Technology Sector Ideas

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>>> Accenture Plc (NYSE:ACN) - Number of Hedge Fund Holders: 63


https://www.insidermonkey.com/blog/5-stocks-about-to-pop-according-to-jim-cramer-in-retrospect-1137168/


6-Month Performance as of March 30 (Relative to SPY): -3.41%

Accenture Plc (NYSE:ACN) is the “gold standard for consulting” for tech companies. He mentioned the stock among his tech stock picks that were “about to pop” back in October. As of March 30, Accenture Plc (NYSE:ACN) has underperformed the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) by 3.41%, over the past 6 months.

At the end of the fourth quarter of 2022, 63 hedge funds were long Accenture Plc (NYSE:ACN) and disclosed positions worth $2.89 billion. Of those, GuardCap Asset Management was the largest investor in the company and held a stake worth $386.9 million.

ClearBridge Investments made the following comment about Accenture plc (NYSE:ACN) in its Q4 2022 investor letter:

“Accenture plc (NYSE:ACN) is a leading global professional services company that helps clients build their digital infrastructure and optimize their operations. We view Accenture as a resilient, high-quality business with consistent earnings and cash flow, a strong balance sheet and very attractive returns on capital. Secular drivers like cloud migration and digital transformation, as well as new, innovative technology deployments like data security, block chain, AI and machine learning position Accenture well for continued growth. It is also currently rolling out a suite of sustainability tools that offers a comprehensive view of a company’s goals, progress and performance across financial and ESG measures, so it is an enabler of ESG for its clients. We exited our position in software-as-a-service company Workday to fund the position, largely on better relative risk/reward, in our view.”

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