Charles Schwab Investment Management Inc. Acquires 160,989 Shares of EPAM Systems, Inc. (NYSE:EPAM)

Charles Schwab Investment Management Inc. increased its position in EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 45.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 515,351 shares of the information technology services provider's stock after purchasing an additional 160,989 shares during the period. Charles Schwab Investment Management Inc. owned 0.91% of EPAM Systems worth $102,570,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its position in shares of EPAM Systems by 14,325.2% in the 2nd quarter. Pacer Advisors Inc. now owns 657,070 shares of the information technology services provider's stock worth $123,601,000 after purchasing an additional 652,515 shares in the last quarter. TD Asset Management Inc grew its stake in shares of EPAM Systems by 80.0% in the second quarter. TD Asset Management Inc now owns 595,486 shares of the information technology services provider's stock worth $112,017,000 after acquiring an additional 264,570 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of EPAM Systems in the second quarter worth $84,850,000. Massachusetts Financial Services Co. MA increased its holdings in shares of EPAM Systems by 643.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 417,526 shares of the information technology services provider's stock valued at $83,100,000 after acquiring an additional 361,363 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of EPAM Systems by 4.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 379,834 shares of the information technology services provider's stock worth $71,451,000 after purchasing an additional 15,116 shares during the last quarter. Institutional investors own 91.58% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on EPAM shares. Piper Sandler raised their price objective on shares of EPAM Systems from $225.00 to $258.00 and gave the company an "overweight" rating in a research note on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of EPAM Systems in a report on Thursday, August 22nd. They issued a "hold" rating and a $204.00 price objective for the company. Needham & Company LLC increased their target price on EPAM Systems from $215.00 to $265.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Jefferies Financial Group lifted their target price on EPAM Systems from $237.00 to $250.00 and gave the stock a "buy" rating in a report on Monday, September 9th. Finally, JPMorgan Chase & Co. upped their price target on EPAM Systems from $222.00 to $262.00 and gave the company an "overweight" rating in a report on Friday, September 6th. Eight research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $264.20.

EPAM Systems Stock Performance

Shares of NYSE:EPAM traded down $1.85 during mid-day trading on Wednesday, reaching $246.82. 19,700 shares of the company traded hands, compared to its average volume of 619,853. The company's 50 day moving average price is $207.37 and its 200-day moving average price is $198.03. The firm has a market cap of $14.00 billion, a PE ratio of 32.29, a PEG ratio of 3.81 and a beta of 1.46. EPAM Systems, Inc. has a 52 week low of $169.43 and a 52 week high of $317.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.56 and a quick ratio of 4.56.

EPAM Systems announced that its Board of Directors has initiated a share repurchase plan on Thursday, August 8th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Jason D. Peterson sold 1,000 shares of the company's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $237.00, for a total value of $237,000.00. Following the completion of the transaction, the chief financial officer now owns 24,836 shares of the company's stock, valued at $5,886,132. This represents a 3.87 % decrease in their ownership of the stock. The transaction 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.

EPAM Systems Profile

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.