Fred Alger Management LLC Has $65,000 Stock Holdings in EPAM Systems, Inc. (NYSE:EPAM)

Fred Alger Management LLC cut its position in shares of EPAM Systems, Inc. (NYSE:EPAM) by 99.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 347 shares of the information technology services provider’s stock after selling 40,759 shares during the period. Fred Alger Management LLC’s holdings in EPAM Systems were worth $65,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Distillate Capital Partners LLC acquired a new position in shares of EPAM Systems during the 2nd quarter worth about $14,091,000. Bank of Montreal Can boosted its holdings in shares of EPAM Systems by 107.1% during the 2nd quarter. Bank of Montreal Can now owns 174,813 shares of the information technology services provider’s stock worth $32,900,000 after buying an additional 90,411 shares during the period. Lombard Odier Asset Management Europe Ltd bought a new stake in shares of EPAM Systems during the 2nd quarter worth about $941,000. Public Sector Pension Investment Board boosted its holdings in shares of EPAM Systems by 76.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 2,226 shares of the information technology services provider’s stock worth $419,000 after buying an additional 962 shares during the period. Finally, Epoch Investment Partners Inc. boosted its holdings in shares of EPAM Systems by 97.7% during the 2nd quarter. Epoch Investment Partners Inc. now owns 338,667 shares of the information technology services provider’s stock worth $63,707,000 after buying an additional 167,343 shares during the period. 91.58% of the stock is currently owned by institutional investors and hedge funds.

EPAM Systems Price Performance

Shares of NYSE:EPAM opened at $199.46 on Friday. The firm has a 50 day simple moving average of $202.17 and a 200 day simple moving average of $213.95. The company has a market cap of $11.56 billion, a price-to-earnings ratio of 27.29, a PEG ratio of 4.36 and a beta of 1.45. EPAM Systems, Inc. has a one year low of $169.43 and a one year high of $317.50. 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 released its quarterly earnings data 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. EPAM Systems had a return on equity of 14.31% and a net margin of 8.86%. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the business posted $2.21 EPS. EPAM Systems’s revenue for the quarter was down 2.0% on a year-over-year basis. Research analysts predict that EPAM Systems, Inc. will post 8.07 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

Several analysts recently commented on EPAM shares. JPMorgan Chase & Co. lifted their target price on shares of EPAM Systems from $222.00 to $262.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Itau BBA Securities raised shares of EPAM Systems from an “underperform” rating to a “market perform” rating in a report on Friday, August 9th. Barclays lifted their target price on shares of EPAM Systems from $200.00 to $225.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Susquehanna cut their price objective on shares of EPAM Systems from $260.00 to $240.00 and set a “positive” rating for the company in a report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of EPAM Systems in a report on Thursday, August 22nd. They issued a “hold” rating and a $204.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $258.32.

EPAM Systems Profile

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.