EPAM Systems, Inc. (NYSE:EPAM) Shares Acquired by Covestor Ltd

Covestor Ltd increased its stake in shares of EPAM Systems, Inc. (NYSE:EPAM) by 16.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 490 shares of the information technology services provider’s stock after purchasing an additional 69 shares during the period. Covestor Ltd’s holdings in EPAM Systems were worth $98,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EPAM. Janney Montgomery Scott LLC acquired a new stake in shares of EPAM Systems in the first quarter worth approximately $272,000. Envestnet Portfolio Solutions Inc. grew its holdings in shares of EPAM Systems by 3.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,026 shares of the information technology services provider’s stock worth $1,112,000 after buying an additional 147 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of EPAM Systems during the first quarter worth $220,000. SG Americas Securities LLC raised its position in shares of EPAM Systems by 58.8% in the first quarter. SG Americas Securities LLC now owns 6,981 shares of the information technology services provider’s stock valued at $1,928,000 after buying an additional 2,586 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in shares of EPAM Systems by 62.6% in the first quarter. Russell Investments Group Ltd. now owns 46,381 shares of the information technology services provider’s stock worth $12,809,000 after buying an additional 17,848 shares in the last quarter. 91.58% of the stock is owned by hedge funds and other institutional investors.

EPAM Systems Stock Up 1.1 %

Shares of EPAM opened at $245.89 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.84 and a current ratio of 4.56. The stock has a market capitalization of $13.95 billion, a PE ratio of 31.93, a P/E/G ratio of 5.12 and a beta of 1.46. The company’s 50-day simple moving average is $200.80 and its 200-day simple moving average is $197.70. EPAM Systems, Inc. has a 1 year low of $169.43 and a 1 year high of $317.50.

EPAM Systems declared that its board has approved a stock repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the information technology services provider to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Jason D. Peterson sold 1,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $237.00, for a total value of $237,000.00. Following the sale, the chief financial officer now directly owns 24,836 shares in the company, valued at approximately $5,886,132. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on EPAM shares. Piper Sandler increased their price objective on shares of EPAM Systems from $225.00 to $258.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft initiated coverage on EPAM Systems in a research report on Thursday, August 22nd. They set a “hold” rating and a $204.00 price objective on the stock. Susquehanna upped their target price on EPAM Systems from $240.00 to $270.00 and gave the company a “positive” rating in a report on Friday, November 8th. Needham & Company LLC lifted their price target on EPAM Systems from $215.00 to $265.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Scotiabank raised shares of EPAM Systems from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $245.00 to $275.00 in a research report on Monday. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, EPAM Systems has a consensus rating of “Moderate Buy” and a consensus price target of $263.00.

EPAM Systems Company Profile

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.