Endava (NYSE:DAVA) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Endava has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, signaling a shift in analyst sentiment regarding the stock.
• Despite the downgrade, Guggenheim maintains a "buy" rating with a price target of $25.00, while TD Cowen has set a lower target of $17.00 with a "hold" rating.
• Institutional investors currently hold 62.23% of Endava's stock, indicating substantial support from large financial entities.

Endava (NYSE:DAVA - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

Several other brokerages have also issued reports on DAVA. Guggenheim reissued a "buy" rating and issued a $25.00 price target on shares of Endava in a research note on Tuesday, June 10th. TD Cowen lowered Endava from a "buy" rating to a "hold" rating and set a $17.00 price target on the stock. in a research note on Thursday, May 15th. Cowen lowered Endava from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Needham & Company LLC boosted their price target on Endava from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $18.00 price objective on shares of Endava in a report on Monday, May 19th. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Endava presently has an average rating of "Hold" and an average target price of $25.22.

Endava Price Performance

Shares of DAVA opened at $12.60 on Friday. Endava has a 52-week low of $11.63 and a 52-week high of $34.94. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.18 and a current ratio of 2.18. The business's 50 day moving average price is $14.23 and its two-hundred day moving average price is $19.00. The firm has a market cap of $743.78 million, a PE ratio of 33.16 and a beta of 1.12.

Institutional Investors Weigh In On Endava

Several hedge funds and other institutional investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Endava by 36.7% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,198,846 shares of the company's stock worth $120,939,000 after buying an additional 1,665,735 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in Endava by 80.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,806,044 shares of the company's stock worth $55,807,000 after purchasing an additional 805,903 shares during the last quarter. Fourth Sail Capital LP boosted its position in Endava by 52.9% in the first quarter. Fourth Sail Capital LP now owns 1,406,223 shares of the company's stock worth $27,435,000 after purchasing an additional 486,604 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Endava in the fourth quarter worth $14,698,000. Finally, Paradice Investment Management LLC boosted its position in Endava by 29.2% in the second quarter. Paradice Investment Management LLC now owns 1,565,860 shares of the company's stock worth $23,989,000 after purchasing an additional 353,587 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.