Infosys (NYSE:INFY) Shares Gap Down – Here’s Why

Infosys Limited (NYSE:INFY) gapped down before the market opened on Thursday . The stock had previously closed at $22.90, but opened at $22.23. Infosys shares last traded at $22.10, with a volume of 788,808 shares trading hands.

Analyst Upgrades and Downgrades

INFY has been the subject of a number of research analyst reports. BMO Capital Markets upped their target price on Infosys from $23.00 to $25.00 and gave the stock a “market perform” rating in a research report on Friday. Erste Group Bank upgraded Infosys from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. Investec cut Infosys from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. Macquarie upgraded shares of Infosys from an “underperform” rating to a “neutral” rating in a research report on Friday, July 19th. Finally, StockNews.com upgraded shares of Infosys from a “hold” rating to a “buy” rating in a research report on Monday, September 30th. Two research analysts have 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 a consensus rating of “Hold” and a consensus price target of $20.85.

Infosys Stock Performance

The company has a market cap of $93.19 billion, a PE ratio of 29.62, a PEG ratio of 3.68 and a beta of 0.99. The company has a 50 day simple moving average of $22.68 and a two-hundred day simple moving average of $19.97.

Infosys (NYSE:INFY) last released its quarterly earnings data on Thursday, October 17th. The technology company reported $0.19 earnings per share for the quarter, meeting the consensus estimate of $0.19. Infosys had a net margin of 17.18% and a return on equity of 32.01%. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the prior year, the business earned $0.18 EPS. As a group, analysts expect that Infosys Limited will post 0.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

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

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.