Morgan Stanley Reaffirms Equal Weight Rating for Endava (NYSE:DAVA)

Endava (NYSE:DAVA - Get Free Report)'s stock had its "equal weight" rating reissued by Morgan Stanley in a research note issued on Monday, Benzinga reports. They presently have a $40.00 price target on the stock. Morgan Stanley's target price would suggest a potential upside of 34.63% from the company's current price.

Several other brokerages also recently issued reports on DAVA. JPMorgan Chase & Co. raised Endava from a "neutral" rating to an "overweight" rating and set a $49.00 price target for the company in a report on Tuesday, March 19th. HSBC downgraded Endava from a "buy" rating to a "hold" rating and lifted their target price for the stock from $68.00 to $80.00 in a report on Monday, January 8th. Guggenheim assumed coverage on Endava in a report on Tuesday, March 19th. They set a "buy" rating and a $60.00 target price for the company. Needham & Company LLC dropped their target price on Endava from $70.00 to $50.00 and set a "buy" rating for the company in a report on Friday, March 1st. Finally, Citigroup dropped their target price on Endava from $40.00 to $33.00 and set a "neutral" rating for the company in a report on Monday. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $55.56.

Endava Price Performance

Endava stock traded down $0.21 during mid-day trading on Monday, hitting $29.71. 419,236 shares of the company's stock traded hands, compared to its average volume of 582,232. The firm has a 50 day simple moving average of $43.68 and a two-hundred day simple moving average of $58.39. Endava has a fifty-two week low of $29.54 and a fifty-two week high of $81.06. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 20.68 and a beta of 1.10.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Redwood Investments LLC raised its stake in Endava by 666.2% in the fourth quarter. Redwood Investments LLC now owns 40,455 shares of the company's stock valued at $3,149,000 after purchasing an additional 35,175 shares in the last quarter. Simon Quick Advisors LLC acquired a new position in Endava in the fourth quarter valued at about $5,074,000. Adage Capital Partners GP L.L.C. raised its stake in Endava by 76.9% in the third quarter. Adage Capital Partners GP L.L.C. now owns 115,000 shares of the company's stock valued at $6,595,000 after purchasing an additional 50,000 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Endava in the third quarter valued at about $280,000. Finally, FMR LLC grew its position in Endava by 16.5% in the third quarter. FMR LLC now owns 1,807,318 shares of the company's stock valued at $103,650,000 after acquiring an additional 256,250 shares during the last quarter. Institutional investors and hedge funds own 62.23% of the company's stock.

Endava Company Profile

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.