Endava (NYSE:DAVA) Trading Down 3.2% – Here’s Why

Endava plc (NYSE:DAVA) shares were down 3.2% during trading on Monday . The company traded as low as $20.84 and last traded at $20.89. Approximately 332,435 shares were traded during mid-day trading, a decline of 25% from the average daily volume of 443,747 shares. The stock had previously closed at $21.58.

Analysts Set New Price Targets

Several brokerages recently commented on DAVA. Susquehanna decreased their target price on shares of Endava from $55.00 to $50.00 and set a “positive” rating on the stock in a research note on Friday, February 21st. Morgan Stanley increased their price target on shares of Endava from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, January 31st. Finally, Needham & Company LLC reduced their price target on shares of Endava from $43.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Endava has an average rating of “Moderate Buy” and an average target price of $39.10.

Endava Stock Performance

The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.21. The company has a market cap of $1.22 billion, a PE ratio of 187.36, a price-to-earnings-growth ratio of 2.26 and a beta of 1.42. The firm has a fifty day simple moving average of $27.99 and a 200-day simple moving average of $28.07.

Endava (NYSE:DAVA) last announced its earnings results on Thursday, February 20th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.18). Endava had a net margin of 0.74% and a return on equity of 0.89%. The business had revenue of $250.63 million during the quarter, compared to analyst estimates of $197.33 million. On average, research analysts forecast that Endava plc will post 0.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Endava

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Endava by 22.8% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,533,111 shares of the company’s stock worth $140,073,000 after purchasing an additional 842,433 shares during the last quarter. Invesco Ltd. increased its stake in shares of Endava by 2.5% during the 4th quarter. Invesco Ltd. now owns 3,276,183 shares of the company’s stock worth $101,234,000 after purchasing an additional 81,004 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Endava by 7.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,549,317 shares of the company’s stock worth $78,774,000 after purchasing an additional 171,048 shares during the last quarter. CDAM UK Ltd grew its holdings in Endava by 7.8% during the 4th quarter. CDAM UK Ltd now owns 2,348,674 shares of the company’s stock valued at $72,574,000 after buying an additional 169,147 shares during the last quarter. Finally, Alyeska Investment Group L.P. boosted its stake in shares of Endava by 80.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,806,044 shares of the company’s stock valued at $55,807,000 after acquiring an additional 805,903 shares during the last quarter. 62.23% of the stock is owned by institutional investors and hedge funds.

Endava Company Profile

Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in North America, Europe, the United Kingdom, and internationally. It offers ideation and production services in the payments and financial services, telecommunications, media, and technology verticals; and business analysis, data analytics, program management, digital product strategy, private equity value enhancement, IT strategy, architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.