Needham & Company LLC Issues Pessimistic Forecast for Endava (NYSE:DAVA) Stock Price

Key Points

• Investment analysts at Needham & Company LLC have lowered their target price for Endava from $20.00 to $12.00, maintaining a "buy" rating, which suggests a potential upside of 20.54% from the current price.
• Analysis from multiple firms has resulted in varying target prices and ratings, with Guggenheim setting a new target of $20.00 and Deutsche Bank initiating coverage with a $14.00 target and a "hold" rating.
• Endava's stock has dropped 30.8% this year, with a current market cap of approximately $587.64 million and a recent trading price around $9.96.

Endava (NYSE:DAVA - Free Report) had its price target trimmed by Needham & Company LLC from $20.00 to $12.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also commented on DAVA. Deutsche Bank Aktiengesellschaft started coverage on shares of Endava in a research note on Thursday, July 17th. They set a "hold" rating and a $14.00 price target on the stock. Wall Street Zen lowered Endava from a "buy" rating to a "hold" rating in a report on Saturday, August 16th. JPMorgan Chase & Co. reduced their price target on Endava from $18.00 to $17.00 and set a "neutral" rating for the company in a research report on Wednesday, August 20th. Guggenheim lowered their price objective on Endava from $25.00 to $20.00 and set a "buy" rating on the stock in a report on Thursday, August 28th. Finally, Susquehanna reduced their target price on Endava from $50.00 to $42.00 and set a "positive" rating for the company in a report on Tuesday, May 20th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $20.78.

Endava Stock Down 2.9%

Shares of Endava stock traded down $0.29 during trading on Friday, hitting $9.65. 593,225 shares of the stock traded hands, compared to its average volume of 770,177. The stock has a market cap of $569.35 million, a P/E ratio of 21.49 and a beta of 1.13. The company has a fifty day moving average price of $13.42 and a two-hundred day moving average price of $16.61. Endava has a twelve month low of $9.66 and a twelve month high of $34.94. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.32 and a current ratio of 2.32.

Hedge Funds Weigh In On Endava

A number of hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP bought a new position in shares of Endava during the 1st quarter worth about $25,000. GAMMA Investing LLC raised its position in Endava by 81.0% in the second quarter. GAMMA Investing LLC now owns 1,683 shares of the company's stock worth $26,000 after purchasing an additional 753 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Endava by 733.6% during the second quarter. EverSource Wealth Advisors LLC now owns 1,909 shares of the company's stock worth $29,000 after purchasing an additional 1,680 shares during the period. State of Wyoming boosted its holdings in Endava by 112.7% during the first quarter. State of Wyoming now owns 2,367 shares of the company's stock valued at $46,000 after purchasing an additional 1,254 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Endava by 23.5% during the first quarter. Smartleaf Asset Management LLC now owns 3,620 shares of the company's stock valued at $72,000 after purchasing an additional 689 shares in the last quarter. Institutional investors and hedge funds own 62.23% of the company's stock.

About Endava

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.