Accenture CEO Buys $3 Million in Company Stock After Shares Double from June Lows

Dow Jones10-29

Executives often buy their company's shares after they take a tumble as a show of confidence that they are undervalued and will rebound. Accenture's CEO, on the other hand, just snapped up $3 million worth of company stock after a sharp rise in its price since June.

Julie Sweet spent that amount Monday to purchase 12,200 shares of Accenture stock, according to a company filing made Wednesday, suggesting she believes it has potential to go higher. The stock rose about 3.5% Wednesday.

Accenture shares fell more than 50% in the first half of the year on market jitters about corporate IT spending but has since nearly doubled again after it announced a safety-partnership with Anthropic and reported stronger quarterly earnings in October. The professional-services firm said earlier this month that fourth-quarter revenue rose about 6% to $18.68 billion.

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