Morgan Stanley Cuts Endava (NYSE:DAVA) Price Target to $11.00

Endava (NYSE:DAVA) had its price objective trimmed by Morgan Stanley from $17.00 to $11.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other research firms have also issued reports on DAVA. Wall Street Zen lowered Endava from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. TD Cowen cut Endava from a “buy” rating to a “hold” rating and set a $17.00 price objective on the stock. in a research report on Thursday, May 15th. Guggenheim reduced their target price on shares of Endava from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday. Deutsche Bank Aktiengesellschaft began coverage on shares of Endava in a research note on Thursday, July 17th. They set a “hold” rating and a $14.00 target price on the stock. Finally, JPMorgan Chase & Co. dropped their price target on shares of Endava from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday, August 20th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, Endava has a consensus rating of “Hold” and an average price target of $20.78.

Endava Trading Up 1.7%

Shares of Endava stock opened at $10.14 on Friday. Endava has a 1-year low of $9.84 and a 1-year high of $34.94. The company’s fifty day simple moving average is $13.64 and its 200-day simple moving average is $16.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.32 and a quick ratio of 2.32. The stock has a market capitalization of $598.27 million, a PE ratio of 22.52 and a beta of 1.13.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DAVA. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Endava by 36.7% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,198,846 shares of the company’s stock valued at $120,939,000 after buying an additional 1,665,735 shares during the last quarter. Invesco Ltd. boosted its position in shares of Endava by 6.4% during the second quarter. Invesco Ltd. now owns 3,661,123 shares of the company’s stock worth $56,088,000 after acquiring an additional 220,465 shares during the last quarter. Paradice Investment Management LLC grew its stake in Endava by 29.2% during the second quarter. Paradice Investment Management LLC now owns 1,565,860 shares of the company’s stock valued at $23,989,000 after acquiring an additional 353,587 shares in the last quarter. Fourth Sail Capital LP grew its stake in Endava by 52.9% during the first quarter. Fourth Sail Capital LP now owns 1,406,223 shares of the company’s stock valued at $27,435,000 after acquiring an additional 486,604 shares in the last quarter. Finally, Alberta Investment Management Corp increased its holdings in Endava by 35.6% in the 2nd quarter. Alberta Investment Management Corp now owns 1,288,334 shares of the company’s stock valued at $19,737,000 after acquiring an additional 338,334 shares during the last quarter. 62.23% of the stock is currently owned by institutional investors.

About Endava

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.