Edgestream Partners L.P. Grows Stake in EPAM Systems, Inc. (NYSE:EPAM)

Edgestream Partners L.P. raised its stake in EPAM Systems, Inc. (NYSE:EPAM) by 108.9% during the third quarter, Holdings Channel reports. The fund owned 14,731 shares of the information technology services provider’s stock after buying an additional 7,679 shares during the period. Edgestream Partners L.P.’s holdings in EPAM Systems were worth $2,932,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Verition Fund Management LLC boosted its stake in EPAM Systems by 784.7% in the third quarter. Verition Fund Management LLC now owns 17,950 shares of the information technology services provider’s stock valued at $3,573,000 after acquiring an additional 15,921 shares during the last quarter. Captrust Financial Advisors boosted its stake in EPAM Systems by 70.5% in the third quarter. Captrust Financial Advisors now owns 6,677 shares of the information technology services provider’s stock valued at $1,329,000 after acquiring an additional 2,760 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in EPAM Systems by 4.5% in the third quarter. Public Sector Pension Investment Board now owns 2,326 shares of the information technology services provider’s stock valued at $463,000 after acquiring an additional 100 shares during the last quarter. Glenmede Trust Co. NA lifted its stake in shares of EPAM Systems by 31.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 13,036 shares of the information technology services provider’s stock valued at $2,595,000 after buying an additional 3,112 shares in the last quarter. Finally, Townsquare Capital LLC purchased a new stake in shares of EPAM Systems during the 3rd quarter valued at approximately $6,435,000. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at EPAM Systems

In other EPAM Systems news, CFO Jason D. Peterson sold 1,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $237.00, for a total transaction of $237,000.00. Following the completion of the sale, the chief financial officer now owns 24,836 shares of the company’s stock, valued at $5,886,132. This represents a 3.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.30% of the stock is currently owned by corporate insiders.

EPAM Systems Trading Down 0.8 %

Shares of EPAM opened at $243.92 on Monday. The stock has a market capitalization of $13.84 billion, a P/E ratio of 31.68, a PEG ratio of 3.73 and a beta of 1.46. The company has a quick ratio of 4.56, a current ratio of 4.56 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $211.19 and a two-hundred day simple moving average of $199.60. EPAM Systems, Inc. has a twelve month low of $169.43 and a twelve month high of $317.50.

EPAM Systems announced that its board has approved a stock buyback program on Thursday, August 8th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Citigroup upped their price target on shares of EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Susquehanna upped their price target on shares of EPAM Systems from $240.00 to $270.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Piper Sandler upped their price target on shares of EPAM Systems from $225.00 to $258.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Scotiabank raised shares of EPAM Systems from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $245.00 to $275.00 in a report on Monday, November 11th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of EPAM Systems in a report on Thursday, August 22nd. They set a “hold” rating and a $204.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, EPAM Systems has a consensus rating of “Moderate Buy” and a consensus price target of $264.20.

EPAM Systems Company 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.