Endava (DAVA) Posts Earnings Results, Beats Expectations By $0.03 EPS

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Endava (NYSE:DAVA) announced its earnings results on Tuesday. The company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.03, Morningstar.com reports. The firm had revenue of $73.06 million during the quarter, compared to analyst estimates of $71.82 million. The firm’s revenue for the quarter was up 24.7% compared to the same quarter last year. During the same period last year, the company earned $0.13 earnings per share. Endava updated its Q4 guidance to GBP 0.17-0.18 EPS.

Shares of NYSE DAVA traded up $2.27 during trading hours on Wednesday, reaching $38.49. The stock had a trading volume of 316,619 shares, compared to its average volume of 88,512. The stock has a market cap of $1.74 billion and a PE ratio of 54.20. Endava has a fifty-two week low of $21.13 and a fifty-two week high of $36.50.

A number of brokerages recently issued reports on DAVA. Morgan Stanley upped their target price on Endava from $33.00 to $37.00 and gave the company an “equal weight” rating in a research report on Wednesday. Zacks Investment Research cut Endava from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 6th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $30.17.

Several hedge funds and other institutional investors have recently made changes to their positions in DAVA. State of Tennessee Treasury Department acquired a new stake in shares of Endava in the 1st quarter valued at about $54,000. Morgan Stanley raised its stake in Endava by 179.9% during the 1st quarter. Morgan Stanley now owns 3,012 shares of the company’s stock valued at $83,000 after acquiring an additional 1,936 shares during the last quarter. Marshall Wace North America L.P. purchased a new stake in Endava during the 1st quarter valued at approximately $162,000. Acadian Asset Management LLC purchased a new stake in Endava during the 1st quarter valued at approximately $217,000. Finally, Pendal Group Ltd raised its stake in shares of Endava by 27.8% during the 4th quarter. Pendal Group Ltd now owns 14,710 shares of the company’s stock worth $357,000 after buying an additional 3,197 shares in the last quarter. 12.56% of the stock is owned by hedge funds and other institutional investors.

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About Endava

Endava plc provides technology services for clients in the consumer products, healthcare, logistics, and retail verticals in Europe, Latin America, and the United States. It offers strategy, creative and user experience, insights through data, mobile and Internet of Things, architecture, smart automation, software engineering, test automation and engineering, continuous delivery, cloud, applications management, and smart desk services across the digital evolution, agile transformation, and automation solution areas.

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