th. Guggenheim dropped their price target on Accolade from $17.00 to $13.00 and set a buy rating for the company in a research report on Wednesday, May 8th. Barclays decreased their price objective on Accolade from $13.00 to $11.00 and set an equal weight rating on the stock in a research report on Friday, April 26th. Truist Financial lowered their price objective on Accolade from $14.00 to $9.00 and set a buy rating for the company in a research note on Friday. Finally, Stifel Nicolaus decreased their price target on Accolade from $15.00 to $13.00 and set a buy rating on the stock in a report on Monday, April 22nd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $11.65.

Accolade Stock Down 44.0 %

ACCD opened at $3.58 on Friday. The company has a market capitalization of $286.44 million, a PE ratio of -3.09 and a beta of 2.10. The firm has a 50-day simple moving average of $7.09 and a two-hundred day simple moving average of $9.66. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.47. Accolade has a 52 week low of $3.52 and a 52 week high of $15.36.

Accolade (NASDAQ:ACCD) last announced its quarterly earnings results on Thursday, June 27th. The company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.13. The company had revenue of $110.50 million during the quarter, compared to analyst estimates of $105.22 million. Accolade had a negative return on equity of 20.26% and a negative net margin of 20.62%. The firm’s revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.52) earnings per share. Analysts forecast that Accolade will post -1.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Accolade news, CAO Colin Mchugh sold 5,543 shares of Accolade stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $6.62, for a total value of $36,694.66. Following the transaction, the chief accounting officer now owns 50,177 shares in the company, valued at $332,171.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 14,746 shares of company stock worth $104,586 in the last ninety days. 8.30% of the stock is owned by company insiders.

Institutional Trading of Accolade

Several large investors have recently bought and sold shares of ACCD. AJOVista LLC acquired a new position in shares of Accolade in the fourth quarter valued at about $68,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Accolade during the first quarter worth $87,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Accolade by 39.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,584 shares of the company’s stock valued at $199,000 after purchasing an additional 4,656 shares during the period. GGV Capital LLC boosted its holdings in Accolade by 242.9% in the first quarter. GGV Capital LLC now owns 18,063 shares of the company’s stock valued at $189,000 after purchasing an additional 12,795 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Accolade by 15.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,540 shares of the company’s stock worth $205,000 after purchasing an additional 2,586 shares during the period. Hedge funds and other 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.