EPAM Systems (NYSE:EPAM) Price Target Raised to $258.00

EPAM Systems (NYSE:EPAM) had its target price increased by Piper Sandler from $225.00 to $258.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

A number of other brokerages also recently commented on EPAM. Susquehanna lowered their price objective on EPAM Systems from $260.00 to $240.00 and set a “positive” rating for the company in a research report on Friday, August 9th. Jefferies Financial Group boosted their price target on shares of EPAM Systems from $237.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, September 9th. Citigroup raised their price objective on shares of EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a report on Monday, October 28th. Barclays boosted their target price on shares of EPAM Systems from $200.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. Finally, Deutsche Bank Aktiengesellschaft began coverage on EPAM Systems in a research note on Thursday, August 22nd. They issued a “hold” rating and a $204.00 price target on the stock. Ten equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, EPAM Systems presently has an average rating of “Moderate Buy” and a consensus target price of $261.50.

EPAM Systems Stock Performance

NYSE:EPAM opened at $233.45 on Thursday. EPAM Systems has a 52 week low of $169.43 and a 52 week high of $317.50. The company has a fifty day simple moving average of $198.94 and a two-hundred day simple moving average of $197.93. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.01. The company has a market cap of $13.29 billion, a price-to-earnings ratio of 33.45, a price-to-earnings-growth ratio of 4.45 and a beta of 1.46.

EPAM Systems (NYSE:EPAM) last released its earnings results on Thursday, August 8th. The information technology services provider reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.26 by $0.19. EPAM Systems had a return on equity of 14.31% and a net margin of 8.86%. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same period last year, the business posted $2.21 earnings per share. EPAM Systems’s revenue was down 2.0% compared to the same quarter last year. As a group, equities analysts anticipate that EPAM Systems will post 8.08 earnings per share for the current fiscal year.

EPAM Systems declared that its board has approved a share repurchase plan on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On EPAM Systems

Several institutional investors have recently added to or reduced their stakes in EPAM. Pacer Advisors Inc. increased its stake in EPAM Systems by 14,325.2% in the 2nd quarter. Pacer Advisors Inc. now owns 657,070 shares of the information technology services provider’s stock valued at $123,601,000 after buying an additional 652,515 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of EPAM Systems during the second quarter worth about $84,850,000. TD Asset Management Inc raised its holdings in EPAM Systems by 80.0% during the second quarter. TD Asset Management Inc now owns 595,486 shares of the information technology services provider’s stock worth $112,017,000 after purchasing an additional 264,570 shares in the last quarter. Acadian Asset Management LLC lifted its position in EPAM Systems by 47,294.2% in the second quarter. Acadian Asset Management LLC now owns 189,103 shares of the information technology services provider’s stock valued at $35,560,000 after purchasing an additional 188,704 shares during the period. Finally, Epoch Investment Partners Inc. boosted its holdings in EPAM Systems by 97.7% in the 2nd quarter. Epoch Investment Partners Inc. now owns 338,667 shares of the information technology services provider’s stock valued at $63,707,000 after purchasing an additional 167,343 shares in the last quarter. Institutional investors and hedge funds own 91.58% of the company’s stock.

About EPAM Systems

EPAM Systems, Inc provides digital platform engineering and software development services worldwide. The company offers engineering services, including requirements analysis and platform selection, customization, cross-platform migration, implementation, and integration; infrastructure management services, such as software development, testing, performance tuning, deployment, maintenance, and support services.