Endava (NYSE:DAVA) Shares Gap Up - Time to Buy?

Key Points

• Endava's stock price gapped up from $13.70 to $14.08 before the market opened, with the last trade at $13.45 on a volume of 278,956 shares.
• Analyst ratings vary, with Needham & Company raising their price objective from $18.00 to $20.00, while TD Cowen has downgraded their rating from "buy" to "hold" with a $17.00 target.
• Hedge funds and institutional investors have been actively trading Endava, with Kayne Anderson Rudnick Investment Management increasing their stake by 36.7% in the first quarter.

Endava PLC Sponsored ADR (NYSE:DAVA - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $13.70, but opened at $14.08. Endava shares last traded at $13.45, with a volume of 278,956 shares trading hands.

Analyst Ratings Changes

A number of analysts have weighed in on DAVA shares. Needham & Company LLC raised their price objective on shares of Endava from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, June 10th. TD Cowen lowered shares of Endava from a "buy" rating to a "hold" rating and set a $17.00 price objective for the company. in a research note on Thursday, May 15th. JPMorgan Chase & Co. restated a "neutral" rating and set a $18.00 price objective on shares of Endava in a research note on Monday, May 19th. Wall Street Zen upgraded shares of Endava from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Finally, Susquehanna reduced their price objective on shares of Endava from $50.00 to $42.00 and set a "positive" rating for the company in a research note on Tuesday, May 20th. Seven analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Endava has a consensus rating of "Hold" and an average target price of $25.22.

Endava Stock Performance

The business's fifty day moving average price is $14.35 and its 200-day moving average price is $19.27. 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 stock has a market cap of $795.72 million, a PE ratio of 35.56 and a beta of 1.12.

Institutional Trading of Endava

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Endava by 36.7% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,198,846 shares of the company's stock worth $120,939,000 after acquiring an additional 1,665,735 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of Endava by 80.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,806,044 shares of the company's stock worth $55,807,000 after acquiring an additional 805,903 shares during the last quarter. Fourth Sail Capital LP boosted its stake in shares of Endava by 52.9% during the 1st quarter. Fourth Sail Capital LP now owns 1,406,223 shares of the company's stock worth $27,435,000 after acquiring an additional 486,604 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Endava during the 4th quarter worth $14,698,000. Finally, Paradice Investment Management LLC boosted its stake in shares of Endava by 29.2% during the 2nd quarter. Paradice Investment Management LLC now owns 1,565,860 shares of the company's stock worth $23,989,000 after acquiring an additional 353,587 shares during the last quarter. 62.23% of the stock is owned by hedge funds and other institutional investors.

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.

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