Citigroup Inc. Boosts Stock Holdings in EPAM Systems, Inc. (NYSE:EPAM)

Citigroup Inc. raised its holdings in EPAM Systems, Inc. (NYSE:EPAM) by 199.5% during the third quarter, Holdings Channel.com reports. The firm owned 173,721 shares of the information technology services provider’s stock after purchasing an additional 115,720 shares during the quarter. Citigroup Inc.’s holdings in EPAM Systems were worth $34,576,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EPAM. ORG Partners LLC boosted its stake in shares of EPAM Systems by 5,000.0% in the second quarter. ORG Partners LLC now owns 153 shares of the information technology services provider’s stock valued at $28,000 after buying an additional 150 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of EPAM Systems during the 2nd quarter worth $29,000. Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of EPAM Systems by 181.8% during the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 155 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 100 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of EPAM Systems by 101.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 211 shares of the information technology services provider’s stock valued at $42,000 after purchasing an additional 106 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of EPAM Systems in the third quarter valued at about $44,000. Institutional investors and hedge funds own 91.58% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on EPAM shares. Itau BBA Securities raised shares of EPAM Systems from a “market perform” rating to an “outperform” rating and set a $269.00 target price for the company in a report on Friday, November 8th. Citigroup raised their price objective on EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Susquehanna boosted their target price on EPAM Systems from $240.00 to $270.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Needham & Company LLC raised their price target on EPAM Systems from $215.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Scotiabank upgraded shares of EPAM Systems from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $245.00 to $275.00 in a research report on Monday, November 11th. Eight equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $264.20.

EPAM Systems Stock Up 1.6 %

Shares of NYSE:EPAM opened at $249.10 on Tuesday. The company has a current ratio of 4.56, a quick ratio of 4.56 and a debt-to-equity ratio of 0.01. The firm has a market cap of $14.13 billion, a price-to-earnings ratio of 32.35, a PEG ratio of 3.75 and a beta of 1.46. The stock’s 50-day moving average price is $207.37 and its two-hundred day moving average price is $198.03. EPAM Systems, Inc. has a 12-month low of $169.43 and a 12-month high of $317.50.

EPAM Systems announced that its board has initiated a share buyback plan 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 reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Jason D. Peterson sold 1,000 shares of the business’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 completion of the sale, the chief financial officer now directly owns 24,836 shares of the company’s stock, valued at $5,886,132. The trade was a 3.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is currently owned by company insiders.

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.