Accenture Federal Services Bags $87M U.S. Patent and Trademark Office Contract


This article was originally published on TipRanks.com

Global professional services company Accenture plc (NYSE:ACN) recently announced that its subsidiary, Accenture Federal Services (AFS), has received a contract worth $87 million from the U.S. Patent and Trademark Office, the federal agency responsible for granting U.S. patents and registering trademarks.

Following the news, shares of the company appreciated marginally to close at $415.27 on Tuesday.

Accenture is slated to report its upcoming earnings on March 17, 2022.

Strategic Impact

Under the terms of the contract, AFS will work in tandem with the Office of the Chief Information Officer to enhance the Trademark Product Line (TMPL) to make the full trademark lifecycle from filing to registration more efficient.

Further, AFS will operate as the prime systems integrator and modernize critical applications and create a DevSecOps infrastructure, while incorporating cloud, cyber and automation capabilities.

Management Commentary

The U.S. Department of Commerce Lead for Accenture Federal Services, Rasha Nahas, said, “We look forward to bringing the resources of our Accenture Federal Digital Studio with omni-channel digital services and user-centered design to support the USPTO Trademark Product Line IT systems.”

See Insiders’ Hot Stocks on TipRanks >>

Analyst Ratings

Recently, Barclays analyst Ramsey El Assal reiterated a Buy rating on the stock. The analyst, however, raised the price target from $384 to $455, which implies upside potential of 9.6% from current levels.

The Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 11 Buys and 5 Holds. The average Accenture price target of $437.69 implies that the stock has upside potential of 5.4% from current levels. Shares have gained about 61.1% over the past year.

Related News:
Curaleaf to Buy Bloom Dispensaries for $211M
Armis Picks Radware to Provide Cloud Security for AWS
Factset to Acquire CUSIP Global Services from S&P; Shares Rise

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts