VELA Investment Management LLC Acquires Shares of 1,469 EPAM Systems, Inc. (NYSE:EPAM)

VELA Investment Management LLC acquired a new position in shares of EPAM Systems, Inc. (NYSE:EPAM) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,469 shares of the information technology services provider’s stock, valued at approximately $276,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. National Bank of Canada FI raised its stake in shares of EPAM Systems by 24.7% during the second quarter. National Bank of Canada FI now owns 15,993 shares of the information technology services provider’s stock valued at $2,968,000 after purchasing an additional 3,166 shares during the period. TD Asset Management Inc increased its stake in EPAM Systems by 80.0% during the 2nd quarter. TD Asset Management Inc now owns 595,486 shares of the information technology services provider’s stock worth $112,017,000 after buying an additional 264,570 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in EPAM Systems by 1.1% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,788 shares of the information technology services provider’s stock worth $1,089,000 after buying an additional 63 shares during the period. iA Global Asset Management Inc. acquired a new position in EPAM Systems in the 2nd quarter worth $262,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in EPAM Systems by 131.5% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 6,459 shares of the information technology services provider’s stock valued at $1,215,000 after buying an additional 3,669 shares during the last quarter. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on EPAM. Barclays lifted their price objective on EPAM Systems from $200.00 to $225.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Susquehanna cut their price target on shares of EPAM Systems from $260.00 to $240.00 and set a “positive” rating on the stock in a report on Friday, August 9th. Deutsche Bank Aktiengesellschaft began coverage on shares of EPAM Systems in a report on Thursday, August 22nd. They set a “hold” rating and a $204.00 price objective for the company. Wolfe Research lowered shares of EPAM Systems from an “outperform” rating to a “peer perform” rating in a research note on Friday, May 17th. Finally, Needham & Company LLC reduced their price target on shares of EPAM Systems from $350.00 to $210.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Eleven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $260.21.

EPAM Systems Price Performance

Shares of EPAM opened at $203.91 on Friday. EPAM Systems, Inc. has a 12 month low of $169.43 and a 12 month high of $317.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.84 and a quick ratio of 4.84. The stock has a fifty day moving average price of $199.63 and a 200 day moving average price of $225.59. The company has a market cap of $11.82 billion, a P/E ratio of 27.89, a PEG ratio of 4.41 and a beta of 1.45.

EPAM Systems (NYSE:EPAM) last released its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $2.45 EPS for the quarter, topping the consensus estimate of $2.26 by $0.19. The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. EPAM Systems had a net margin of 8.86% and a return on equity of 14.31%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.21 earnings per share. On average, research analysts forecast that EPAM Systems, Inc. will post 8.07 earnings per share for the current year.

EPAM Systems declared that its Board of Directors has initiated a stock buyback program on Thursday, August 8th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the information technology services provider to repurchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

EPAM Systems Profile

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.