Infosys (NYSE:INFY) Upgraded to “Buy” at StockNews.com

Infosys (NYSE:INFY) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

Several other brokerages have also recently commented on INFY. Macquarie upgraded shares of Infosys from an “underperform” rating to a “neutral” rating in a research report on Friday, July 19th. Erste Group Bank upgraded Infosys from a “hold” rating to a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

Infosys Price Performance

Shares of INFY stock traded down $0.06 on Friday, reaching $23.19. 5,273,397 shares of the stock were exchanged, compared to its average volume of 9,394,422. Infosys has a one year low of $16.04 and a one year high of $23.48. The stock has a market cap of $96.05 billion, a PE ratio of 30.51, a P/E/G ratio of 3.63 and a beta of 0.99. The stock has a 50 day moving average price of $21.91 and a 200 day moving average price of $19.30.

Infosys (NYSE:INFY) last released its earnings results on Thursday, July 18th. The technology company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. Infosys had a net margin of 17.18% and a return on equity of 32.01%. The company had revenue of $4.71 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the company posted $0.17 EPS. On average, research analysts expect that Infosys will post 0.75 earnings per share for the current fiscal year.

Institutional Trading of Infosys

Large investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board raised its holdings in shares of Infosys by 37.3% during the second quarter. Canada Pension Plan Investment Board now owns 21,580,344 shares of the technology company’s stock worth $401,826,000 after acquiring an additional 5,862,144 shares during the period. Millennium Management LLC lifted its holdings in shares of Infosys by 67.9% in the second quarter. Millennium Management LLC now owns 7,601,073 shares of the technology company’s stock valued at $141,532,000 after purchasing an additional 3,074,432 shares in the last quarter. Acadian Asset Management LLC boosted its position in shares of Infosys by 106.1% during the first quarter. Acadian Asset Management LLC now owns 4,839,764 shares of the technology company’s stock worth $86,764,000 after buying an additional 2,491,403 shares during the period. Wellington Management Group LLP grew its holdings in shares of Infosys by 539.8% during the fourth quarter. Wellington Management Group LLP now owns 2,010,636 shares of the technology company’s stock worth $36,955,000 after buying an additional 1,696,378 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its position in Infosys by 46.0% in the 2nd quarter. Daiwa Securities Group Inc. now owns 5,234,500 shares of the technology company’s stock valued at $97,467,000 after buying an additional 1,648,650 shares during the last quarter. 10.89% of the stock is owned by institutional investors.

Infosys Company Profile

Infosys Limited, together with its subsidiaries, provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, metaverse, data analytics and AI, applied AI, generative AI, sustainability, blockchain, engineering, Internet of Things, enterprise agile DevOps, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; API economy and microservices; and Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.