Endava (NYSE:DAVA) Hits New 52-Week High After Strong Earnings

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Endava PLC – (NYSE:DAVA) reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $55.00 and last traded at $55.00, with a volume of 11366 shares trading hands. The stock had previously closed at $48.31.

The company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.10. The company had revenue of $85.90 million for the quarter, compared to the consensus estimate of $83.00 million. Endava had a net margin of 11.93% and a return on equity of 28.69%. The firm’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.20 earnings per share.

A number of research analysts recently weighed in on the stock. Cantor Fitzgerald increased their price objective on shares of Endava from $46.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday. Zacks Investment Research downgraded shares of Endava from a “buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Citigroup increased their price objective on shares of Endava from $45.00 to $50.00 and gave the company a “neutral” rating in a research report on Wednesday, January 15th. Susquehanna Bancshares assumed coverage on shares of Endava in a research report on Tuesday, October 22nd. They set a “positive” rating and a $48.00 price objective on the stock. Finally, Needham & Company LLC increased their price objective on shares of Endava from $53.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Endava has a consensus rating of “Hold” and an average price target of $48.16.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DAVA. Morgan Stanley raised its position in Endava by 4,083.8% in the second quarter. Morgan Stanley now owns 126,016 shares of the company’s stock worth $5,070,000 after acquiring an additional 123,004 shares during the period. Renaissance Technologies LLC raised its position in Endava by 54.2% in the fourth quarter. Renaissance Technologies LLC now owns 218,063 shares of the company’s stock worth $10,162,000 after acquiring an additional 76,603 shares during the period. Russell Investments Group Ltd. raised its position in Endava by 6,111.3% in the third quarter. Russell Investments Group Ltd. now owns 51,616 shares of the company’s stock worth $1,949,000 after acquiring an additional 50,785 shares during the period. State of New Jersey Common Pension Fund D bought a new position in Endava in the third quarter worth approximately $1,410,000. Finally, Rathbone Brothers plc bought a new position in Endava in the fourth quarter worth approximately $1,596,000. Institutional investors and hedge funds own 27.78% of the company’s stock.

The company has a debt-to-equity ratio of 0.16, a current ratio of 2.43 and a quick ratio of 2.43. The firm has a market capitalization of $2.56 billion, a P/E ratio of 64.24, a P/E/G ratio of 2.67 and a beta of 0.77. The company’s 50-day simple moving average is $47.07 and its two-hundred day simple moving average is $42.31.

About Endava (NYSE:DAVA)

Endava plc provides technology services for clients in the consumer products, healthcare, logistics, and retail verticals in Europe, Latin America, and the United States. It offers strategy, creative and user experience, insights through data, mobile and Internet of Things, architecture, smart automation, software engineering, test automation and engineering, continuous delivery, cloud, applications management, and smart desk services across the digital evolution, agile transformation, and automation solution areas.

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