Sumitomo Mitsui Trust Group Inc. Boosts Stake in EPAM Systems, Inc. (NYSE:EPAM)

Sumitomo Mitsui Trust Group Inc. raised its holdings in EPAM Systems, Inc. (NYSE:EPAM) by 1.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 127,156 shares of the information technology services provider’s stock after acquiring an additional 2,372 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.22% of EPAM Systems worth $25,308,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in EPAM. Raymond James & Associates raised its holdings in EPAM Systems by 1,741.1% during the third quarter. Raymond James & Associates now owns 36,694 shares of the information technology services provider’s stock worth $7,303,000 after purchasing an additional 34,701 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in EPAM Systems by 251.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 19,128 shares of the information technology services provider’s stock valued at $3,807,000 after acquiring an additional 13,690 shares during the last quarter. Diversified Trust Co purchased a new position in EPAM Systems during the 2nd quarter valued at about $734,000. Vanguard Group Inc. raised its position in EPAM Systems by 0.6% during the first quarter. Vanguard Group Inc. now owns 6,865,123 shares of the information technology services provider’s stock worth $1,895,872,000 after acquiring an additional 39,531 shares during the last quarter. Finally, MBB Public Markets I LLC purchased a new stake in shares of EPAM Systems in the second quarter valued at about $631,000. 91.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on EPAM shares. Mizuho lifted their price objective on EPAM Systems from $245.00 to $282.00 and gave the stock an “outperform” rating in a research report on Wednesday. Itau BBA Securities raised EPAM Systems from a “market perform” rating to an “outperform” rating and set a $269.00 price objective on the stock in a research note on Friday, November 8th. Citigroup boosted their target price on shares of EPAM Systems from $207.00 to $210.00 and gave the company a “neutral” rating in a research note on Monday, October 28th. Barclays lifted their price target on shares of EPAM Systems from $200.00 to $225.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 23rd. Finally, Needham & Company LLC upped their price objective on shares of EPAM Systems from $215.00 to $265.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Eight analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, EPAM Systems currently has an average rating of “Moderate Buy” and an average price target of $264.20.

Insider Activity

In other news, CFO Jason D. Peterson sold 1,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $237.00, for a total value of $237,000.00. Following the completion of the sale, the chief financial officer now owns 24,836 shares in the company, valued at approximately $5,886,132. This trade represents a 3.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.30% of the company’s stock.

EPAM Systems Trading Down 3.9 %

NYSE EPAM opened at $235.29 on Friday. The firm has a market capitalization of $13.35 billion, a price-to-earnings ratio of 30.56, a PEG ratio of 3.81 and a beta of 1.46. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.56 and a current ratio of 4.56. EPAM Systems, Inc. has a one year low of $169.43 and a one year high of $317.50. The company’s 50 day moving average price is $203.19 and its 200 day moving average price is $198.10.

EPAM Systems announced that its Board of Directors has initiated a stock buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the information technology services provider to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.