Short Interest in EPAM Systems Inc (NYSE:EPAM) Declines By 16.8%

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EPAM Systems Inc (NYSE:EPAM) was the recipient of a significant drop in short interest in August. As of August 15th, there was short interest totalling 824,900 shares, a drop of 16.8% from the July 15th total of 991,900 shares. Approximately 1.6% of the shares of the stock are sold short. Based on an average daily volume of 501,200 shares, the days-to-cover ratio is currently 1.6 days.

EPAM has been the subject of several research analyst reports. Wedbush restated an “outperform” rating and set a $180.00 price target (up previously from $158.00) on shares of EPAM Systems in a report on Wednesday, May 8th. Cowen lifted their target price on EPAM Systems from $180.00 to $210.00 and gave the stock a “positive” rating in a report on Wednesday, July 24th. They noted that the move was a valuation call. Zacks Investment Research upgraded EPAM Systems from a “hold” rating to a “buy” rating and set a $199.00 target price for the company in a report on Wednesday, August 14th. Finally, Cantor Fitzgerald lifted their target price on EPAM Systems from $187.00 to $212.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $173.10.

In other EPAM Systems news, CFO Jason D. Peterson sold 3,469 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $186.92, for a total transaction of $648,425.48. Following the completion of the transaction, the chief financial officer now owns 15,473 shares in the company, valued at approximately $2,892,213.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Arkadiy Dobkin sold 8,594 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $170.29, for a total value of $1,463,472.26. Following the transaction, the chief executive officer now owns 1,668,490 shares of the company’s stock, valued at approximately $284,127,162.10. The disclosure for this sale can be found here. Insiders have sold 300,451 shares of company stock valued at $52,676,726 in the last quarter. 5.40% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the stock. Toronto Dominion Bank bought a new stake in EPAM Systems during the 2nd quarter valued at $1,431,000. Atria Investments LLC bought a new stake in EPAM Systems during the 2nd quarter valued at $317,000. Treasurer of the State of North Carolina increased its holdings in shares of EPAM Systems by 1.9% in the 2nd quarter. Treasurer of the State of North Carolina now owns 20,825 shares of the information technology services provider’s stock valued at $3,605,000 after acquiring an additional 380 shares during the period. BlackRock Inc. increased its holdings in shares of EPAM Systems by 24.4% in the 2nd quarter. BlackRock Inc. now owns 2,857,844 shares of the information technology services provider’s stock valued at $494,692,000 after acquiring an additional 560,378 shares during the period. Finally, Gamble Jones Investment Counsel increased its holdings in shares of EPAM Systems by 0.4% in the 2nd quarter. Gamble Jones Investment Counsel now owns 25,006 shares of the information technology services provider’s stock valued at $4,329,000 after acquiring an additional 109 shares during the period. 93.34% of the stock is owned by hedge funds and other institutional investors.

Shares of EPAM stock traded down $0.07 on Tuesday, reaching $188.90. 462,700 shares of the company’s stock were exchanged, compared to its average volume of 398,512. EPAM Systems has a 52 week low of $104.77 and a 52 week high of $201.00. The company has a current ratio of 4.72, a quick ratio of 4.72 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $10.33 billion, a PE ratio of 48.31, a P/E/G ratio of 2.19 and a beta of 1.38. The company’s fifty day simple moving average is $191.11 and its 200 day simple moving average is $174.17.

EPAM Systems (NYSE:EPAM) last issued its quarterly earnings results on Thursday, August 8th. The information technology services provider reported $1.06 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.08. EPAM Systems had a return on equity of 18.90% and a net margin of 11.98%. The firm had revenue of $551.60 million during the quarter, compared to analyst estimates of $549.84 million. During the same period last year, the company earned $1.01 EPS. EPAM Systems’s quarterly revenue was up 23.8% compared to the same quarter last year. As a group, sell-side analysts predict that EPAM Systems will post 4.36 earnings per share for the current fiscal year.

About EPAM Systems

EPAM Systems, Inc provides software product development and digital platform engineering services primarily in North America, Europe, Armenia, Belarus, Kazakhstan, Russia, Ukraine, Asia, and Australia. 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, and maintenance with private, public, and mobile infrastructures for application, database, network, server, storage, and systems operations management, as well as monitoring, incident notification, and resolution services; and maintenance and support services.

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