EPAM Systems, Inc. $EPAM Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia cut its EPAM Systems stake by 48.4% in the first quarter, selling 10,380 shares and retaining 11,050 shares valued at approximately $1.5 million. Institutional investors and hedge funds collectively own 91.58% of the company.
• Analyst sentiment is mixed, with seven Buy ratings, eight Holds, and one Sell. EPAM has an average rating of Hold and an average price target of $133.50, while several firms recently lowered their targets.
• EPAM shares opened at $107.26 after rising 6.8%, while the company’s latest quarterly results exceeded expectations: adjusted EPS was $2.86 versus $2.75 expected, and revenue rose 7.6% year over year to $1.40 billion.

Bank of Nova Scotia decreased its stake in shares of EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 48.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,050 shares of the information technology services provider's stock after selling 10,380 shares during the period. Bank of Nova Scotia's holdings in EPAM Systems were worth $1,496,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Gibbs Wealth Management raised its stake in EPAM Systems by 229.2% during the first quarter. Gibbs Wealth Management now owns 15,307 shares of the information technology services provider's stock valued at $2,073,000 after buying an additional 10,657 shares in the last quarter. State of Wyoming lifted its holdings in EPAM Systems by 132.7% during the 1st quarter. State of Wyoming now owns 2,399 shares of the information technology services provider's stock worth $325,000 after buying an additional 1,368 shares during the last quarter. Cetera Investment Advisers grew its position in shares of EPAM Systems by 1.5% in the 1st quarter. Cetera Investment Advisers now owns 20,015 shares of the information technology services provider's stock worth $2,710,000 after acquiring an additional 287 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of EPAM Systems by 10.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 14,991 shares of the information technology services provider's stock worth $2,030,000 after acquiring an additional 1,454 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of EPAM Systems by 25.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,069,284 shares of the information technology services provider's stock valued at $144,789,000 after acquiring an additional 219,388 shares during the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on EPAM. Morgan Stanley set a $112.00 price target on EPAM Systems in a research report on Friday, May 8th. Guggenheim decreased their price objective on shares of EPAM Systems from $225.00 to $200.00 and set a "buy" rating for the company in a report on Monday, May 4th. Needham & Company LLC lowered their target price on shares of EPAM Systems from $175.00 to $135.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Wedbush initiated coverage on shares of EPAM Systems in a report on Monday, June 15th. They set a "neutral" rating and a $99.00 target price on the stock. Finally, Weiss Ratings downgraded shares of EPAM Systems from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $133.50.

EPAM Systems Stock Up 6.8%

Shares of EPAM Systems stock opened at $107.26 on Thursday. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 0.95 and a beta of 1.43. EPAM Systems, Inc. has a twelve month low of $73.06 and a twelve month high of $222.53. The company has a current ratio of 2.67, a quick ratio of 2.67 and a debt-to-equity ratio of 0.05. The business's 50 day simple moving average is $90.83 and its 200-day simple moving average is $128.62.

EPAM Systems (NYSE:EPAM - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The information technology services provider reported $2.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.75 by $0.11. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.39 billion. EPAM Systems had a return on equity of 14.71% and a net margin of 6.96%.The business's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.41 EPS. Equities research analysts forecast that EPAM Systems, Inc. will post 10.4 earnings per share for the current year.

EPAM Systems Profile

EPAM Systems, Inc is a global provider of digital platform engineering and software development services. The company partners with clients across industries—such as financial services, healthcare, retail, and technology—to design, develop, and maintain complex software applications and digital experiences. EPAM's offerings include custom software development, application management, infrastructure management, quality assurance, and testing services, enabling organizations to accelerate digital transformation and enhance operational efficiency.

In addition to its core engineering capabilities, EPAM delivers a range of specialized services, including product design and consulting, data and analytics, cloud computing, DevOps, and cybersecurity.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.