Bank of Nova Scotia Has $7.30 Million Stock Holdings in EPAM Systems, Inc. (NYSE:EPAM)

Bank of Nova Scotia lifted its position in shares of EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 325.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,214 shares of the information technology services provider's stock after purchasing an additional 23,876 shares during the period. Bank of Nova Scotia owned 0.06% of EPAM Systems worth $7,298,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new stake in EPAM Systems in the fourth quarter valued at approximately $173,053,000. William Blair Investment Management LLC acquired a new position in shares of EPAM Systems during the 4th quarter worth approximately $166,906,000. Massachusetts Financial Services Co. MA raised its stake in EPAM Systems by 96.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 818,881 shares of the information technology services provider's stock valued at $191,471,000 after acquiring an additional 401,355 shares during the period. Teacher Retirement System of Texas acquired a new stake in EPAM Systems during the 4th quarter valued at $86,699,000. Finally, Manning & Napier Advisors LLC boosted its position in EPAM Systems by 48.8% during the fourth quarter. Manning & Napier Advisors LLC now owns 664,286 shares of the information technology services provider's stock worth $155,323,000 after purchasing an additional 217,960 shares during the period. 91.58% of the stock is owned by institutional investors.

EPAM Systems Price Performance

Shares of EPAM stock traded down $0.41 during trading hours on Tuesday, reaching $151.56. The company's stock had a trading volume of 628,174 shares, compared to its average volume of 694,606. The company has a quick ratio of 4.56, a current ratio of 2.96 and a debt-to-equity ratio of 0.01. EPAM Systems, Inc. has a fifty-two week low of $138.15 and a fifty-two week high of $269.00. The company has a market capitalization of $8.65 billion, a price-to-earnings ratio of 19.33, a PEG ratio of 3.38 and a beta of 1.69. The firm's 50 day simple moving average is $194.04 and its 200-day simple moving average is $215.97.

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EPAM Systems (NYSE:EPAM - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $2.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.75 by ($0.52). EPAM Systems had a return on equity of 14.60% and a net margin of 9.61%. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.21 billion. Sell-side analysts forecast that EPAM Systems, Inc. will post 8.9 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Jason D. Peterson sold 1,078 shares of the company's stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $257.00, for a total value of $277,046.00. Following the sale, the chief financial officer now directly owns 23,382 shares in the company, valued at $6,009,174. This represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Scotiabank cut their target price on shares of EPAM Systems from $275.00 to $250.00 and set a "sector outperform" rating for the company in a research note on Monday, February 24th. Morgan Stanley boosted their price objective on EPAM Systems from $230.00 to $256.00 and gave the stock an "equal weight" rating in a report on Friday, January 31st. StockNews.com downgraded EPAM Systems from a "buy" rating to a "hold" rating in a research report on Saturday. Needham & Company LLC reissued a "buy" rating and set a $265.00 price target on shares of EPAM Systems in a report on Thursday, February 20th. Finally, Barclays decreased their price objective on EPAM Systems from $290.00 to $270.00 and set an "overweight" rating on the stock in a report on Monday, March 10th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $251.80.

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.