ING Groep NV Cuts Stock Holdings in EPAM Systems, Inc. (NYSE:EPAM)

Key Points

• ING Groep NV significantly reduced its stake in EPAM Systems by 73.2%, owning 1,943 shares worth approximately $328,000 after selling over 5,000 shares in the first quarter.
• EPAM Systems' stock price rose by 0.2% to $158.00, with a market capitalization of $8.95 billion and a current price-to-earnings ratio of 22.54.
• Analysts have set new price targets for EPAM Systems, with ranges varying from $194.00 to $215.00, while the average target price stands at approximately $231.73.

ING Groep NV cut its holdings in EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 73.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,943 shares of the information technology services provider's stock after selling 5,301 shares during the period. ING Groep NV's holdings in EPAM Systems were worth $328,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC lifted its stake in EPAM Systems by 2,500.0% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 130 shares of the information technology services provider's stock worth $30,000 after purchasing an additional 125 shares during the last quarter. Sentry Investment Management LLC bought a new position in shares of EPAM Systems during the first quarter valued at about $33,000. CX Institutional bought a new position in shares of EPAM Systems during the first quarter valued at about $42,000. First Horizon Advisors Inc. raised its stake in shares of 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, Covestor Ltd raised its stake in shares of EPAM Systems by 42.4% during the fourth quarter. Covestor Ltd now owns 698 shares of the information technology services provider's stock valued at $164,000 after acquiring an additional 208 shares during the last quarter. 91.58% of the stock is owned by institutional investors.

EPAM Systems Stock Up 0.2%

EPAM traded up $0.26 during midday trading on Friday, reaching $158.00. The company's stock had a trading volume of 1,084,600 shares, compared to its average volume of 731,945. The firm has a market capitalization of $8.95 billion, a price-to-earnings ratio of 22.54, a PEG ratio of 2.35 and a beta of 1.67. The company has a current ratio of 3.17, a quick ratio of 3.06 and a debt-to-equity ratio of 0.01. EPAM Systems, Inc. has a 1 year low of $138.15 and a 1 year high of $269.00. The stock's 50-day moving average is $169.93 and its 200-day moving average is $184.65.

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Barclays upped their price objective on shares of EPAM Systems from $200.00 to $215.00 and gave the company an "overweight" rating in a research note on Monday, May 12th. Morgan Stanley lowered their price objective on shares of EPAM Systems from $250.00 to $210.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Susquehanna lowered their price objective on shares of EPAM Systems from $270.00 to $210.00 and set a "positive" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler boosted their price target on shares of EPAM Systems from $170.00 to $194.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Needham & Company LLC boosted their price target 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. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $231.73.

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.