Allspring Global Investments Holdings LLC Buys 13,690 Shares of EPAM Systems, Inc. (NYSE:EPAM)

Allspring Global Investments Holdings LLC increased its holdings in shares of EPAM Systems, Inc. (NYSE:EPAM) by 251.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,128 shares of the information technology services provider’s stock after purchasing an additional 13,690 shares during the period. Allspring Global Investments Holdings LLC’s holdings in EPAM Systems were worth $3,807,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in EPAM. ORG Partners LLC lifted its holdings in EPAM Systems by 5,000.0% during the second quarter. ORG Partners LLC now owns 153 shares of the information technology services provider’s stock worth $28,000 after acquiring an additional 150 shares during the period. Opal Wealth Advisors LLC purchased a new position in shares of EPAM Systems in the second quarter valued at $29,000. Livforsakringsbolaget Skandia Omsesidigt grew its position in shares of EPAM Systems by 181.8% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 155 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 100 shares in the last quarter. Whittier Trust Co. purchased a new position in EPAM Systems during the first quarter worth about $64,000. Finally, 1620 Investment Advisors Inc. purchased a new position in EPAM Systems during the second quarter worth about $69,000. Institutional investors and hedge funds own 91.58% of the company’s stock.

EPAM Systems Price Performance

Shares of EPAM opened at $191.29 on Tuesday. EPAM Systems, Inc. has a 1-year low of $169.43 and a 1-year high of $317.50. The stock has a market cap of $11.09 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 4.35 and a beta of 1.45. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.84 and a quick ratio of 4.84. The firm has a fifty day moving average price of $198.57 and a 200 day moving average price of $200.67.

EPAM Systems (NYSE:EPAM) last announced its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.19. EPAM Systems had a net margin of 8.86% and a return on equity of 14.31%. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.14 billion. During the same period in the previous year, the company earned $2.21 earnings per share. EPAM Systems’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that EPAM Systems, Inc. will post 8.08 EPS for the current year.

EPAM Systems announced that its Board of Directors has approved a share repurchase plan on Thursday, August 8th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the information technology services provider to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

EPAM has been the subject of a number of recent research reports. StockNews.com raised EPAM Systems from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. Barclays increased their price target on EPAM Systems from $200.00 to $225.00 and gave the company an “equal weight” rating in a report on Tuesday, July 23rd. Jefferies Financial Group raised their price target on EPAM Systems from $237.00 to $250.00 and gave the company a “buy” rating in a report on Monday, September 9th. Citigroup raised their price objective on EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $225.00 price target on shares of EPAM Systems in a research report on Tuesday, October 8th. Ten research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, EPAM Systems currently has an average rating of “Moderate Buy” and an average target price of $254.89.

About EPAM Systems

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.