EPAM Systems (NYSE:EPAM) Shares Gap Up – Here’s What Happened

EPAM Systems, Inc. (NYSE:EPAM) shares gapped up prior to trading on Thursday . The stock had previously closed at $202.69, but opened at $230.61. EPAM Systems shares last traded at $234.19, with a volume of 251,914 shares.

Analysts Set New Price Targets

EPAM has been the subject of a number of analyst reports. Jefferies Financial Group upped their price target on EPAM Systems from $237.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Barclays raised their target price on EPAM Systems from $200.00 to $225.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 23rd. StockNews.com raised shares of EPAM Systems from a “hold” rating to a “buy” rating in a research report on Saturday, October 12th. JPMorgan Chase & Co. raised their price objective on shares of EPAM Systems from $222.00 to $262.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $225.00 target price on shares of EPAM Systems in a report on Tuesday, October 8th. Ten research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $254.89.

EPAM Systems Stock Up 14.0 %

The firm has a market cap of $13.16 billion, a PE ratio of 34.10, a price-to-earnings-growth ratio of 4.16 and a beta of 1.46. 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 business has a 50-day moving average price of $197.65 and a two-hundred day moving average price of $198.13.

EPAM Systems (NYSE:EPAM) last issued its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $2.45 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.19. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. EPAM Systems had a return on equity of 14.31% and a net margin of 8.86%. EPAM Systems’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.21 EPS. On average, equities research analysts expect that EPAM Systems, Inc. will post 8.08 EPS for the current year.

EPAM Systems announced that its Board of Directors has authorized a stock buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James & Associates increased its stake in EPAM Systems by 1,741.1% in the third quarter. Raymond James & Associates now owns 36,694 shares of the information technology services provider’s stock valued at $7,303,000 after purchasing an additional 34,701 shares during the last quarter. Duality Advisers LP grew its holdings in shares of EPAM Systems by 60.7% during the first quarter. Duality Advisers LP now owns 10,754 shares of the information technology services provider’s stock worth $2,970,000 after purchasing an additional 4,061 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of EPAM Systems by 251.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 19,128 shares of the information technology services provider’s stock worth $3,807,000 after purchasing an additional 13,690 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of EPAM Systems in the 2nd quarter valued at about $734,000. Finally, Vanguard Group Inc. boosted its position in shares of EPAM Systems by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 6,865,123 shares of the information technology services provider’s stock valued at $1,895,872,000 after purchasing an additional 39,531 shares during the period. Institutional investors and hedge funds own 91.58% of the company’s stock.

EPAM Systems Company 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.