Norges Bank Makes New Investment in EPAM Systems, Inc. (NYSE:EPAM)

Norges Bank acquired a new stake in shares of EPAM Systems, Inc. (NYSE:EPAM - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 740,114 shares of the information technology services provider's stock, valued at approximately $173,053,000. Norges Bank owned approximately 1.30% of EPAM Systems as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its stake in shares of EPAM Systems by 21.1% in the third quarter. The Manufacturers Life Insurance Company now owns 45,188 shares of the information technology services provider's stock worth $8,994,000 after acquiring an additional 7,885 shares during the last quarter. Glenmede Trust Co. NA raised its stake in shares of EPAM Systems by 31.4% during the 3rd quarter. Glenmede Trust Co. NA now owns 13,036 shares of the information technology services provider's stock worth $2,595,000 after purchasing an additional 3,112 shares in the last quarter. Public Sector Pension Investment Board raised its stake in shares of EPAM Systems by 4.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 2,326 shares of the information technology services provider's stock worth $463,000 after purchasing an additional 100 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of EPAM Systems by 70.5% during the 3rd quarter. Captrust Financial Advisors now owns 6,677 shares of the information technology services provider's stock valued at $1,329,000 after buying an additional 2,760 shares during the last quarter. Finally, Verition Fund Management LLC grew its stake in shares of EPAM Systems by 784.7% in the 3rd quarter. Verition Fund Management LLC now owns 17,950 shares of the information technology services provider's stock valued at $3,573,000 after buying an additional 15,921 shares in the last quarter. Institutional investors and hedge funds own 91.58% of the company's stock.

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EPAM Systems Stock Performance

Shares of EPAM stock traded down $11.08 during mid-day trading on Thursday, reaching $157.98. The stock had a trading volume of 514,729 shares, compared to its average volume of 688,221. EPAM Systems, Inc. has a one year low of $152.71 and a one year high of $275.49. The company has a quick ratio of 4.56, a current ratio of 2.96 and a debt-to-equity ratio of 0.01. The firm's 50 day simple moving average is $217.03 and its 200 day simple moving average is $219.91. The firm has a market cap of $8.99 billion, a PE ratio of 20.15, a P/E/G ratio of 3.38 and a beta of 1.61.

EPAM Systems (NYSE:EPAM - Get Free Report) last posted 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 business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.21 billion. On average, analysts forecast that EPAM Systems, Inc. will post 8.9 EPS for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Jefferies Financial Group reduced their target price on shares of EPAM Systems from $305.00 to $288.00 and set a "buy" rating for the company in a research note on Tuesday, January 21st. Morgan Stanley raised their price target on shares of EPAM Systems from $230.00 to $256.00 and gave the company an "equal weight" rating in a report on Friday, January 31st. StockNews.com cut shares of EPAM Systems from a "buy" rating to a "hold" rating in a report on Friday, February 21st. Scotiabank reduced their price target on EPAM Systems from $275.00 to $250.00 and set a "sector outperform" rating for the company in a research report on Monday, February 24th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $265.00 price objective on shares of EPAM Systems in a research note on Thursday, February 20th. Seven analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $262.47.

Insiders Place Their Bets

In other EPAM Systems news, CFO Jason D. Peterson sold 1,078 shares of the company's stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $257.00, for a total transaction of $277,046.00. Following the sale, the chief financial officer now directly owns 23,382 shares of the company's stock, valued at approximately $6,009,174. This represents a 4.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.30% of the company's stock.

EPAM Systems Company 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.