Portside Wealth Group LLC Invests $1.02 Million in EPAM Systems, Inc. (NYSE:EPAM)

Portside Wealth Group LLC bought a new position in shares of EPAM Systems, Inc. (NYSE:EPAM) in the third quarter, according to the company in its most recent filing with the SEC. The fund bought 5,136 shares of the information technology services provider’s stock, valued at approximately $1,022,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Olympiad Research LP acquired a new position in EPAM Systems during the third quarter valued at approximately $336,000. Principal Financial Group Inc. boosted its position in EPAM Systems by 1.2% during the 3rd quarter. Principal Financial Group Inc. now owns 70,674 shares of the information technology services provider’s stock worth $14,066,000 after purchasing an additional 848 shares during the period. Sentry Investment Management LLC acquired a new stake in EPAM Systems in the 3rd quarter valued at $52,000. Asset Management One Co. Ltd. increased its holdings in EPAM Systems by 0.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 21,579 shares of the information technology services provider’s stock valued at $4,295,000 after purchasing an additional 90 shares in the last quarter. Finally, Intact Investment Management Inc. purchased a new position in EPAM Systems in the third quarter valued at about $72,000. Institutional investors and hedge funds own 91.58% of the company’s stock.

EPAM Systems Stock Performance

Shares of EPAM opened at $233.45 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.84 and a quick ratio of 4.84. EPAM Systems, Inc. has a 12-month low of $169.43 and a 12-month high of $317.50. The business’s fifty day moving average price is $198.94 and its 200 day moving average price is $198.28. The stock has a market capitalization of $13.29 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 4.16 and a beta of 1.46.

EPAM Systems (NYSE:EPAM) last posted its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $2.45 EPS for the quarter, beating the consensus estimate of $2.26 by $0.19. The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. EPAM Systems had a net margin of 8.86% and a return on equity of 14.31%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.21 EPS. Equities research analysts forecast that EPAM Systems, Inc. will post 8.08 EPS for the current year.

EPAM Systems declared that its board has approved a stock buyback plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the information technology services provider to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EPAM. JPMorgan Chase & Co. increased their target price on EPAM Systems from $222.00 to $262.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Jefferies Financial Group lifted their price objective on shares of EPAM Systems from $237.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Piper Sandler upped their target price on shares of EPAM Systems from $225.00 to $258.00 and gave the company an “overweight” rating in a research note on Thursday. StockNews.com downgraded shares of EPAM Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Citigroup upped their price objective on shares of EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a research report on Monday, October 28th. Ten research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $261.50.

EPAM Systems 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.