Fred Alger Management LLC Sells 59,201 Shares of EPAM Systems, Inc. (NYSE:EPAM)

Fred Alger Management LLC lessened its stake in shares of EPAM Systems, Inc. (NYSE:EPAM – Get Rating) by 65.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 30,668 shares of the information technology services provider’s stock after selling 59,201 shares during the period. Fred Alger Management LLC’s holdings in EPAM Systems were worth $11,108,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in EPAM. CI Investments Inc. boosted its holdings in shares of EPAM Systems by 900.0% during the 3rd quarter. CI Investments Inc. now owns 70 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 63 shares during the last quarter. Semmax Financial Advisors Inc. lifted its holdings in shares of EPAM Systems by 84.3% in the 3rd quarter. Semmax Financial Advisors Inc. now owns 94 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 43 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of EPAM Systems by 78.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 98 shares of the information technology services provider’s stock valued at $35,000 after acquiring an additional 43 shares during the last quarter. Desjardins Global Asset Management Inc. bought a new position in shares of EPAM Systems in the 2nd quarter valued at about $43,000. Finally, Covestor Ltd lifted its holdings in shares of EPAM Systems by 134.4% in the 1st quarter. Covestor Ltd now owns 150 shares of the information technology services provider’s stock valued at $45,000 after acquiring an additional 86 shares during the last quarter. Institutional investors own 92.29% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of EPAM Systems from $410.00 to $400.00 and set an “overweight” rating for the company in a report on Friday, February 17th. Cowen downgraded shares of EPAM Systems from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $390.00 to $370.00 in a report on Friday, February 17th. JPMorgan Chase & Co. increased their price target on shares of EPAM Systems from $365.00 to $405.00 in a report on Thursday, December 15th. Susquehanna reduced their price objective on shares of EPAM Systems from $462.00 to $410.00 and set a “positive” rating on the stock in a research report on Friday, February 17th. Finally, Needham & Company LLC increased their price objective on shares of EPAM Systems from $400.00 to $415.00 and gave the stock a “buy” rating in a research report on Friday, February 17th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, EPAM Systems has a consensus rating of “Moderate Buy” and an average price target of $402.14.

EPAM Systems Stock Performance

Shares of NYSE:EPAM opened at $285.50 on Wednesday. The firm has a market cap of $16.47 billion, a PE ratio of 39.64, a price-to-earnings-growth ratio of 1.89 and a beta of 1.57. The firm’s 50 day simple moving average is $333.94 and its 200-day simple moving average is $348.93. EPAM Systems, Inc. has a one year low of $210.92 and a one year high of $462.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.69 and a current ratio of 3.69.

EPAM Systems Profile

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EPAM Systems, Inc engages in the provision of software product development and digital platform engineering services. It operates through the following geographical segments: North America, Europe, and Russia. The company was founded by Leonid Lozner and Arkadiy Dobkin in 1993 and is headquartered in Newtown, PA.