EPAM Systems, Inc. (NYSE:EPAM) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in shares of EPAM Systems, Inc. (NYSE:EPAM) by 1.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,674 shares of the information technology services provider’s stock after acquiring an additional 848 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of EPAM Systems worth $14,066,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of EPAM. Sentry Investment Management LLC acquired a new position in EPAM Systems during the third quarter worth approximately $52,000. Asset Management One Co. Ltd. increased its holdings in shares of EPAM Systems by 0.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 21,579 shares of the information technology services provider’s stock worth $4,295,000 after buying an additional 90 shares during the last quarter. Intact Investment Management Inc. purchased a new position in shares of EPAM Systems in the 3rd quarter worth $72,000. Van ECK Associates Corp boosted its holdings in EPAM Systems by 11.0% in the third quarter. Van ECK Associates Corp now owns 9,540 shares of the information technology services provider’s stock valued at $1,843,000 after acquiring an additional 946 shares during the last quarter. Finally, VELA Investment Management LLC grew its position in EPAM Systems by 131.2% during the third quarter. VELA Investment Management LLC now owns 3,397 shares of the information technology services provider’s stock valued at $676,000 after acquiring an additional 1,928 shares during the period. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Jason D. Peterson sold 1,000 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $237.00, for a total transaction of $237,000.00. Following the transaction, the chief financial officer now owns 24,836 shares of the company’s stock, valued at approximately $5,886,132. This trade represents a 3.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.30% of the company’s stock.

EPAM Systems Stock Performance

Shares of EPAM opened at $235.29 on Friday. The firm has a market cap of $13.35 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 3.81 and a beta of 1.46. The company has a quick ratio of 4.56, a current ratio of 4.56 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $203.19 and its two-hundred day moving average is $198.10. EPAM Systems, Inc. has a 52-week low of $169.43 and a 52-week high of $317.50.

EPAM Systems declared that its Board of Directors has approved a stock repurchase program on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the information technology services provider to buy up to 4.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

EPAM has been the topic of several research analyst reports. Piper Sandler lifted their price objective on EPAM Systems from $225.00 to $258.00 and gave the company an “overweight” rating in a research note on Thursday, November 7th. Susquehanna lifted their price target on shares of EPAM Systems from $240.00 to $270.00 and gave the company a “positive” rating in a research report on Friday, November 8th. StockNews.com raised shares of EPAM Systems from a “hold” rating to a “buy” rating in a research report on Friday. Jefferies Financial Group raised their target price on shares of EPAM Systems from $237.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, Barclays upped their price target on shares of EPAM Systems from $200.00 to $225.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Eight analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, EPAM Systems has an average rating of “Moderate Buy” and an average price target of $264.20.

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.