Truist Financial Corp Lowers Holdings in EPAM Systems, Inc. (NYSE:EPAM)

Truist Financial Corp lessened its stake in shares of EPAM Systems, Inc. (NYSE:EPAM) by 54.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,987 shares of the information technology services provider’s stock after selling 3,508 shares during the quarter. Truist Financial Corp’s holdings in EPAM Systems were worth $562,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of EPAM. Czech National Bank raised its stake in shares of EPAM Systems by 0.5% in the first quarter. Czech National Bank now owns 10,152 shares of the information technology services provider’s stock worth $2,804,000 after purchasing an additional 46 shares during the last quarter. Retirement Systems of Alabama lifted its holdings in EPAM Systems by 0.4% during the second quarter. Retirement Systems of Alabama now owns 12,788 shares of the information technology services provider’s stock valued at $2,406,000 after purchasing an additional 52 shares in the last quarter. Motley Fool Asset Management LLC raised its holdings in shares of EPAM Systems by 5.2% during the first quarter. Motley Fool Asset Management LLC now owns 1,124 shares of the information technology services provider’s stock valued at $310,000 after acquiring an additional 56 shares during the last quarter. Taylor Frigon Capital Management LLC raised its position in shares of EPAM Systems by 0.5% in the second quarter. Taylor Frigon Capital Management LLC now owns 12,339 shares of the information technology services provider’s stock valued at $2,321,000 after buying an additional 56 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of EPAM Systems by 1.1% in the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,788 shares of the information technology services provider’s stock valued at $1,089,000 after purchasing an additional 63 shares in the last quarter. 91.58% of the stock is currently owned by institutional investors.

EPAM Systems Stock Up 0.2 %

Shares of NYSE EPAM opened at $198.49 on Wednesday. EPAM Systems, Inc. has a 12-month low of $169.43 and a 12-month high of $317.50. The company has a market capitalization of $11.51 billion, a PE ratio of 27.15, a price-to-earnings-growth ratio of 4.26 and a beta of 1.45. The firm’s 50-day moving average is $198.93 and its two-hundred day moving average is $205.27. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.84 and a quick ratio of 4.84.

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

EPAM Systems announced that its board has approved a share repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the information technology services provider to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on EPAM shares. Piper Sandler reiterated an “overweight” rating and issued a $225.00 price objective on shares of EPAM Systems in a research report on Tuesday, October 8th. The Goldman Sachs Group assumed coverage on EPAM Systems in a research note on Monday, June 24th. They set a “neutral” rating and a $200.00 target price for the company. JPMorgan Chase & Co. increased their target price on EPAM Systems from $222.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Itau BBA Securities upgraded shares of EPAM Systems from an “underperform” rating to a “market perform” rating in a research note on Friday, August 9th. Finally, Susquehanna decreased their price objective on EPAM Systems from $260.00 to $240.00 and set a “positive” rating for the company in a report on Friday, August 9th. Ten equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $258.32.

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.