M&T Bank Corp Sells 1,538 Shares of EPAM Systems, Inc. (NYSE:EPAM)

M&T Bank Corp cut its holdings in EPAM Systems, Inc. (NYSE:EPAM) by 48.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,611 shares of the information technology services provider’s stock after selling 1,538 shares during the quarter. M&T Bank Corp’s holdings in EPAM Systems were worth $272,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ninety One UK Ltd acquired a new stake in shares of EPAM Systems during the 1st quarter worth $186,280,000. Norges Bank acquired a new stake in EPAM Systems during the fourth quarter worth approximately $173,053,000. Ameriprise Financial Inc. grew its position in EPAM Systems by 39.8% in the 4th quarter. Ameriprise Financial Inc. now owns 2,181,143 shares of the information technology services provider’s stock valued at $510,053,000 after purchasing an additional 620,551 shares during the period. Marshall Wace LLP grew its position in EPAM Systems by 126.4% in the 4th quarter. Marshall Wace LLP now owns 769,584 shares of the information technology services provider’s stock valued at $179,944,000 after purchasing an additional 429,644 shares during the period. Finally, Capital World Investors boosted its position in shares of EPAM Systems by 22.0% during the fourth quarter. Capital World Investors now owns 2,304,243 shares of the information technology services provider’s stock valued at $538,778,000 after buying an additional 414,942 shares during the last quarter. Institutional investors own 91.58% of the company’s stock.

EPAM Systems Stock Down 1.6%

Shares of NYSE EPAM opened at $164.21 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.06 and a quick ratio of 3.06. The company has a market capitalization of $9.30 billion, a P/E ratio of 22.97, a P/E/G ratio of 2.23 and a beta of 1.70. The company has a 50 day simple moving average of $175.90 and a 200-day simple moving average of $192.14. EPAM Systems, Inc. has a 1 year low of $138.15 and a 1 year high of $269.00.

EPAM Systems (NYSE:EPAM) last issued its quarterly earnings results on Thursday, May 8th. The information technology services provider reported $2.41 EPS for the quarter, beating the consensus estimate of $2.27 by $0.14. The company had revenue of $1.30 billion during the quarter, compared to analysts’ expectations of $1.28 billion. EPAM Systems had a net margin of 8.47% and a return on equity of 14.15%. The firm’s revenue was up 11.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.46 EPS. On average, equities research analysts predict that EPAM Systems, Inc. will post 8.9 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on EPAM shares. Morgan Stanley cut their price objective on EPAM Systems from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. Piper Sandler increased their target price on EPAM Systems from $170.00 to $194.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Needham & Company LLC increased their price objective on EPAM Systems from $185.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Susquehanna cut their target price on EPAM Systems from $270.00 to $210.00 and set a “positive” rating on the stock in a research note on Wednesday, April 23rd. Finally, Guggenheim lifted their target price on EPAM Systems from $210.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, EPAM Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $231.73.

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.