Endava (NYSE:DAVA) Stock Price Down 5.2% on Analyst Downgrade

Endava plc (NYSE:DAVA)’s stock price fell 5.2% on Monday after Guggenheim lowered their price target on the stock from $55.00 to $45.00. Guggenheim currently has a buy rating on the stock. Endava traded as low as $31.58 and last traded at $31.71. 290,165 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 515,764 shares. The stock had previously closed at $33.45.

A number of other analysts also recently commented on the stock. Redburn Atlantic began coverage on shares of Endava in a report on Friday, May 24th. They issued a “neutral” rating and a $33.10 target price on the stock. Needham & Company LLC cut their price target on shares of Endava from $50.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Wedbush cut their price target on shares of Endava from $65.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, May 23rd. TD Cowen cut their price target on shares of Endava from $46.00 to $42.00 and set a “buy” rating on the stock in a report on Friday, May 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Endava from $41.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.01.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DAVA. Assetmark Inc. grew its stake in Endava by 47.8% in the 4th quarter. Assetmark Inc. now owns 510 shares of the company’s stock valued at $40,000 after buying an additional 165 shares during the last quarter. Quadrant Capital Group LLC grew its stake in Endava by 34.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,424 shares of the company’s stock valued at $111,000 after buying an additional 368 shares during the last quarter. BNP Paribas Financial Markets grew its position in Endava by 5.6% in the 1st quarter. BNP Paribas Financial Markets now owns 9,273 shares of the company’s stock worth $353,000 after purchasing an additional 495 shares during the last quarter. Capital International Sarl grew its position in Endava by 4.3% in the 4th quarter. Capital International Sarl now owns 16,996 shares of the company’s stock worth $1,323,000 after purchasing an additional 708 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Endava by 18.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,316 shares of the company’s stock worth $414,000 after purchasing an additional 833 shares during the last quarter. Institutional investors and hedge funds own 62.23% of the company’s stock.

Endava Stock Performance

The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 35.52 and a beta of 1.22. The firm’s 50-day simple moving average is $30.70 and its 200-day simple moving average is $31.18.

Endava Company Profile

Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in North America, Europe, the United Kingdom, and internationally. It offers ideation and production services in the payments and financial services, telecommunications, media, and technology verticals; and business analysis, data analytics, program management, digital product strategy, private equity value enhancement, IT strategy, architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.