Summit Global Investments Sells 133,617 Shares of Infosys Ltd. $INFY

Summit Global Investments reduced its position in shares of Infosys Ltd. (NYSE:INFY) by 82.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,342 shares of the technology company’s stock after selling 133,617 shares during the period. Summit Global Investments’ holdings in Infosys were worth $396,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in INFY. Dimensional Fund Advisors LP grew its position in Infosys by 0.7% during the first quarter. Dimensional Fund Advisors LP now owns 7,789,344 shares of the technology company’s stock worth $105,206,000 after buying an additional 52,393 shares in the last quarter. Boston Common Asset Management LLC boosted its position in shares of Infosys by 1.1% during the 1st quarter. Boston Common Asset Management LLC now owns 208,639 shares of the technology company’s stock valued at $2,819,000 after acquiring an additional 2,300 shares during the last quarter. KBC Group NV boosted its position in shares of Infosys by 28.4% during the 1st quarter. KBC Group NV now owns 219,640 shares of the technology company’s stock valued at $2,967,000 after acquiring an additional 48,521 shares during the last quarter. Laidlaw Wealth Management LLC grew its holdings in shares of Infosys by 30.8% during the first quarter. Laidlaw Wealth Management LLC now owns 14,650 shares of the technology company’s stock worth $198,000 after purchasing an additional 3,450 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Infosys by 49.3% during the first quarter. Bessemer Group Inc. now owns 1,720,708 shares of the technology company’s stock worth $23,248,000 after purchasing an additional 568,573 shares in the last quarter. Institutional investors own 16.20% of the company’s stock.

Analysts Set New Price Targets

INFY has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Infosys in a research note on Monday, June 8th. TD Cowen cut their price target on shares of Infosys from $13.00 to $10.00 and set a “hold” rating for the company in a research note on Thursday, July 9th. JPMorgan Chase & Co. decreased their price target on shares of Infosys from $16.80 to $12.70 and set an “overweight” rating on the stock in a report on Wednesday, June 24th. Susquehanna lowered their price objective on shares of Infosys from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Friday, July 10th. Finally, Stifel Nicolaus set a $13.00 target price on shares of Infosys and gave the stock a “hold” rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.50.

Infosys Trading Down 1.7%

Shares of NYSE:INFY opened at $10.96 on Thursday. The stock has a market capitalization of $44.37 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 1.46 and a beta of 0.90. The stock’s 50-day moving average price is $11.66 and its 200-day moving average price is $13.78. Infosys Ltd. has a 12-month low of $10.34 and a 12-month high of $30.00.

Infosys (NYSE:INFY) last released its earnings results on Wednesday, April 1st. The technology company reported $0.23 earnings per share for the quarter. The company had revenue of $5.04 billion during the quarter. Infosys had a return on equity of 32.64% and a net margin of 16.44%. As a group, research analysts predict that Infosys Ltd. will post 0.82 EPS for the current year.

Infosys Company Profile

Infosys Ltd. is a digital services and consulting company, which engages in the provision of end-to-end business solutions. It operates through the following segments: Financial Services, Retail, Communication, Energy, Utilities, Resources, and Services, Manufacturing, Hi-Tech, Life Sciences, and All Other. The company was founded by Dinesh Krishnan Swamy, Senapathy Gopalakrishnan, Narayana Ramarao Nagavara Murthy, Raghavan N. S., Ashok Arora, Nandan M. Nilekani, and S. D. Shibulal on July 2, 1981 and is headquartered in Bangalore, India.