PNC Financial Services Group Inc. Sells 3,369 Shares of EPAM Systems, Inc. (NYSE:EPAM)

PNC Financial Services Group Inc. reduced its position in EPAM Systems, Inc. (NYSE:EPAM) by 21.8% in the 4th quarter, Holdings Channel reports. The firm owned 12,079 shares of the information technology services provider’s stock after selling 3,369 shares during the quarter. PNC Financial Services Group Inc.’s holdings in EPAM Systems were worth $2,824,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Manning & Napier Advisors LLC lifted its position in EPAM Systems by 48.8% in the fourth quarter. Manning & Napier Advisors LLC now owns 664,286 shares of the information technology services provider’s stock worth $155,323,000 after purchasing an additional 217,960 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of EPAM Systems by 1.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 522,144 shares of the information technology services provider’s stock valued at $122,088,000 after acquiring an additional 6,793 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of EPAM Systems by 643.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 417,526 shares of the information technology services provider’s stock valued at $83,100,000 after acquiring an additional 361,363 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of EPAM Systems by 10.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 346,201 shares of the information technology services provider’s stock valued at $80,949,000 after acquiring an additional 33,715 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its holdings in shares of EPAM Systems by 3.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 308,498 shares of the information technology services provider’s stock valued at $61,400,000 after acquiring an additional 8,959 shares during the period. 91.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EPAM. Morgan Stanley lifted their price objective on EPAM Systems from $230.00 to $256.00 and gave the company an “equal weight” rating in a report on Friday, January 31st. StockNews.com cut EPAM Systems from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Jefferies Financial Group cut their price objective on EPAM Systems from $305.00 to $288.00 and set a “buy” rating for the company in a report on Tuesday, January 21st. Scotiabank lowered their target price on EPAM Systems from $275.00 to $250.00 and set a “sector outperform” rating for the company in a research note on Monday, February 24th. Finally, The Goldman Sachs Group upgraded EPAM Systems from a “neutral” rating to a “buy” rating and raised their target price for the company from $235.00 to $295.00 in a research note on Friday, December 6th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, EPAM Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $267.33.

Insider Transactions at EPAM Systems

In other news, CFO Jason D. Peterson sold 1,078 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $257.00, for a total transaction of $277,046.00. Following the completion of the transaction, the chief financial officer now directly owns 23,382 shares in the company, valued at approximately $6,009,174. The trade was a 4.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

EPAM Systems Price Performance

Shares of EPAM stock opened at $182.28 on Friday. The stock has a 50-day moving average price of $232.05 and a 200 day moving average price of $222.26. The company has a quick ratio of 4.56, a current ratio of 2.96 and a debt-to-equity ratio of 0.01. The firm has a market cap of $10.37 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 3.38 and a beta of 1.61. EPAM Systems, Inc. has a 12 month low of $169.43 and a 12 month high of $302.19.

EPAM Systems (NYSE:EPAM) last posted its earnings results on Thursday, February 20th. The information technology services provider reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.75 by ($0.52). The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.21 billion. EPAM Systems had a return on equity of 14.60% and a net margin of 9.61%. Research analysts expect that EPAM Systems, Inc. will post 8.9 EPS for the current year.

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.