Massachusetts Financial Services Co. has reduced its holdings in EPAM Systems, Inc. (NYSE:EPAM) by 8.9% during the second quarter of 2023. The firm disclosed it owned 1,483,780 shares after selling 144,524 shares during this period, bringing its total ownership to approximately 2.62% of the company, valued at $262,362,000.
Other institutional investors have also adjusted their positions in EPAM Systems. IFP Advisors Inc. increased its stake by 8.8%, now holding 854 shares valued at $152,000 after purchasing an additional 69 shares. Similarly, IFM Investors Pty Ltd raised its holdings by 0.7% during the first quarter, owning 11,326 shares worth $1,912,000 after acquiring 76 shares. Wallace Advisory Group LLC and DekaBank Deutsche Girozentrale also made modest increases in their respective holdings during the second quarter, with the former owning 2,522 shares valued at $426,000 and the latter holding 10,549 shares, valued at $1,866,000.
As of now, institutional investors and hedge funds collectively own 91.58% of EPAM Systems stock, reflecting significant confidence in the company.
Current Stock Performance and Buyback Program
EPAM Systems opened trading at $179.00 on Monday. The company’s market capitalization stands at $9.89 billion, with a P/E ratio of 25.54 and a beta of 1.67. Over the past year, EPAM stock has seen a fifty-two-week low of $138.15 and a high of $269.00.
On October 21, 2023, the board of EPAM Systems announced a significant share repurchase program, allowing the company to buy back up to $1.00 billion in outstanding shares. This program permits the company to repurchase approximately 12.4% of its shares through open market purchases, which typically indicates that management perceives the stock to be undervalued.
Insider Transactions and Analyst Ratings
In related news, several insider transactions have occurred. Senior Vice President Sergey Yezhkov sold 1,511 shares on October 21, 2023, for a total of $227,057.97. Following this transaction, Yezhkov owns 146 shares valued at around $21,939.42, marking a 91.19% decrease in his position. Similarly, Senior Vice President Viktar Dvorkin sold 2,500 shares on November 13, 2023, for $454,500.00. After this sale, Dvorkin retains 38,124 shares, valued at about $6,930,943.20, representing a 6.15% reduction in his holdings. Currently, insiders own 4.30% of EPAM Systems.
Wall Street analysts have been active in providing insights on EPAM Systems. TD Cowen recently upgraded the stock from a “hold” to a “buy” rating, setting a price target of $205.00. Mizuho raised its price objective from $225.00 to $228.00, maintaining an “outperform” rating. Meanwhile, JPMorgan Chase & Co. has increased its target price from $201.00 to $215.00, also issuing an “overweight” rating.
Overall, research indicates a consensus rating of “Moderate Buy” for EPAM Systems, with an average price target of $213.81. According to MarketBeat.com, one analyst has rated the stock as a “Strong Buy,” while twelve analysts recommend a Buy, four assign a Hold rating, and one rates it as a Sell.
EPAM Systems, Inc. specializes in providing digital platform engineering and software development services on a global scale. The company’s offerings include engineering services such as requirements analysis, platform selection, and integration, as well as infrastructure management services like software development, testing, and maintenance.
