Accenture PLC (NYSE:ACN) stock rose about 0.5% in Thursday’s premarket trading as broader equity futures advanced. Nasdaq futures gained 0.96%, while S&P 500 futures rose 0.37%.
Accenture tracked the stronger market as investors responded to improving momentum and a recovering technical setup. The stock also remained above several key moving averages. That suggests buyers have continued to support recent pullbacks.
Accenture Expands Japan Operations
Separately, Accenture announced an agreement to acquire Tokyo-based COMWARE Co. Ltd., strengthening its AI, cloud and data services for midsize companies in Japan.
COMWARE will join Accenture Edge, which helps midsize businesses modernize systems and adopt AI.
The acquisition will add more than 180 employees with expertise in SAP, Salesforce and manufacturing technology. Accenture did not disclose the deal’s financial terms.
Technical Analysis
ACN traded above its 20-day simple moving average of $176.20, 50-day SMA of $154.38 and 100-day SMA of $167.50. Therefore, the short-term trend remains positive.
However, the stock remained 11% below its 200-day SMA of $204.86. That gap shows the longer-term recovery is still incomplete.
Meanwhile, the moving average convergence divergence indicator was above its signal line. Its histogram was also positive. Both readings point to stronger buying momentum.
Still, the trend remains mixed. The 20-day SMA is above the 50-day SMA, which is bullish. However, the 50-day SMA remains below the 200-day SMA. ACN shares have fallen 29.46% over the past 12 months.
Near-term resistance stands at $184.50. Support sits near $170, close to the 100-day exponential moving average of $174.03.
Analyst Outlook
Accenture stock trades at 14.5 times earnings. The stock carries a consensus Buy rating and an average price forecast of $199.63.
TD Cowen raised its forecast to $173 and maintained a Hold rating on Wednesday. Wolfe Research raised its forecast to $215 with an Outperform rating on Tuesday. Citigroup lifted its forecast to $190 and kept a Neutral rating on Monday.
Benzinga Edge Rankings
Benzinga Edge gives Accenture weak scores for Momentum, Value and Growth. Its Quality score is neutral.
The technical picture could strengthen if the stock clears $184.50 and holds above its short-term trend lines.
ETF Exposure
Accenture has a 3.40% weighting in the VictoryShares Free Cash Flow ETF (NASDAQ:VFLO). It also accounts for 2.72% of the State Street SPDR S&P Dividend ETF (NYSE:SDY) and 2.49% of the Horizon Dividend Income ETF (NASDAQ:DIVN).
As a result, fund inflows and outflows could contribute to trading activity in Accenture shares.
Price Action
Accenture shares rose 0.48% to $182.25 in Thursday’s premarket session, according to Benzinga Pro.
Photo by Tobias Arhelger via Shutterstock
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