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Accenture Snaps up Cloudworks
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Accenture Snaps up Cloudworks

Global professional services company Accenture Plc (ACN) announced that it has completed the acquisition of Toronto-based Oracle Cloud implementation services provider Cloudworks. The financial terms of the deal have not been disclosed so far.

Following the news, shares of the company declined about 1% on Monday. The stock recovered slightly and closed at $310 in the extended trading session.

With access to Cloudworks’ diverse portfolio of clients spanning industries, this buyout is expected to enhance Accenture’s cloud capabilities and offerings to its customers.

President of Accenture in Canada Jeffrey Russell said, “By acquiring Cloudworks, we add a highly talented team with industry-specific experience in combining the power of Oracle with the ingenuity of people to unlock new possibilities for clients.” (See Accenture stock chart on TipRanks)

Recently, Robert W. Baird analyst David Koning reiterated a Hold rating on the stock with a price target of $298. The analyst’s price target implies downside potential of 3.6% from current levels.

Consensus among analysts is a Strong Buy based on 14 Buys and 4 Holds. The average Accenture price target of $323.06 implies upside potential of 4.5% from current levels.

Accenture scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 38.4% over the past year.

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