Connor Clark & Lunn Investment Management Ltd. Grows Stock Holdings in EPAM Systems, Inc. (NYSE:EPAM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. significantly increased its stake in EPAM Systems by 262.7%, owning approximately 61,696 shares worth about $10.4 million.
• EPAM Systems reported a quarterly earnings per share of $2.77, exceeding analysts' expectations of $2.61, with an 18% year-over-year revenue growth to $1.35 billion.
• The stock has seen various analyst rating updates, with a consensus rating of "Moderate Buy" and an average price target of $231.73.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 262.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 61,696 shares of the information technology services provider's stock after purchasing an additional 44,684 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.11% of EPAM Systems worth $10,417,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Kayne Anderson Rudnick Investment Management LLC raised its stake in EPAM Systems by 2,500.0% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 130 shares of the information technology services provider's stock valued at $30,000 after purchasing an additional 125 shares in the last quarter. Sentry Investment Management LLC bought a new position 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. increased its position in EPAM Systems by 79.5% during the first quarter. First Horizon Advisors Inc. now owns 481 shares of the information technology services provider's stock valued at $81,000 after acquiring an additional 213 shares during the last quarter. Finally, IFP Advisors Inc increased its position in EPAM Systems by 149.2% during the first quarter. IFP Advisors Inc now owns 785 shares of the information technology services provider's stock valued at $133,000 after acquiring an additional 470 shares during the last quarter. Hedge funds and other institutional investors own 91.58% of the company's stock.

EPAM Systems Stock Up 0.2%

Shares of EPAM Systems stock opened at $158.00 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.17 and a quick ratio of 3.17. EPAM Systems, Inc. has a 1 year low of $138.15 and a 1 year high of $269.00. The firm's 50-day moving average is $169.93 and its two-hundred day moving average is $183.87. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 2.35 and a beta of 1.67.

EPAM Systems (NYSE:EPAM - Get Free Report) last issued its earnings results on Thursday, August 7th. The information technology services provider reported $2.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.16. EPAM Systems had a net margin of 7.91% and a return on equity of 14.00%. The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.33 billion. During the same period in the prior year, the business earned $2.45 EPS. The firm's quarterly revenue was up 18.0% on a year-over-year basis. As a group, research analysts expect that EPAM Systems, Inc. will post 8.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

EPAM has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of EPAM Systems in a research report on Thursday, July 17th. They set a "hold" rating and a $171.00 price objective on the stock. Guggenheim boosted their price objective on shares of EPAM Systems from $210.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Morgan Stanley cut their price objective on shares of 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. Needham & Company LLC boosted their price objective on shares of EPAM Systems from $185.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, Scotiabank cut their price objective on shares of EPAM Systems from $250.00 to $200.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, April 29th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, EPAM Systems presently has an average rating of "Moderate Buy" and a consensus price target of $231.73.

EPAM Systems Profile

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.