Franklin Resources Inc. Cuts Stake in EPAM Systems, Inc. (NYSE:EPAM)

Franklin Resources Inc. lowered its position in EPAM Systems, Inc. (NYSE:EPAM) by 11.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 235,198 shares of the information technology services provider’s stock after selling 30,757 shares during the quarter. Franklin Resources Inc.’s holdings in EPAM Systems were worth $46,569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of EPAM. Geneva Capital Management LLC boosted its stake in shares of EPAM Systems by 6.0% during the third quarter. Geneva Capital Management LLC now owns 71,281 shares of the information technology services provider’s stock valued at $14,187,000 after purchasing an additional 4,027 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of EPAM Systems during the third quarter valued at approximately $8,195,000. Victory Capital Management Inc. boosted its stake in shares of EPAM Systems by 247.6% during the third quarter. Victory Capital Management Inc. now owns 72,447 shares of the information technology services provider’s stock valued at $14,419,000 after purchasing an additional 51,603 shares during the period. Raymond James & Associates boosted its stake in shares of EPAM Systems by 1,741.1% during the third quarter. Raymond James & Associates now owns 36,694 shares of the information technology services provider’s stock valued at $7,303,000 after purchasing an additional 34,701 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of EPAM Systems by 251.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 19,128 shares of the information technology services provider’s stock valued at $3,807,000 after purchasing an additional 13,690 shares during the period. Hedge funds and other institutional investors own 91.58% of the company’s stock.

EPAM Systems Price Performance

Shares of NYSE:EPAM opened at $248.00 on Wednesday. EPAM Systems, Inc. has a 1-year low of $169.43 and a 1-year high of $317.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.56 and a quick ratio of 4.56. The business has a fifty day moving average price of $221.74 and a 200-day moving average price of $204.41. The company has a market capitalization of $14.07 billion, a PE ratio of 32.20, a PEG ratio of 3.87 and a beta of 1.49.

Insider Activity

In related news, SVP Viktar Dvorkin sold 6,758 shares of the 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 sale, the senior vice president now directly owns 13,000 shares of the company’s stock, valued at $3,334,890. This trade represents a 34.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jason D. Peterson sold 1,000 shares of the stock in a transaction on 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 directly owns 24,836 shares in the company, valued at $5,886,132. This trade represents a 3.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 8,222 shares of company stock worth $2,089,878 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Barclays upgraded EPAM Systems from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $250.00 to $290.00 in a report on Tuesday. JPMorgan Chase & Co. upped their target price on EPAM Systems from $222.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Needham & Company LLC upped their target price on EPAM Systems from $215.00 to $265.00 and gave the company a “buy” rating in a report on Friday, November 8th. Jefferies Financial Group upped their target price on EPAM Systems from $237.00 to $250.00 and gave the company a “buy” rating in a report on Monday, September 9th. Finally, Itau BBA Securities upgraded 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. Six research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, EPAM Systems presently has a consensus rating of “Moderate Buy” and an average target price of $272.20.

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.