Endava (NYSE:DAVA) Price Target Cut to $43.00

Endava (NYSE:DAVA - Get Free Report) had its price target cut by equities researchers at JPMorgan Chase & Co. from $49.00 to $43.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 38.09% from the company's previous close.

Several other analysts have also recently commented on the stock. Morgan Stanley reiterated an "equal weight" rating and issued a $40.00 price target on shares of Endava in a research note on Monday, April 22nd. Citigroup cut their price target on shares of Endava from $40.00 to $33.00 and set a "neutral" rating on the stock in a report on Monday, April 22nd. TD Cowen dropped their target price on shares of Endava from $85.00 to $52.00 and set an "outperform" rating on the stock in a research note on Friday, March 1st. HSBC upgraded shares of Endava from a "hold" rating to a "buy" rating and set a $45.00 target price on the stock in a research note on Wednesday. Finally, Needham & Company LLC dropped their price objective on shares of Endava from $70.00 to $50.00 and set a "buy" rating on the stock in a research note on Friday, March 1st. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, Endava currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Endava Trading Down 0.4 %

Shares of DAVA traded down $0.11 during trading hours on Thursday, reaching $31.14. 354,289 shares of the stock traded hands, compared to its average volume of 571,766. Endava has a 52-week low of $28.99 and a 52-week high of $81.06. The company's 50-day moving average price is $37.67 and its two-hundred day moving average price is $56.81. The company has a market cap of $1.80 billion, a P/E ratio of 21.48 and a beta of 1.14.

Endava (NYSE:DAVA - Get Free Report) last released its earnings results on Thursday, February 29th. The company reported $0.17 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.01). Endava had a net margin of 8.88% and a return on equity of 11.77%. The firm had revenue of $227.96 million for the quarter, compared to analysts' expectations of $231.07 million. On average, research analysts forecast that Endava will post 0.62 EPS for the current year.

Institutional Investors Weigh In On Endava

Several institutional investors and hedge funds have recently made changes to their positions in DAVA. Kayne Anderson Rudnick Investment Management LLC acquired a new stake in shares of Endava during the third quarter worth $58,433,000. Fourth Sail Capital LP acquired a new position in Endava during the first quarter valued at $27,622,000. Invesco Ltd. lifted its position in Endava by 156.5% during the third quarter. Invesco Ltd. now owns 866,076 shares of the company's stock valued at $49,669,000 after purchasing an additional 528,384 shares during the period. Capital World Investors lifted its position in Endava by 39.3% during the fourth quarter. Capital World Investors now owns 987,200 shares of the company's stock valued at $76,854,000 after purchasing an additional 278,300 shares during the period. Finally, FMR LLC lifted its position in Endava by 16.5% during the third quarter. FMR LLC now owns 1,807,318 shares of the company's stock valued at $103,650,000 after purchasing an additional 256,250 shares during the period. 62.23% of the stock is currently owned by institutional investors and hedge funds.

About Endava

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.