Friedberg Investment Management reduced its stake in shares of EPAM Systems Inc (NYSE:EPAM) by 67.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,940 shares of the information technology services provider’s stock after selling 46,180 shares during the quarter. EPAM Systems makes up about 3.1% of Friedberg Investment Management’s holdings, making the stock its 8th biggest holding. Friedberg Investment Management’s holdings in EPAM Systems were worth $1,929,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also made changes to their positions in EPAM. Acrospire Investment Management LLC purchased a new stake in shares of EPAM Systems in the 2nd quarter valued at $101,000. Jacobi Capital Management LLC purchased a new position in EPAM Systems in the 2nd quarter valued at approximately $119,000. PNC Financial Services Group Inc. increased its stake in EPAM Systems by 34.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,462 shares of the information technology services provider’s stock valued at $123,000 after purchasing an additional 378 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in EPAM Systems by 11.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,591 shares of the information technology services provider’s stock valued at $134,000 after purchasing an additional 166 shares in the last quarter. Finally, US Bancorp DE increased its stake in EPAM Systems by 1,762.5% in the 2nd quarter. US Bancorp DE now owns 2,086 shares of the information technology services provider’s stock valued at $175,000 after purchasing an additional 1,974 shares in the last quarter. Hedge funds and other institutional investors own 91.08% of the company’s stock.
EPAM has been the subject of several recent research reports. Zacks Investment Research downgraded EPAM Systems from a “buy” rating to a “hold” rating in a research report on Monday, August 14th. Jefferies Group set a $95.00 price objective on EPAM Systems and gave the stock a “buy” rating in a research report on Thursday, August 17th. BidaskClub downgraded shares of EPAM Systems from a “hold” rating to a “sell” rating in a research note on Wednesday, August 30th. Cowen reaffirmed a “buy” rating and issued a $95.00 price target on shares of EPAM Systems in a research note on Friday, September 1st. Finally, Bank of America assumed coverage on shares of EPAM Systems in a report on Tuesday, September 12th. They set a “buy” rating and a $95.00 price target for the company. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $100.07.
In other EPAM Systems news, Director Ronald P. Vargo sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $101.32, for a total value of $405,280.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Arkadiy Dobkin sold 56,945 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $84.79, for a total transaction of $4,828,366.55. Following the completion of the transaction, the chief executive officer now directly owns 2,070,851 shares in the company, valued at $175,587,456.29. The disclosure for this sale can be found here. Insiders have sold 357,054 shares of company stock worth $33,544,681 over the last three months. 6.17% of the stock is owned by insiders.
EPAM Systems Inc (NYSE EPAM) traded up $2.35 during midday trading on Thursday, hitting $100.07. 391,482 shares of the company traded hands, compared to its average volume of 334,896. The company has a current ratio of 5.56, a quick ratio of 5.56 and a debt-to-equity ratio of 0.03. EPAM Systems Inc has a twelve month low of $61.74 and a twelve month high of $107.91. The company has a market capitalization of $5,130.21, a PE ratio of 38.40, a PEG ratio of 1.87 and a beta of 1.00.
EPAM Systems (NYSE:EPAM) last posted its quarterly earnings results on Thursday, November 2nd. The information technology services provider reported $0.92 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.07. EPAM Systems had a net margin of 9.41% and a return on equity of 15.70%. The firm had revenue of $377.50 million during the quarter, compared to analyst estimates of $368.22 million. During the same quarter in the prior year, the business posted $0.76 earnings per share. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. sell-side analysts predict that EPAM Systems Inc will post 2.68 earnings per share for the current year.
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About EPAM Systems
EPAM Systems, Inc is a g provider of software product development and digital platform engineering services to clients located primarily in North America, Europe, Asia and Australia. The Company’s service offerings cover the full software product development lifecycle from digital strategy and customer experience design to enterprise application platforms implementation and program management services and from complex software development services to maintenance, support, custom application development, application testing, and infrastructure management.
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