EPAM Systems, Inc. (NYSE:EPAM) Sees Large Increase in Short Interest

EPAM Systems, Inc. (NYSE:EPAM) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 761,600 shares, a growth of 8.6% from the October 15th total of 701,200 shares. Approximately 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 582,800 shares, the days-to-cover ratio is presently 1.3 days.

EPAM Systems Trading Down 0.8 %

NYSE:EPAM opened at $233.42 on Tuesday. The firm has a 50-day simple moving average of $203.74 and a 200-day simple moving average of $197.81. EPAM Systems has a one year low of $169.43 and a one year high of $317.50. The firm has a market cap of $13.24 billion, a P/E ratio of 30.31, a P/E/G ratio of 3.60 and a beta of 1.46. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.56 and a current ratio of 4.56.

EPAM Systems declared that its Board of Directors has approved a share 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 reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at EPAM Systems

In related news, CFO Jason D. Peterson sold 1,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $237.00, for a total transaction of $237,000.00. Following the sale, the chief financial officer now owns 24,836 shares of the company’s stock, valued at $5,886,132. This represents a 3.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of EPAM Systems

A number of hedge funds have recently bought and sold shares of the stock. Metis Global Partners LLC raised its position in shares of EPAM Systems by 2.5% in the 3rd quarter. Metis Global Partners LLC now owns 2,029 shares of the information technology services provider’s stock worth $404,000 after acquiring an additional 50 shares in the last quarter. Retirement Systems of Alabama raised its holdings in EPAM Systems by 0.4% in the second quarter. Retirement Systems of Alabama now owns 12,788 shares of the information technology services provider’s stock worth $2,406,000 after purchasing an additional 52 shares in the last quarter. Motley Fool Asset Management LLC lifted its position in shares of EPAM Systems by 5.2% during the first quarter. Motley Fool Asset Management LLC now owns 1,124 shares of the information technology services provider’s stock valued at $310,000 after buying an additional 56 shares during the last quarter. Taylor Frigon Capital Management LLC boosted its holdings in shares of EPAM Systems by 0.5% in the 2nd quarter. Taylor Frigon Capital Management LLC now owns 12,339 shares of the information technology services provider’s stock valued at $2,321,000 after buying an additional 56 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of EPAM Systems by 21.3% in the 3rd quarter. First Horizon Advisors Inc. now owns 325 shares of the information technology services provider’s stock worth $65,000 after buying an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 91.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on EPAM shares. JPMorgan Chase & Co. lifted their price target on EPAM Systems from $222.00 to $262.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Piper Sandler lifted their target price on EPAM Systems from $225.00 to $258.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Citigroup increased their price target 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 objective on shares of EPAM Systems from $215.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, StockNews.com upgraded shares of EPAM Systems from a “hold” rating to a “buy” rating in a report on Friday. Eight equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $264.20.

EPAM Systems Company 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.