JPMorgan Chase & Co. Downgrades Endava (NYSE:DAVA) to Underweight

Endava (NYSE:DAVA) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report released on Friday. They presently have a $5.00 target price on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 49.48% from the company’s previous close.

Several other analysts have also issued reports on the company. TD Cowen cut their price objective on Endava from $6.50 to $6.00 and set a “buy” rating for the company in a report on Monday, April 6th. Needham & Company LLC cut their price objective on Endava from $7.00 to $5.00 and set a “buy” rating for the company in a report on Thursday. Wall Street Zen upgraded Endava from a “sell” rating to a “hold” rating in a report on Sunday, February 8th. CLSA set a $5.00 price objective on Endava in a report on Friday. Finally, Guggenheim cut their price objective on Endava from $15.00 to $13.00 and set a “buy” rating for the company in a report on Friday, February 13th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Endava currently has a consensus rating of “Hold” and a consensus price target of $8.00.

Endava Price Performance

Shares of NYSE:DAVA opened at $3.35 on Friday. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 0.36. Endava has a 1 year low of $3.20 and a 1 year high of $17.36. The business has a fifty day simple moving average of $4.37 and a 200 day simple moving average of $5.64. The firm has a market cap of $188.02 million, a price-to-earnings ratio of -30.41 and a beta of 1.11.

Hedge Funds Weigh In On Endava

Several institutional investors have recently bought and sold shares of DAVA. T. Rowe Price Investment Management Inc. bought a new position in Endava during the fourth quarter valued at about $24,563,000. Paradice Investment Management LLC raised its holdings in Endava by 61.9% in the 4th quarter. Paradice Investment Management LLC now owns 3,029,847 shares of the company’s stock worth $19,149,000 after acquiring an additional 1,157,921 shares during the period. Invenomic Capital Management LP acquired a new position in Endava during the 4th quarter worth $4,691,000. CDAM UK Ltd lifted its position in Endava by 28.2% during the 4th quarter. CDAM UK Ltd now owns 2,979,658 shares of the company’s stock worth $18,831,000 after acquiring an additional 655,078 shares during the last quarter. Finally, Prescott Group Capital Management L.L.C. boosted its holdings in Endava by 100.3% during the third quarter. Prescott Group Capital Management L.L.C. now owns 1,216,354 shares of the company’s stock valued at $11,069,000 after acquiring an additional 609,215 shares during the period. 62.23% of the stock is currently owned by institutional investors.

About Endava

Endava PLC is a publicly traded technology services company specializing in digital transformation and agile software development. The firm helps enterprise clients design, build and manage custom software solutions across industries such as financial services, payments, retail, telecommunications and media. Its service offerings span end-to-end product design, customer experience, application development, quality engineering, DevOps, automation and artificial intelligence, all delivered through agile methodologies.

Founded in 2000, Endava has grown from a small software provider into a global IT partner.