EPAM Systems (NYSE:EPAM) Releases Earnings Results, Beats Estimates By $0.67 EPS

EPAM Systems (NYSE:EPAMGet Rating) issued its quarterly earnings results on Thursday. The information technology services provider reported $2.38 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.67, Briefing.com reports. The company had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.12 billion. EPAM Systems had a net margin of 11.14% and a return on equity of 21.92%. EPAM Systems’s revenue was up 35.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.90 earnings per share. EPAM Systems updated its Q3 guidance to at least $2.48 EPS and its Q3 2022 guidance to $2.48- EPS.

EPAM Systems Stock Up 2.9 %

EPAM traded up $12.00 during midday trading on Friday, hitting $427.39. The company had a trading volume of 854,926 shares, compared to its average volume of 982,032. The company has a quick ratio of 3.32, a current ratio of 3.32 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $322.78 and its 200 day moving average price is $328.27. The company has a market capitalization of $24.43 billion, a price-to-earnings ratio of 54.72, a PEG ratio of 2.97 and a beta of 1.77. EPAM Systems has a 52 week low of $168.59 and a 52 week high of $725.40.

Insider Transactions at EPAM Systems

In other news, CMO Elaina Shekhter sold 100 shares of the business’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $347.10, for a total transaction of $34,710.00. Following the completion of the sale, the chief marketing officer now directly owns 7,671 shares of the company’s stock, valued at $2,662,604.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CMO Elaina Shekhter sold 100 shares of the business’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $347.10, for a total transaction of $34,710.00. Following the completion of the sale, the chief marketing officer now directly owns 7,671 shares of the company’s stock, valued at $2,662,604.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Jason D. Peterson sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 11th. The stock was sold at an average price of $325.00, for a total transaction of $325,000.00. Following the transaction, the chief financial officer now owns 12,162 shares in the company, valued at $3,952,650. The disclosure for this sale can be found here. Insiders sold a total of 1,500 shares of company stock valued at $493,710 over the last three months. Corporate insiders own 4.10% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cetera Advisor Networks LLC boosted its stake in EPAM Systems by 36.0% in the first quarter. Cetera Advisor Networks LLC now owns 842 shares of the information technology services provider’s stock valued at $250,000 after acquiring an additional 223 shares during the last quarter. Private Advisor Group LLC boosted its stake in EPAM Systems by 14.4% in the first quarter. Private Advisor Group LLC now owns 1,034 shares of the information technology services provider’s stock valued at $307,000 after acquiring an additional 130 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in EPAM Systems by 100.7% in the first quarter. Panagora Asset Management Inc. now owns 2,413 shares of the information technology services provider’s stock valued at $716,000 after acquiring an additional 1,211 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in EPAM Systems by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,589 shares of the information technology services provider’s stock valued at $2,251,000 after acquiring an additional 470 shares during the last quarter. Finally, Blair William & Co. IL boosted its stake in EPAM Systems by 0.4% in the first quarter. Blair William & Co. IL now owns 17,528 shares of the information technology services provider’s stock valued at $5,199,000 after acquiring an additional 68 shares during the last quarter. 95.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EPAM has been the topic of a number of recent research reports. Cowen lifted their price target on shares of EPAM Systems from $400.00 to $440.00 in a report on Friday. Piper Sandler boosted their target price on shares of EPAM Systems from $381.00 to $460.00 and gave the company an “overweight” rating in a report on Friday. Susquehanna Bancshares upgraded shares of EPAM Systems to a “positive” rating in a report on Monday, May 16th. Needham & Company LLC boosted their target price on shares of EPAM Systems from $450.00 to $490.00 and gave the company a “buy” rating in a report on Friday. Finally, Wolfe Research upgraded shares of EPAM Systems from a “peer perform” rating to an “outperform” rating and set a $390.00 target price on the stock in a report on Monday, April 11th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $444.62.

About EPAM Systems

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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, and maintenance with private, public, and mobile infrastructures for application, database, network, server, storage, and systems operations management, as well as monitoring, incident notification, and resolution services; and maintenance and support services.

Further Reading

Earnings History for EPAM Systems (NYSE:EPAM)

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