EPAM Systems (NYSE:EPAM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “EPAM Systems, Inc. is an IT services provider engaged in providing software product development services, software engineering and custom development solutions. Its software product development services include product research, design and prototyping, product development, component design and integration. Its custom application development services comprise business and technical requirements analysis, solution architecture creation and validation, development, component design and integration. The Company also provides application testing services consisting of software application testing, testing for enterprise IT, and consulting services. It serves banking, financial services, business information, media, travel and hospitality, retail, energy, telecommunications, automotive, manufacturing, life sciences industries and the government. EPAM Systems, Inc. is headquartered in Newtown, Pennsylvania. “
A number of other analysts have also recently weighed in on EPAM. KeyCorp restated a “buy” rating on shares of EPAM Systems in a report on Friday, October 20th. Pivotal Research initiated coverage on shares of EPAM Systems in a research note on Tuesday, December 5th. They issued a “buy” rating and a $120.00 target price for the company. Cantor Fitzgerald reiterated a “buy” rating and issued a $92.00 target price on shares of EPAM Systems in a research note on Thursday, November 2nd. Bank of America lifted their target price on shares of EPAM Systems from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. Finally, Citigroup lifted their target price on shares of EPAM Systems from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 3rd. Two investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. EPAM Systems presently has an average rating of “Buy” and an average target price of $102.87.
EPAM Systems (NYSE:EPAM) last issued its earnings results on Thursday, November 2nd. The information technology services provider reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.07. EPAM Systems had a net margin of 9.41% and a return on equity of 15.70%. The company had revenue of $377.50 million for the quarter, compared to analysts’ expectations of $368.22 million. During the same period in the prior year, the business earned $0.76 EPS. The firm’s quarterly revenue was up 26.6% on a year-over-year basis. research analysts predict that EPAM Systems will post 2.68 earnings per share for the current year.
In related news, SVP Elaina Shekhter sold 1,261 shares of EPAM Systems stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $95.00, for a total value of $119,795.00. Following the sale, the senior vice president now owns 10,458 shares of the company’s stock, valued at approximately $993,510. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Arkadiy Dobkin sold 19,600 shares of EPAM Systems stock in a transaction on Monday, November 20th. The shares were sold at an average price of $103.21, for a total transaction of $2,022,916.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 229,154 shares of company stock valued at $22,580,185. Insiders own 6.17% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in EPAM Systems by 2.8% during the 2nd quarter. Vanguard Group Inc. now owns 3,919,515 shares of the information technology services provider’s stock worth $329,591,000 after purchasing an additional 105,644 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of EPAM Systems by 3.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,148,004 shares of the information technology services provider’s stock valued at $268,840,000 after acquiring an additional 119,230 shares during the last quarter. BlackRock Inc. boosted its position in shares of EPAM Systems by 0.5% during the 2nd quarter. BlackRock Inc. now owns 3,010,949 shares of the information technology services provider’s stock valued at $253,188,000 after acquiring an additional 15,882 shares during the last quarter. State Street Corp boosted its position in shares of EPAM Systems by 6.5% during the 2nd quarter. State Street Corp now owns 968,716 shares of the information technology services provider’s stock valued at $81,460,000 after acquiring an additional 59,511 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of EPAM Systems by 87.4% during the 3rd quarter. Canada Pension Plan Investment Board now owns 926,537 shares of the information technology services provider’s stock valued at $81,470,000 after acquiring an additional 432,237 shares during the last quarter. 89.15% of the stock is currently owned by hedge funds and other institutional investors.
EPAM Systems Company Profile
EPAM Systems, Inc is a g provider of software product development and digital platform engineering services to clients located primarily in North America, Europe, Asia and Australia. The Company’s service offerings cover the full software product development lifecycle from digital strategy and customer experience design to enterprise application platforms implementation and program management services and from complex software development services to maintenance, support, custom application development, application testing, and infrastructure management.
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