5 Best AI Stocks For 2023

In this article, we discuss 5 best AI stocks for 2023. If you want to see more stocks in this selection, check out 12 Best AI Stocks For 2023. 

5. Accenture plc (NYSE:ACN)

Number of Hedge Fund Holders: 6302:54

Accenture plc (NYSE:ACN) is an American-Irish professional services company that provides strategy, consulting, technology, and operation services worldwide. The company specializes in data management, data democratization, and industrialized solutions comprising turnkey analytics and artificial intelligence solutions, metaverse, and sustainability services. It is one of the best AI stocks to invest in. 

On January 30, Jeff Cantwell, an analyst at Wells Fargo, assigned Accenture plc (NYSE:ACN) an Equal Weight rating with a price target of $289, despite having a favorable view of the company’s platform and services. Wells Fargo believes that clients are becoming more cautious about technology spending and will wait for stronger demand before becoming more constructive. Wells Fargo’s 2024 revenue forecast is 2% below consensus as the firm expects clients to focus more on cost containment due to the evolving demand environment.

According to Insider Monkey’s fourth quarter database, 63 hedge funds were long Accenture plc (NYSE:ACN), compared to 58 funds in the prior quarter. GuardCap Asset Management is the biggest stakeholder of the company, with 1.4 million shares worth nearly $387 million. 

Here is what Distillate Capital has to say about Accenture plc (NYSE:ACN) in its Q3 2022 investor letter:

“The largest new purchases include Accenture plc (NYSE:ACN). Accenture modestly lagged the market last quarter and became similarly attractive enough to warrant ownership. Similar to our prior presentations, one way to visualize the current portfolio and note recent changes versus the benchmark is to look at scatter plot of all of Distillate’s FSV holdings versus those in the benchmark with valuation on the vertical axis and free cash ϲow stability on the horizontal axis.”