Infosys Limited (NYSE:INFY) Downgraded by Zacks Investment Research to Hold

Infosys Limited (NYSE:INFY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, July 28th.

According to Zacks, “Infosys’ first-quarter fiscal 2018 earnings topped the Zacks Consensus Estimate and were up 5.8% year over year. The bottom line benefited from a modest top-line performance and diligent operational execution. Infosys’ Renew New strategy has helped reap multiple benefits, including renewing traditional services, winning deals, introducing services and monetizing from key initiatives. In addition, the company’s solid financial health adds to its strength. However, Infosys’ shares have underperformed the industry average over the past six months. U.S. President-elect Donald Trump’s anti-immigration stance, rising costs and on-site expansion pose as major headwinds. The fate of H-1B visas will be a crucial determinant of the company’s future profitability. Also, currency fluctuations and a dearth of outsourcing work are likely to thwart growth momentum, going forward.”

Several other brokerages have also recently issued reports on INFY. BidaskClub upgraded Infosys Limited from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Cantor Fitzgerald restated a “hold” rating and issued a $15.00 price objective on shares of Infosys Limited in a research note on Friday, July 14th. HSBC Holdings plc upgraded Infosys Limited from a “hold” rating to a “buy” rating in a research report on Thursday, June 8th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating on shares of Infosys Limited in a research report on Friday, June 9th. Finally, Cowen and Company set a $15.00 price target on Infosys Limited and gave the company a “hold” rating in a research report on Thursday, April 13th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $16.08.

Shares of Infosys Limited (NYSE INFY) opened at 15.65 on Friday. The company has a market capitalization of $35.77 billion, a P/E ratio of 16.49 and a beta of 0.79. The firm’s 50 day moving average price is $15.49 and its 200-day moving average price is $15.13. Infosys Limited has a 1-year low of $13.42 and a 1-year high of $16.71.

Infosys Limited (NYSE:INFY) last announced its quarterly earnings data on Friday, July 14th. The technology company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. Infosys Limited had a return on equity of 21.37% and a net margin of 20.95%. The firm had revenue of $170.78 billion during the quarter, compared to analysts’ expectations of $170.51 billion. During the same period last year, the business posted $0.22 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts expect that Infosys Limited will post $0.98 EPS for the current year.

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Several hedge funds have recently modified their holdings of INFY. Comgest Global Investors S.A.S. raised its stake in shares of Infosys Limited by 1.4% in the second quarter. Comgest Global Investors S.A.S. now owns 33,248,005 shares of the technology company’s stock worth $499,385,000 after buying an additional 465,600 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Infosys Limited by 0.6% in the second quarter. Nordea Investment Management AB now owns 33,042,144 shares of the technology company’s stock worth $496,293,000 after buying an additional 188,589 shares during the last quarter. Harris Associates L P increased its position in shares of Infosys Limited by 105.6% in the first quarter. Harris Associates L P now owns 26,313,050 shares of the technology company’s stock worth $415,746,000 after buying an additional 13,512,800 shares during the last quarter. Genesis Asset Managers LLP increased its position in shares of Infosys Limited by 15.6% in the second quarter. Genesis Asset Managers LLP now owns 15,885,726 shares of the technology company’s stock worth $238,604,000 after buying an additional 2,145,698 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Infosys Limited by 1.7% in the first quarter. AQR Capital Management LLC now owns 14,228,590 shares of the technology company’s stock worth $224,812,000 after buying an additional 231,710 shares during the last quarter. 20.54% of the stock is currently owned by hedge funds and other institutional investors.

About Infosys Limited

Infosys Limited is engaged in consulting, technology, outsourcing and next-generation services. The Company, along with its subsidiaries, provides business information technology services comprising application development and maintenance, independent validation, infrastructure management, engineering services comprising product engineering and life cycle solutions and business process management; consulting and systems integration services comprising consulting, enterprise solutions, systems integration and advanced technologies; products, business platforms and solutions to accelerate intellectual property-led innovation, including Finacle, its banking solution, and offerings in the areas of Analytics, Cloud and Digital Transformation.

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