EPAM Systems, Inc. (NYSE:EPAM) Shares Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its stake in shares of EPAM Systems, Inc. (NYSE:EPAM - Free Report) by 21.1% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 45,188 shares of the information technology services provider's stock after purchasing an additional 7,885 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of EPAM Systems worth $8,994,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tidal Investments LLC increased its holdings in shares of EPAM Systems by 17.2% during the 1st quarter. Tidal Investments LLC now owns 3,167 shares of the information technology services provider's stock worth $875,000 after buying an additional 464 shares during the last quarter. Comerica Bank increased its holdings in shares of EPAM Systems by 3.1% during the 1st quarter. Comerica Bank now owns 9,593 shares of the information technology services provider's stock worth $2,649,000 after buying an additional 286 shares during the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of EPAM Systems by 1.9% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 10,473 shares of the information technology services provider's stock worth $2,859,000 after buying an additional 195 shares during the last quarter. CWM LLC increased its holdings in shares of EPAM Systems by 28.6% during the 2nd quarter. CWM LLC now owns 1,857 shares of the information technology services provider's stock worth $349,000 after buying an additional 413 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of EPAM Systems during the 2nd quarter worth approximately $84,850,000. 91.58% of the stock is owned by institutional investors and hedge funds.

EPAM Systems Stock Performance

EPAM traded up $1.40 on Wednesday, reaching $241.91. The company had a trading volume of 933,588 shares, compared to its average volume of 621,788. EPAM Systems, Inc. has a 1 year low of $169.43 and a 1 year high of $317.50. The stock has a market capitalization of $13.72 billion, a PE ratio of 31.36, a P/E/G ratio of 3.73 and a beta of 1.49. The company has a quick ratio of 4.56, a current ratio of 4.56 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $212.90 and a 200-day moving average price of $200.42.

EPAM Systems declared that its Board of Directors has initiated a stock repurchase plan on Thursday, August 8th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the information technology services provider to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EPAM. Jefferies Financial Group raised their price target on shares of EPAM Systems from $237.00 to $250.00 and gave the stock a "buy" rating in a report on Monday, September 9th. Scotiabank upgraded shares of EPAM Systems from a "sector perform" rating to a "sector outperform" rating and lifted their target price for the company from $245.00 to $275.00 in a report on Monday, November 11th. Piper Sandler lifted their target price on shares of EPAM Systems from $225.00 to $258.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. Itau BBA Securities upgraded shares of EPAM Systems from a "market perform" rating to an "outperform" rating and set a $269.00 target price for the company in a report on Friday, November 8th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of EPAM Systems in a report on Thursday, August 22nd. They issued a "hold" rating and a $204.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, EPAM Systems presently has an average rating of "Moderate Buy" and an average target price of $264.20.

Insider Activity at EPAM Systems

In other EPAM Systems news, CFO Jason D. Peterson sold 1,000 shares of the company's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $237.00, for a total value of $237,000.00. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is owned by corporate insiders.

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.