Infosys (NYSE:INFY) Stock Jumps 6.1% – Time to Buy?

Infosys Ltd. (NYSE:INFY) was up 6.1% on Tuesday. The company traded as high as $11.47 and last traded at $11.4950. Approximately 2,453,345 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 18,637,455 shares. The stock had previously closed at $10.83.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company set a $11.00 target price on shares of Infosys and gave the stock an “equal weight” rating in a research report on Friday, June 26th. CLSA downgraded shares of Infosys from an “outperform” rating to a “hold” rating in a research report on Wednesday, August 19th. Susquehanna reduced their price target on shares of Infosys from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Friday, July 24th. TD Cowen reiterated a “hold” rating and set a $9.00 price target (down from $10.00) on shares of Infosys in a research note on Friday, July 24th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $10.40 price objective on shares of Infosys in a research report on Thursday, October 1st. Ten research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $11.45.

Infosys Stock Performance

The business has a 50-day simple moving average of $11.48 and a two-hundred day simple moving average of $11.99. The company has a market capitalization of $46.59 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 2.50 and a beta of 0.88.

Infosys (NYSE:INFY) last released its earnings results on Thursday, July 23rd. The technology company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). Infosys had a net margin of 16.38% and a return on equity of 33.91%. The company had revenue of $4.99 billion during the quarter, compared to analyst estimates of $5.08 billion. Research analysts predict that Infosys Ltd. will post 0.81 EPS for the current fiscal year.

Hedge Funds Weigh In On Infosys

A number of hedge funds and other institutional investors have recently bought and sold shares of INFY. Confluence Investment Management LLC boosted its position in shares of Infosys by 5.5% during the 3rd quarter. Confluence Investment Management LLC now owns 18,601 shares of the technology company’s stock worth $200,000 after purchasing an additional 965 shares in the last quarter. TD Waterhouse Canada Inc. grew its stake in shares of Infosys by 14.2% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 9,090 shares of the technology company’s stock worth $97,000 after purchasing an additional 1,131 shares during the period. QRG Capital Management Inc. grew its stake in shares of Infosys by 4.5% during the 2nd quarter. QRG Capital Management Inc. now owns 30,832 shares of the technology company’s stock worth $323,000 after purchasing an additional 1,335 shares during the period. Boston Common Asset Management LLC increased its holdings in shares of Infosys by 1.1% in the 1st quarter. Boston Common Asset Management LLC now owns 208,639 shares of the technology company’s stock valued at $2,819,000 after purchasing an additional 2,300 shares in the last quarter. Finally, Glenmede Trust Co. NA increased its holdings in shares of Infosys by 17.8% in the 1st quarter. Glenmede Trust Co. NA now owns 21,055 shares of the technology company’s stock valued at $284,000 after purchasing an additional 3,179 shares in the last quarter. 16.20% of the stock is currently owned by hedge funds and other institutional investors.

Infosys Company Profile

Infosys Ltd. is a digital services and consulting company, which engages in the provision of end-to-end business solutions. It operates through the following segments: Financial Services, Retail, Communication, Energy, Utilities, Resources, and Services, Manufacturing, Hi-Tech, Life Sciences, and All Other. The company was founded by Dinesh Krishnan Swamy, Senapathy Gopalakrishnan, Narayana Ramarao Nagavara Murthy, Raghavan N. S., Ashok Arora, Nandan M. Nilekani, and S. D. Shibulal on July 2, 1981 and is headquartered in Bangalore, India.