Principal Financial Group Inc. Cuts Stake in EPAM Systems, Inc. (NYSE:EPAM)

Principal Financial Group Inc. reduced its stake in EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,271 shares of the information technology services provider's stock after selling 1,403 shares during the period. Principal Financial Group Inc. owned about 0.12% of EPAM Systems worth $16,197,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in EPAM. Manning & Napier Advisors LLC boosted its position in EPAM Systems by 48.8% during the 4th quarter. Manning & Napier Advisors LLC now owns 664,286 shares of the information technology services provider's stock worth $155,323,000 after buying an additional 217,960 shares during the period. Charles Schwab Investment Management Inc. boosted its position in EPAM Systems by 45.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 515,351 shares of the information technology services provider's stock worth $102,570,000 after buying an additional 160,989 shares during the period. Massachusetts Financial Services Co. MA boosted its position in EPAM Systems by 643.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 417,526 shares of the information technology services provider's stock worth $83,100,000 after buying an additional 361,363 shares during the period. Assenagon Asset Management S.A. boosted its position in EPAM Systems by 10.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 346,201 shares of the information technology services provider's stock worth $80,949,000 after buying an additional 33,715 shares during the period. Finally, Jacobs Levy Equity Management Inc. boosted its position in EPAM Systems by 3.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 308,498 shares of the information technology services provider's stock worth $61,400,000 after buying an additional 8,959 shares during the period. 91.58% of the stock is currently owned by institutional investors and hedge funds.

EPAM Systems Trading Down 1.1 %

Shares of NYSE:EPAM traded down $2.29 during mid-day trading on Friday, hitting $206.02. The company had a trading volume of 1,406,839 shares, compared to its average volume of 665,868. The firm has a fifty day moving average price of $240.81 and a 200 day moving average price of $222.51. The company has a market capitalization of $11.69 billion, a PE ratio of 26.28, a price-to-earnings-growth ratio of 3.38 and a beta of 1.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.96 and a quick ratio of 4.56. EPAM Systems, Inc. has a one year low of $169.43 and a one year high of $317.50.

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 EPS for the quarter, missing analysts' consensus estimates of $2.75 by ($0.52). The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.21 billion. EPAM Systems had a net margin of 9.61% and a return on equity of 14.60%. As a group, research analysts forecast that EPAM Systems, Inc. will post 8.9 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on EPAM shares. Needham & Company LLC reiterated a "buy" rating and set a $265.00 target price on shares of EPAM Systems in a research report on Thursday, February 20th. Itau BBA Securities upgraded shares of EPAM Systems from a "market perform" rating to an "outperform" rating and set a $269.00 price target for the company in a report on Friday, November 8th. Barclays upgraded shares of EPAM Systems from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $250.00 to $290.00 in a report on Tuesday, December 17th. Piper Sandler raised their price target on shares of EPAM Systems from $225.00 to $258.00 and gave the stock an "overweight" rating in a report on Thursday, November 7th. Finally, Mizuho raised their price target on shares of EPAM Systems from $245.00 to $282.00 and gave the stock an "outperform" rating in a report on Wednesday, November 13th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $268.44.

Insider Buying and Selling at EPAM Systems

In other EPAM Systems news, CFO Jason D. Peterson sold 464 shares of the business's stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $257.00, for a total transaction of $119,248.00. Following the completion of the sale, the chief financial officer now owns 24,372 shares in the company, valued at approximately $6,263,604. The trade was a 1.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Viktar Dvorkin sold 6,758 shares of EPAM Systems stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $256.53, for a total transaction of $1,733,629.74. Following the transaction, the senior vice president now directly owns 13,000 shares in the company, valued at $3,334,890. This represents a 34.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,300 shares of company stock worth $2,129,924. 4.30% of the stock is owned by corporate insiders.

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.