Endava (NYSE:DAVA) Updates FY 2024 Earnings Guidance

Endava (NYSE:DAVA) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.90-$2.03 for the period, compared to the consensus estimate of $2.71. The company issued revenue guidance of $976.17 million-$994.94 million, compared to the consensus revenue estimate of $1.03 billion. Endava also updated its FY24 guidance to GBP1.52-1.62 EPS.

Endava Price Performance

Shares of Endava stock traded up $3.23 on Tuesday, reaching $54.23. 558,172 shares of the company traded hands, compared to its average volume of 277,972. The company has a 50 day moving average of $51.18 and a 200 day moving average of $55.18. Endava has a 52 week low of $44.62 and a 52 week high of $95.00. The firm has a market capitalization of $3.08 billion, a PE ratio of 26.13 and a beta of 1.16.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on DAVA shares. HSBC initiated coverage on Endava in a research report on Monday, July 17th. They issued a buy rating and a $74.00 price target for the company. Susquehanna lowered their price target on shares of Endava from $104.00 to $100.00 in a report on Monday, June 12th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Endava from $78.00 to $53.00 in a research note on Wednesday, May 24th. Finally, Morgan Stanley increased their target price on shares of Endava from $70.00 to $72.00 and gave the stock an overweight rating in a research note on Thursday, September 14th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of Buy and a consensus price target of $86.00.

Hedge Funds Weigh In On Endava

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in Endava by 14.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,254,362 shares of the company’s stock valued at $631,459,000 after buying an additional 1,037,028 shares during the last quarter. Invesco Ltd. purchased a new position in Endava during the first quarter valued at $64,236,000. Capital World Investors increased its holdings in Endava by 115.3% in the 1st quarter. Capital World Investors now owns 857,000 shares of the company’s stock worth $114,007,000 after acquiring an additional 459,000 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Endava by 562.7% during the 1st quarter. JPMorgan Chase & Co. now owns 293,835 shares of the company’s stock valued at $19,740,000 after buying an additional 249,499 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Endava by 198.9% in the first quarter. Goldman Sachs Group Inc. now owns 221,699 shares of the company’s stock valued at $29,492,000 after acquiring an additional 147,525 shares in the last quarter. 56.10% of the stock is currently owned by hedge funds and other institutional investors.

About Endava

Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in Europe, Latin America, North America, and internationally. It offers technology and digital advisory services for payments and financial services, and TMT sectors; IT strategies; business analysis services; program management services; digital product strategy services; and architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.