Frank Rimerman Advisors LLC Makes New Investment in Infosys Limited (NYSE:INFY)

Frank Rimerman Advisors LLC acquired a new stake in shares of Infosys Limited (NYSE:INFY) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 69,445 shares of the technology company’s stock, valued at approximately $1,293,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Principal Financial Group Inc. purchased a new position in shares of Infosys in the fourth quarter worth $6,205,000. PNC Financial Services Group Inc. raised its stake in Infosys by 3.8% in the 4th quarter. PNC Financial Services Group Inc. now owns 70,540 shares of the technology company’s stock worth $1,297,000 after acquiring an additional 2,573 shares during the last quarter. Corient Private Wealth LLC lifted its position in Infosys by 1.2% during the 4th quarter. Corient Private Wealth LLC now owns 115,156 shares of the technology company’s stock worth $2,117,000 after acquiring an additional 1,335 shares during the period. Assetmark Inc. grew its stake in Infosys by 31.8% during the 4th quarter. Assetmark Inc. now owns 12,656 shares of the technology company’s stock valued at $233,000 after purchasing an additional 3,054 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Infosys by 113.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,130 shares of the technology company’s stock valued at $58,000 after purchasing an additional 1,663 shares during the period. 10.89% of the stock is owned by hedge funds and other institutional investors.

Infosys Price Performance

NYSE:INFY opened at $22.85 on Monday. The company has a 50 day moving average price of $22.23 and a 200-day moving average price of $19.40. Infosys Limited has a 1-year low of $16.04 and a 1-year high of $23.48. The firm has a market cap of $94.60 billion, a price-to-earnings ratio of 30.07, a price-to-earnings-growth ratio of 3.63 and a beta of 0.99.

Infosys (NYSE:INFY) last issued its quarterly earnings data on Thursday, July 18th. The technology company reported $0.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.18. Infosys had a net margin of 17.18% and a return on equity of 32.01%. The business had revenue of $4.71 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the firm posted $0.17 earnings per share. On average, sell-side analysts anticipate that Infosys Limited will post 0.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on INFY shares. Macquarie raised Infosys from an “underperform” rating to a “neutral” rating in a report on Friday, July 19th. StockNews.com downgraded shares of Infosys from a “buy” rating to a “hold” rating in a report on Saturday. Finally, Erste Group Bank raised shares of Infosys from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $19.27.

Infosys Profile

Infosys Limited, together with its subsidiaries, provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, metaverse, data analytics and AI, applied AI, generative AI, sustainability, blockchain, engineering, Internet of Things, enterprise agile DevOps, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; API economy and microservices; and Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.