Accenture plc (ACN - Free Report) yesterday announced that it has entered into a security partnership with AXA XL.
The company will provide its cybersecurity capabilities, including iDefense to AXA’s property & casualty (P&C) and specialty risk division. iDefense is a provider of contextual, timely and actionable cyber threat intelligence and helps users defend against new and evolving threats.
AXA XL clients outside the United States will receive Accenture’s post-breach security services that include incident management and IT forensics. Its U.S. clients will receive post-breach services from a group of providers that include Accenture. Services will initially cover manufacturing, retail, financial and healthcare services industries among others and get expanded to P&C industry next year.
We observe that shares of Accenture have gained 36% year to date, outperforming the 31.5% rally of the industry it belongs to and 19.9% rise of the Zacks S&P 500 composite.
Prudent Move in a Growing Cybersecurity Space
The partnership seems to be part of Accenture’s bid to expand its security related offerings on a global scale. That makes sense as the cybersecurity market is expected to expand significantly over the next several years.
Cybersecurity Ventures expect 12% to 15% year-over-year growth of the market through 2021. It estimates worldwide cybercrime damages to cost $6 trillion annually by 2021, up from $3 trillion in 2015. IDC estimates that worldwide spending on security solutions will reach $133.8 billion in 2022, growing at a CAGR of 9.2% over the 2018-2022 period.
The partnership should significantly benefit Accenture’s consulting business. Notably, consulting revenues increased 3% on a reported basis and 7% on a local-currency basis in the third quarter of fiscal 2019. These revenues increased 5% on a reported basis and 9% in local-currency in the first nine months of fiscal 2019. Security-related services are one of the major drivers of this growth.
Zacks Rank & Stocks to Consider
Accenture currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are Fiserv , Huron Consulting (HURN - Free Report) and Charles River Associates (CRAI - Free Report) . While Fiserv sports a Zacks Rank #1 (Strong Buy), Huron Consulting and Charles River Associates carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings (three to five years) growth rate for Huron Consulting, Charles River Associates and Fiserv is estimated 13.5%, 13% and 12%, respectively.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Accenture plc (ACN - Free Report) yesterday announced that it has entered into a security partnership with AXA XL.
The company will provide its cybersecurity capabilities, including iDefense to AXA’s property & casualty (P&C) and specialty risk division. iDefense is a provider of contextual, timely and actionable cyber threat intelligence and helps users defend against new and evolving threats.
AXA XL clients outside the United States will receive Accenture’s post-breach security services that include incident management and IT forensics. Its U.S. clients will receive post-breach services from a group of providers that include Accenture. Services will initially cover manufacturing, retail, financial and healthcare services industries among others and get expanded to P&C industry next year.
We observe that shares of Accenture have gained 36% year to date, outperforming the 31.5% rally of the industry it belongs to and 19.9% rise of the Zacks S&P 500 composite.
Prudent Move in a Growing Cybersecurity Space
The partnership seems to be part of Accenture’s bid to expand its security related offerings on a global scale. That makes sense as the cybersecurity market is expected to expand significantly over the next several years.
Cybersecurity Ventures expect 12% to 15% year-over-year growth of the market through 2021. It estimates worldwide cybercrime damages to cost $6 trillion annually by 2021, up from $3 trillion in 2015. IDC estimates that worldwide spending on security solutions will reach $133.8 billion in 2022, growing at a CAGR of 9.2% over the 2018-2022 period.
The partnership should significantly benefit Accenture’s consulting business. Notably, consulting revenues increased 3% on a reported basis and 7% on a local-currency basis in the third quarter of fiscal 2019. These revenues increased 5% on a reported basis and 9% in local-currency in the first nine months of fiscal 2019. Security-related services are one of the major drivers of this growth.
Zacks Rank & Stocks to Consider
Accenture currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Business Services sector are Fiserv , Huron Consulting (HURN - Free Report) and Charles River Associates (CRAI - Free Report) . While Fiserv sports a Zacks Rank #1 (Strong Buy), Huron Consulting and Charles River Associates carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings (three to five years) growth rate for Huron Consulting, Charles River Associates and Fiserv is estimated 13.5%, 13% and 12%, respectively.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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