Parallel Advisors LLC lessened its stake in EPAM Systems, Inc. (NYSE:EPAM – Free Report) by 32.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 513 shares of the information technology services provider’s stock after selling 252 shares during the period. Parallel Advisors LLC’s holdings in EPAM Systems were worth $153,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors also recently bought and sold shares of EPAM. Alliancebernstein L.P. boosted its stake in EPAM Systems by 24.2% in the fourth quarter. Alliancebernstein L.P. now owns 3,489,287 shares of the information technology services provider’s stock valued at $1,143,579,000 after acquiring an additional 679,114 shares in the last quarter. Norges Bank purchased a new stake in shares of EPAM Systems in the fourth quarter valued at about $181,396,000. Bank of America Corp DE raised its holdings in shares of EPAM Systems by 106.2% in the fourth quarter. Bank of America Corp DE now owns 673,046 shares of the information technology services provider’s stock valued at $220,584,000 after buying an additional 346,654 shares during the last quarter. State Street Corp raised its holdings in shares of EPAM Systems by 9.1% in the first quarter. State Street Corp now owns 2,471,924 shares of the information technology services provider’s stock valued at $733,197,000 after buying an additional 206,636 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of EPAM Systems by 1.9% in the first quarter. Vanguard Group Inc. now owns 6,234,948 shares of the information technology services provider’s stock valued at $1,849,348,000 after buying an additional 115,422 shares during the last quarter. Institutional investors and hedge funds own 91.78% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently commented on the stock. Citigroup cut shares of EPAM Systems from a “buy” rating to a “neutral” rating and reduced their target price for the company from $310.00 to $220.00 in a report on Tuesday, June 6th. Barclays cut shares of EPAM Systems from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $310.00 to $220.00 in a report on Tuesday, June 6th. StockNews.com assumed coverage on shares of EPAM Systems in a report on Thursday, May 18th. They set a “hold” rating for the company. Bank of America cut shares of EPAM Systems from a “buy” rating to an “underperform” rating in a report on Monday, June 5th. Finally, Stifel Nicolaus cut their price target on shares of EPAM Systems from $320.00 to $240.00 in a report on Tuesday, June 6th. One analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $331.15.
EPAM Systems Stock Up 0.4 %
EPAM Systems (NYSE:EPAM – Get Free Report) last released its quarterly earnings results on Friday, May 5th. The information technology services provider reported $1.96 EPS for the quarter, beating the consensus estimate of $1.88 by $0.08. The business had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.21 billion. EPAM Systems had a net margin of 8.88% and a return on equity of 19.60%. Equities analysts expect that EPAM Systems, Inc. will post 7.91 earnings per share for the current fiscal year.
About EPAM Systems
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 infrastructure management for application, database, network, server, storage, and systems operations management, as well as monitoring, incident notification, and resolution services; and maintenance and support services.
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