Bank of Nova Scotia Decreases Stake in EPAM Systems, Inc. (NYSE:EPAM)

Bank of Nova Scotia cut its position in shares of EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 72.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,502 shares of the information technology services provider's stock after selling 22,712 shares during the period. Bank of Nova Scotia's holdings in EPAM Systems were worth $1,435,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in EPAM. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of EPAM Systems by 2,500.0% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 130 shares of the information technology services provider's stock valued at $30,000 after acquiring an additional 125 shares during the last quarter. Sentry Investment Management LLC purchased a new stake in EPAM Systems during the first quarter valued at $33,000. CX Institutional bought a new position in EPAM Systems during the first quarter valued at $42,000. First Horizon Advisors Inc. grew its stake in shares of EPAM Systems by 79.5% in the 1st quarter. First Horizon Advisors Inc. now owns 481 shares of the information technology services provider's stock worth $81,000 after buying an additional 213 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in shares of EPAM Systems by 149.2% in the 1st quarter. IFP Advisors Inc now owns 785 shares of the information technology services provider's stock worth $133,000 after buying an additional 470 shares during the last quarter. Hedge funds and other institutional investors own 91.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on EPAM shares. Guggenheim increased their price target on shares of EPAM Systems from $210.00 to $215.00 and gave the company a "buy" rating in a report on Friday, May 9th. Piper Sandler raised their price objective on EPAM Systems from $170.00 to $194.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Stifel Nicolaus dropped their target price on EPAM Systems from $275.00 to $240.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Morgan Stanley cut their target price on EPAM Systems from $250.00 to $210.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Finally, Needham & Company LLC raised their price target on EPAM Systems from $185.00 to $215.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $231.73.

EPAM Systems Trading Up 4.2%

EPAM stock opened at $157.64 on Friday. EPAM Systems, Inc. has a 12 month low of $138.15 and a 12 month high of $269.00. The firm's 50-day moving average is $170.26 and its 200 day moving average is $185.20. The company has a market capitalization of $8.93 billion, a PE ratio of 22.05, a P/E/G ratio of 2.25 and a beta of 1.67. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.06 and a quick ratio of 3.06.

EPAM Systems (NYSE:EPAM - Get Free Report) last issued its earnings results on Thursday, May 8th. The information technology services provider reported $2.41 EPS for the quarter, topping analysts' consensus estimates of $2.27 by $0.14. The business had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.28 billion. EPAM Systems had a net margin of 8.47% and a return on equity of 14.15%. The company's quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the company posted $2.46 earnings per share. On average, research analysts anticipate that EPAM Systems, Inc. will post 8.9 EPS for the current year.

About EPAM Systems

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.

Want to see what other hedge funds are holding EPAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for EPAM Systems, Inc. (NYSE:EPAM - Free Report).

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.