EPAM Systems, Inc. (NYSE:EPAM) Shares Purchased by Commerce Bank

Commerce Bank increased its stake in shares of EPAM Systems, Inc. (NYSE:EPAM) by 3.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,381 shares of the information technology services provider’s stock after buying an additional 109 shares during the period. Commerce Bank’s holdings in EPAM Systems were worth $673,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geneva Capital Management LLC boosted its stake in shares of EPAM Systems by 6.0% during the 3rd quarter. Geneva Capital Management LLC now owns 71,281 shares of the information technology services provider’s stock worth $14,187,000 after acquiring an additional 4,027 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in EPAM Systems during the third quarter worth $8,195,000. Victory Capital Management Inc. grew its holdings in EPAM Systems by 247.6% in the third quarter. Victory Capital Management Inc. now owns 72,447 shares of the information technology services provider’s stock valued at $14,419,000 after purchasing an additional 51,603 shares during the last quarter. Raymond James & Associates grew its holdings in EPAM Systems by 1,741.1% in the third quarter. Raymond James & Associates now owns 36,694 shares of the information technology services provider’s stock valued at $7,303,000 after purchasing an additional 34,701 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of EPAM Systems by 251.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 19,128 shares of the information technology services provider’s stock worth $3,807,000 after buying an additional 13,690 shares during the last quarter. 91.58% of the stock is currently owned by institutional investors and hedge funds.

EPAM Systems Stock Up 1.6 %

Shares of EPAM opened at $249.10 on Tuesday. EPAM Systems, Inc. has a fifty-two week low of $169.43 and a fifty-two week high of $317.50. The company’s fifty day moving average is $207.37 and its two-hundred day moving average is $198.03. The firm has a market cap of $14.13 billion, a PE ratio of 32.35, a price-to-earnings-growth ratio of 3.75 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.

EPAM Systems declared that its Board of Directors has approved a share buyback plan on Thursday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Piper Sandler raised their target price on shares of EPAM Systems from $225.00 to $258.00 and gave the company an “overweight” rating in a report on Thursday, November 7th. Scotiabank raised shares of EPAM Systems from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $245.00 to $275.00 in a research note on Monday, November 11th. Itau BBA Securities raised EPAM Systems from a “market perform” rating to an “outperform” rating and set a $269.00 target price on the stock in a research note on Friday, November 8th. StockNews.com raised EPAM Systems from a “hold” rating to a “buy” rating in a research report on Friday, November 15th. Finally, Mizuho upped their price objective on EPAM Systems from $245.00 to $282.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $264.20.

Insider Activity at EPAM Systems

In related news, CFO Jason D. Peterson sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $237.00, for a total value of $237,000.00. Following the transaction, the chief financial officer now owns 24,836 shares in the company, valued at approximately $5,886,132. This trade represents a 3.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.30% of the stock is owned by insiders.

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.