Scotiabank Upgrades EPAM Systems (NYSE:EPAM) to Sector Outperform

Scotiabank upgraded shares of EPAM Systems (NYSE:EPAM) from a sector perform rating to a sector outperform rating in a research report sent to investors on Monday morning, MarketBeat.com reports. Scotiabank currently has $275.00 target price on the information technology services provider’s stock, up from their previous target price of $245.00.

Several other research analysts also recently weighed in on the stock. Piper Sandler upped their price target on shares of EPAM Systems from $225.00 to $258.00 and gave the stock an “overweight” rating in a research report on Thursday, November 7th. Citigroup increased their target price on EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a report on Monday, October 28th. Needham & Company LLC boosted their price target on EPAM Systems from $215.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Susquehanna increased their price objective on EPAM Systems from $240.00 to $270.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Finally, Jefferies Financial Group lifted their target price on shares of EPAM Systems from $237.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Nine analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $264.20.

EPAM Systems Stock Performance

NYSE:EPAM opened at $244.86 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.56 and a current ratio of 4.56. The stock has a market capitalization of $13.89 billion, a PE ratio of 31.80, a P/E/G ratio of 3.75 and a beta of 1.46. EPAM Systems has a fifty-two week low of $169.43 and a fifty-two week high of $317.50. The company has a fifty day moving average of $202.58 and a two-hundred day moving average of $198.38.

EPAM Systems declared that its Board of Directors has authorized a stock repurchase 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 repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other EPAM Systems news, CFO Jason D. Peterson sold 1,000 shares of EPAM Systems 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 completion of the sale, the chief financial officer now directly owns 24,836 shares in the company, valued at $5,886,132. This trade represents a 3.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On EPAM Systems

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of EPAM Systems by 0.6% during the first quarter. Vanguard Group Inc. now owns 6,865,123 shares of the information technology services provider’s stock worth $1,895,872,000 after buying an additional 39,531 shares during the period. Pacer Advisors Inc. boosted its holdings in EPAM Systems by 14,325.2% during the 2nd quarter. Pacer Advisors Inc. now owns 657,070 shares of the information technology services provider’s stock valued at $123,601,000 after acquiring an additional 652,515 shares during the period. TD Asset Management Inc grew its position in EPAM Systems by 80.0% in 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 acquiring an additional 264,570 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in EPAM Systems by 45.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 515,351 shares of the information technology services provider’s stock worth $102,570,000 after purchasing an additional 160,989 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of EPAM Systems by 22.6% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 512,353 shares of the information technology services provider’s stock worth $139,516,000 after purchasing an additional 94,544 shares in the last quarter. Hedge funds and other institutional investors own 91.58% of the company’s stock.

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.