EPAM Systems (NYSE:EPAM) Stock Price Target Raised at Citigroup

Key Points

• Citigroup raised its EPAM Systems price target from $140 to $172 but kept a neutral rating, implying about 5.1% upside from the then-current share price.
• Analyst views were mixed: six firms rated EPAM a Buy and eleven a Hold, with an average price target of $145.87; Needham was more bullish, assigning a $200 target and Buy rating.
• EPAM beat quarterly earnings and revenue estimates, reporting EPS of $3.51 versus $3.41 expected and revenue of $1.43 billion versus $1.42 billion; revenue rose 2.3% year over year.

EPAM Systems (NYSE:EPAM - Get Free Report) had its price objective lifted by research analysts at Citigroup from $140.00 to $172.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a "neutral" rating on the information technology services provider's stock. Citigroup's target price would suggest a potential upside of 5.06% from the stock's current price.

Several other research firms have also recently weighed in on EPAM. Stifel Nicolaus set a $135.00 target price on shares of EPAM Systems in a research note on Thursday, August 6th. Needham & Company LLC upped their price target on shares of EPAM Systems from $120.00 to $200.00 and gave the stock a "buy" rating in a research report on Thursday, November 5th. JPMorgan Chase & Co. cut shares of EPAM Systems from an "overweight" rating to a "neutral" rating and set a $120.00 price target for the company. in a research note on Wednesday, August 26th. Morgan Stanley lifted their price objective on shares of EPAM Systems from $97.00 to $140.00 and gave the company an "equal weight" rating in a research report on Wednesday, November 4th. Finally, TD Cowen lowered their price objective on shares of EPAM Systems from $131.00 to $120.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Six equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat.com, EPAM Systems presently has an average rating of "Hold" and an average target price of $145.87.

EPAM Systems Stock Down 0.3%

EPAM traded down $0.43 during trading on Wednesday, reaching $163.71. The company had a trading volume of 608,009 shares, compared to its average volume of 1,482,011. The company has a market cap of $8.35 billion, a P/E ratio of 20.55, a PEG ratio of 1.63 and a beta of 1.27. EPAM Systems has a 12 month low of $73.06 and a 12 month high of $222.53. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.76 and a quick ratio of 2.76. The business's fifty day moving average price is $123.61 and its 200 day moving average price is $120.84.

EPAM Systems (NYSE:EPAM - Get Free Report) last posted its quarterly earnings data on Thursday, November 5th. The information technology services provider reported $3.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.41 by $0.10. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. EPAM Systems had a return on equity of 16.76% and a net margin of 7.53%. EPAM Systems's quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the company earned $3.08 earnings per share. Equities analysts anticipate that EPAM Systems will post 10.49 EPS for the current year.

Hedge Funds Weigh In On EPAM Systems

Several institutional investors and hedge funds have recently modified their holdings of EPAM. Tidal Investments LLC grew its position in shares of EPAM Systems by 23.0% during the 2nd quarter. Tidal Investments LLC now owns 79,826 shares of the information technology services provider's stock worth $6,334,000 after purchasing an additional 14,917 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of EPAM Systems by 7.8% during the first quarter. Arrowstreet Capital Limited Partnership now owns 348,586 shares of the information technology services provider's stock worth $47,199,000 after purchasing an additional 25,152 shares during the period. Bank Hapoalim BM acquired a new stake in shares of EPAM Systems in the second quarter valued at approximately $1,491,000. Bank of America Corp DE raised its position in shares of EPAM Systems by 15.9% in the first quarter. Bank of America Corp DE now owns 624,699 shares of the information technology services provider's stock valued at $84,584,000 after buying an additional 85,480 shares in the last quarter. Finally, Lazard Asset Management LLC boosted its stake in shares of EPAM Systems by 82.2% in the first quarter. Lazard Asset Management LLC now owns 39,326 shares of the information technology services provider's stock valued at $5,325,000 after buying an additional 17,737 shares during the period. 91.58% of the stock is currently owned by institutional investors and hedge funds.

About EPAM Systems

EPAM Systems is a global provider of software engineering, digital transformation and consulting services. The company helps businesses design, build and maintain software products and digital platforms, and offers services in areas such as cloud computing, data and artificial intelligence, and cybersecurity. Founded in 1993 by Arkadiy Dobkin, EPAM has grown from a software development firm into a technology services company serving clients across the Americas, Europe and Asia-Pacific. It works with organizations in industries including financial services, healthcare, retail and technology.

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