Endava (NYSE:DAVA – Get Free Report) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $1.92-$2.01 for the period, compared to the consensus earnings per share estimate of $1.95. The company issued revenue guidance of $957.11 million-$974.05 million, compared to the consensus revenue estimate of $964.43 million. Endava also updated its FY24 guidance to GBP 1.59-1.66 EPS.
Analyst Ratings Changes
Several research firms have issued reports on DAVA. Morgan Stanley decreased their price target on shares of Endava from $72.00 to $68.00 and set an overweight rating on the stock in a research note on Wednesday, September 20th. TD Cowen dropped their target price on Endava from $78.00 to $70.00 and set an outperform rating for the company in a research note on Wednesday, September 20th. Susquehanna lowered their price target on Endava from $100.00 to $83.00 and set a positive rating for the company in a report on Monday, October 2nd. Finally, Needham & Company LLC cut their price objective on shares of Endava from $68.00 to $65.00 and set a buy rating on the stock in a report on Wednesday, September 20th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $78.67.
Endava Stock Performance
Endava (NYSE:DAVA – Get Free Report) last released its quarterly earnings data on Tuesday, September 19th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.12. The company had revenue of $189.80 million during the quarter, compared to analyst estimates of $188.53 million. Endava had a net margin of 11.86% and a return on equity of 18.07%. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 earnings per share. Analysts predict that Endava will post 1.22 earnings per share for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of DAVA. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 period. Invesco Ltd. acquired a new stake in Endava during the 1st quarter valued at $64,236,000. Capital World Investors increased its stake in Endava by 115.3% during the 1st quarter. Capital World Investors now owns 857,000 shares of the company’s stock worth $114,007,000 after buying an additional 459,000 shares during the period. JPMorgan Chase & Co. lifted its holdings in Endava by 562.7% in the 1st quarter. JPMorgan Chase & Co. now owns 293,835 shares of the company’s stock worth $19,740,000 after buying an additional 249,499 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Endava by 198.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 221,699 shares of the company’s stock valued at $29,492,000 after buying an additional 147,525 shares during the last quarter. Institutional investors and hedge funds own 56.10% of the company’s stock.
Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in North America, Europe, the United Kingdom, and internationally. It offers ideation and production services in the payments and financial services, telecommunications, media, and technology verticals; and business analysis, data analytics, program management, digital product strategy, private equity value enhancement, IT strategy, architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.
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