State of Alaska Department of Revenue Sells 3,700 Shares of EPAM Systems, Inc. (NYSE:EPAM)

State of Alaska Department of Revenue reduced its position in shares of EPAM Systems, Inc. (NYSE:EPAM) by 27.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 9,991 shares of the information technology services provider’s stock after selling 3,700 shares during the quarter. State of Alaska Department of Revenue’s holdings in EPAM Systems were worth $1,987,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. raised its stake in EPAM Systems by 14,325.2% during the second quarter. Pacer Advisors Inc. now owns 657,070 shares of the information technology services provider’s stock valued at $123,601,000 after purchasing an additional 652,515 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of EPAM Systems in the 2nd quarter worth about $84,850,000. TD Asset Management Inc raised its position in shares of EPAM Systems by 80.0% during the 2nd quarter. TD Asset Management Inc now owns 595,486 shares of the information technology services provider’s stock valued at $112,017,000 after buying an additional 264,570 shares in the last quarter. Acadian Asset Management LLC lifted its holdings in shares of EPAM Systems by 47,294.2% in the 2nd quarter. Acadian Asset Management LLC now owns 189,103 shares of the information technology services provider’s stock valued at $35,560,000 after acquiring an additional 188,704 shares during the last quarter. Finally, Epoch Investment Partners Inc. grew its position in EPAM Systems by 97.7% in the second quarter. Epoch Investment Partners Inc. now owns 338,667 shares of the information technology services provider’s stock worth $63,707,000 after acquiring an additional 167,343 shares in the last quarter. 91.58% of the stock is owned by hedge funds and other institutional investors.

EPAM Systems Stock Performance

Shares of NYSE:EPAM opened at $189.13 on Friday. The firm has a 50 day moving average of $198.06 and a 200 day moving average of $200.05. The company has a quick ratio of 4.84, a current ratio of 4.84 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $10.77 billion, a price-to-earnings ratio of 27.10, a price-to-earnings-growth ratio of 4.15 and a beta of 1.45. EPAM Systems, Inc. has a 52 week low of $169.43 and a 52 week high of $317.50.

EPAM Systems (NYSE:EPAM) last issued its quarterly earnings data on Thursday, August 8th. The information technology services provider reported $2.45 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter in the previous year, the firm earned $2.21 EPS. The company’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, sell-side analysts predict that EPAM Systems, Inc. will post 8.08 earnings per share for the current fiscal year.

EPAM Systems announced that its board has authorized a share buyback program 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 buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

EPAM has been the topic of a number of recent research reports. Barclays upped their price objective on EPAM Systems from $200.00 to $225.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. Citigroup increased their price target on EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a report on Monday, October 28th. StockNews.com raised shares of EPAM Systems from a “hold” rating to a “buy” rating in a research note on Saturday, October 12th. JPMorgan Chase & Co. increased their target price on shares of EPAM Systems from $222.00 to $262.00 and gave the company an “overweight” rating in a research note on Friday, September 6th. Finally, Susquehanna cut their price target on shares of EPAM Systems from $260.00 to $240.00 and set a “positive” rating on the stock in a report on Friday, August 9th. Ten equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus 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.