State of Michigan Retirement System Purchases 100 Shares of EPAM Systems, Inc. (NYSE:EPAM)

State of Michigan Retirement System grew its position in EPAM Systems, Inc. (NYSE:EPAM) by 0.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,927 shares of the information technology services provider’s stock after acquiring an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in EPAM Systems were worth $2,996,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Benjamin F. Edwards & Company Inc. acquired a new position in shares of EPAM Systems in the 4th quarter worth approximately $25,000. Riverview Trust Co bought a new stake in EPAM Systems in the first quarter valued at $29,000. Principal Securities Inc. acquired a new position in EPAM Systems during the fourth quarter worth $43,000. ORG Partners LLC raised its stake in EPAM Systems by 5,000.0% during the second quarter. ORG Partners LLC now owns 153 shares of the information technology services provider’s stock worth $28,000 after acquiring an additional 150 shares in the last quarter. Finally, Opal Wealth Advisors LLC bought a new position in shares of EPAM Systems during the second quarter valued at $29,000. Institutional investors and hedge funds own 91.58% of the company’s stock.

Wall Street Analyst Weigh In

EPAM has been the subject of several analyst reports. Mizuho cut their price target on shares of EPAM Systems from $345.00 to $258.00 and set a “buy” rating for the company in a report on Tuesday, May 14th. Jefferies Financial Group upgraded shares of EPAM Systems from a “hold” rating to a “buy” rating and lifted their target price for the company from $202.00 to $237.00 in a research note on Tuesday, July 16th. Piper Sandler decreased their price target on EPAM Systems from $230.00 to $225.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Needham & Company LLC lowered their target price on EPAM Systems from $350.00 to $210.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Finally, Itau BBA Securities raised EPAM Systems from an “underperform” rating to a “market perform” rating in a report on Friday, August 9th. Eleven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, EPAM Systems currently has an average rating of “Hold” and an average price target of $260.21.

EPAM Systems Stock Up 2.1 %

EPAM Systems stock opened at $200.25 on Wednesday. EPAM Systems, Inc. has a twelve month low of $169.43 and a twelve month high of $317.50. The company has a quick ratio of 4.68, a current ratio of 4.68 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average of $197.00 and a 200-day moving average of $229.15. The stock has a market capitalization of $11.61 billion, a PE ratio of 27.39, a price-to-earnings-growth ratio of 4.97 and a beta of 1.45.

EPAM Systems (NYSE:EPAM) last released its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $2.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.19. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.14 billion. EPAM Systems had a return on equity of 14.95% and a net margin of 9.28%. The company’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the business posted $2.21 EPS. On average, equities research analysts anticipate that EPAM Systems, Inc. will post 7.81 EPS for the current fiscal year.

EPAM Systems declared that its board has authorized a share repurchase program on Thursday, August 8th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the information technology services provider to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

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.