EPAM Systems (NYSE:EPAM) Announces Earnings Results

EPAM Systems (NYSE:EPAMGet Rating) released its earnings results on Thursday. The information technology services provider reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.67, Briefing.com reports. The business had revenue of $1.19 billion for the quarter, compared to the consensus estimate of $1.12 billion. EPAM Systems had a return on equity of 21.72% and a net margin of 8.21%. The business’s quarterly revenue was up 35.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.90 earnings per share. EPAM Systems updated its Q3 guidance to at least $2.48 EPS and its Q3 2022 guidance to $2.48- EPS.

EPAM Systems Trading Up 2.9 %

EPAM stock traded up $12.00 during midday trading on Friday, hitting $427.39. 856,666 shares of the company’s stock were exchanged, compared to its average volume of 429,560. The business has a 50-day simple moving average of $322.78 and a two-hundred day simple moving average of $328.27. The company has a current ratio of 3.45, a quick ratio of 3.32 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $24.43 billion, a PE ratio of 69.05, a P/E/G ratio of 3.33 and a beta of 1.77. EPAM Systems has a 1-year low of $168.59 and a 1-year high of $725.40.

Insider Activity

In other news, CMO Elaina Shekhter sold 100 shares of EPAM Systems stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $347.10, for a total value of $34,710.00. Following the completion of the sale, the chief marketing officer now directly owns 7,671 shares of the company’s stock, valued at $2,662,604.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CMO Elaina Shekhter sold 100 shares of EPAM Systems stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $347.10, for a total value of $34,710.00. Following the completion of the sale, the chief marketing officer now directly owns 7,671 shares of the company’s stock, valued at $2,662,604.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jason D. Peterson sold 1,000 shares of EPAM Systems stock in a transaction on Wednesday, May 11th. The shares were sold at an average price of $325.00, for a total value of $325,000.00. Following the completion of the transaction, the chief financial officer now owns 12,162 shares of the company’s stock, valued at $3,952,650. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,500 shares of company stock valued at $493,710. 4.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Covestor Ltd lifted its holdings in EPAM Systems by 134.4% during the 1st quarter. Covestor Ltd now owns 150 shares of the information technology services provider’s stock worth $45,000 after buying an additional 86 shares during the last quarter. Baader Bank INC purchased a new stake in EPAM Systems during the 1st quarter worth about $222,000. Cetera Advisor Networks LLC increased its position in shares of EPAM Systems by 36.0% during the first quarter. Cetera Advisor Networks LLC now owns 842 shares of the information technology services provider’s stock worth $250,000 after purchasing an additional 223 shares in the last quarter. KB Financial Partners LLC increased its position in shares of EPAM Systems by 63.7% during the first quarter. KB Financial Partners LLC now owns 889 shares of the information technology services provider’s stock worth $264,000 after purchasing an additional 346 shares in the last quarter. Finally, Private Advisor Group LLC increased its position in shares of EPAM Systems by 14.4% during the first quarter. Private Advisor Group LLC now owns 1,034 shares of the information technology services provider’s stock worth $307,000 after purchasing an additional 130 shares in the last quarter. 95.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EPAM has been the topic of several research reports. Cowen raised their target price on EPAM Systems from $400.00 to $440.00 in a research report on Friday. Barclays raised their target price on EPAM Systems from $350.00 to $410.00 in a research report on Monday, May 9th. Piper Sandler raised their target price on EPAM Systems from $381.00 to $460.00 and gave the company an “overweight” rating in a research report on Friday. Needham & Company LLC raised their target price on EPAM Systems from $450.00 to $490.00 and gave the company a “buy” rating in a research report on Friday. Finally, Wedbush increased their price target on EPAM Systems from $380.00 to $400.00 and gave the company an “outperform” rating in a report on Monday, June 6th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $444.62.

EPAM Systems Company Profile

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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, and maintenance with private, public, and mobile infrastructures for application, database, network, server, storage, and systems operations management, as well as monitoring, incident notification, and resolution services; and maintenance and support services.

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Earnings History for EPAM Systems (NYSE:EPAM)

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