Endava (NYSE:DAVA) Stock Price Down 5.2% After Analyst Downgrade

Shares of Endava plc (NYSE:DAVA) traded down 5.2% during trading on Monday after Guggenheim lowered their price target on the stock from $55.00 to $45.00. Guggenheim currently has a buy rating on the stock. Endava traded as low as $31.58 and last traded at $31.71. 290,165 shares were traded during mid-day trading, a decline of 44% from the average session volume of 515,764 shares. The stock had previously closed at $33.45.

A number of other research firms also recently commented on DAVA. TD Cowen cut their price objective on shares of Endava from $46.00 to $42.00 and set a “buy” rating for the company in a report on Friday, May 24th. JPMorgan Chase & Co. raised their price target on shares of Endava from $41.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Redburn Atlantic assumed coverage on shares of Endava in a report on Friday, May 24th. They set a “neutral” rating and a $33.10 price target for the company. Needham & Company LLC cut their price target on shares of Endava from $50.00 to $42.00 and set a “buy” rating for the company in a report on Friday, May 24th. Finally, Wedbush cut their price target on shares of Endava from $65.00 to $50.00 and set an “outperform” rating for the company in a report on Thursday, May 23rd. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $46.01.

Hedge Funds Weigh In On Endava

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE boosted its position in Endava by 2,113.9% in the 4th quarter. US Bancorp DE now owns 16,427 shares of the company’s stock valued at $1,279,000 after buying an additional 15,685 shares during the period. George Kaiser Family Foundation purchased a new stake in shares of Endava during the 1st quarter worth $1,136,000. SG Americas Securities LLC purchased a new stake in shares of Endava during the 1st quarter worth $832,000. Neuberger Berman Group LLC purchased a new stake in shares of Endava during the 4th quarter worth $1,837,000. Finally, Advisory Services Network LLC lifted its position in shares of Endava by 51.8% during the 4th quarter. Advisory Services Network LLC now owns 5,749 shares of the company’s stock worth $448,000 after purchasing an additional 1,963 shares during the last quarter. Hedge funds and other institutional investors own 62.23% of the company’s stock.

Endava Stock Performance

The firm has a market capitalization of $1.83 billion, a PE ratio of 35.93 and a beta of 1.22. The company’s 50-day moving average price is $30.65 and its 200-day moving average price is $31.21.

Endava Company Profile

Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in North America, Europe, the United Kingdom, and internationally. It offers ideation and production services in the payments and financial services, telecommunications, media, and technology verticals; and business analysis, data analytics, program management, digital product strategy, private equity value enhancement, IT strategy, architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.