TSX higher on employment data
Richard Eskew, Executive Vice President and General Counsel at Accolade, Inc. (NASDAQ:ACCD), recently reported a sale of company stock. On April 2, Eskew sold 378 shares of Accolade’s common stock at an average price of $6.992 per share, totaling approximately $2,642. The transaction comes as Accolade’s stock has shown remarkable momentum, with a YTD return of over 104% and strong liquidity metrics, according to InvestingPro data. This transaction was part of a mandatory sell-to-cover arrangement, designed to meet tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs).
Earlier on April 1, Eskew acquired 757 and 389 shares of common stock through the conversion of RSUs, which are rights to receive shares of common stock. These transactions did not involve any cash payment, as each RSU converted into one share of common stock. Following these transactions, Eskew holds a total of 66,191 shares directly.
In other recent news, Accolade Inc . announced that its shareholders have approved a merger with Transcarent, set to finalize in the second quarter of 2025, pending regulatory approvals. This acquisition, valued at $621 million, will transition Accolade into a privately held company, with shareholders receiving $7.03 per share. Following this announcement, Raymond (NSE:RYMD) James downgraded Accolade’s stock rating from Outperform to Market Perform, noting the deal’s valuation at a 1.1 times revenue multiple based on fiscal year 2026 estimates. Meanwhile, Stifel also downgraded Accolade from Buy to Hold, reflecting skepticism about the emergence of competing bids for the company. In contrast, Truist Securities maintained a Buy rating on Accolade, highlighting the synergistic potential of the merger and reiterating a price target of $7.50. The merger is expected to enhance the combined entity’s market position, serving over 1,400 employer and payer clients. Accolade has withdrawn its previous financial guidance for the fiscal year but plans to file its Form 10-Q for the third quarter.
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