Citigroup Cuts Endava (NYSE:DAVA) Price Target to $33.00

Endava (NYSE:DAVA) had its price target decreased by Citigroup from $40.00 to $33.00 in a research report report published on Monday, Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on the company. TD Cowen cut their price target on Endava from $85.00 to $52.00 and set an outperform rating for the company in a research note on Friday, March 1st. JPMorgan Chase & Co. upgraded Endava from a neutral rating to an overweight rating and set a $49.00 target price on the stock in a research note on Tuesday, March 19th. HSBC downgraded Endava from a buy rating to a hold rating and boosted their target price for the stock from $68.00 to $80.00 in a research note on Monday, January 8th. Guggenheim initiated coverage on Endava in a research note on Tuesday, March 19th. They issued a buy rating and a $60.00 target price on the stock. Finally, Needham & Company LLC cut their target price on Endava from $70.00 to $50.00 and set a buy rating on the stock in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Endava has a consensus rating of Moderate Buy and an average target price of $55.56.

Endava Price Performance

Shares of DAVA opened at $29.98 on Monday. The company has a market cap of $1.73 billion, a PE ratio of 20.68 and a beta of 1.10. Endava has a one year low of $29.54 and a one year high of $81.06. The stock has a 50-day moving average of $41.39 and a 200-day moving average of $57.81.

Endava (NYSE:DAVA) last released its quarterly earnings results on Thursday, February 29th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The company had revenue of $227.96 million for the quarter, compared to analyst estimates of $231.07 million. Endava had a net margin of 8.88% and a return on equity of 11.77%. Analysts expect that Endava will post 0.62 EPS for the current fiscal year.

Hedge Funds Weigh In On Endava

Several institutional investors have recently bought and sold shares of DAVA. Kayne Anderson Rudnick Investment Management LLC purchased a new position in Endava in the third quarter valued at approximately $58,433,000. Fourth Sail Capital LP purchased a new position in Endava in the first quarter valued at approximately $27,622,000. Invesco Ltd. lifted its stake in Endava by 156.5% in the third quarter. Invesco Ltd. now owns 866,076 shares of the company’s stock valued at $49,669,000 after purchasing an additional 528,384 shares during the last quarter. Capital World Investors lifted its stake in Endava by 39.3% in the fourth quarter. Capital World Investors now owns 987,200 shares of the company’s stock valued at $76,854,000 after purchasing an additional 278,300 shares during the last quarter. Finally, FMR LLC lifted its stake in Endava by 16.5% in the third quarter. FMR LLC now owns 1,807,318 shares of the company’s stock valued at $103,650,000 after purchasing an additional 256,250 shares during the last quarter. Hedge funds and other institutional investors own 62.23% of the company’s stock.

Endava Company Profile

Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in North America, Europe, the United Kingdom, and internationally. It offers ideation and production services in the payments and financial services, telecommunications, media, and technology verticals; and business analysis, data analytics, program management, digital product strategy, private equity value enhancement, IT strategy, architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.