Van ECK Associates Corp Buys 67,242 Shares of Infosys Limited (NYSE:INFY)

Van ECK Associates Corp grew its stake in shares of Infosys Limited (NYSE:INFY) by 33.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 266,245 shares of the technology company’s stock after buying an additional 67,242 shares during the period. Van ECK Associates Corp’s holdings in Infosys were worth $4,894,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of INFY. Vanguard Group Inc. raised its stake in Infosys by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 8,143,005 shares of the technology company’s stock worth $139,327,000 after buying an additional 180,888 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of Infosys during the third quarter worth about $5,047,000. Baillie Gifford & Co. lifted its holdings in shares of Infosys by 3.3% during the 4th quarter. Baillie Gifford & Co. now owns 3,190,513 shares of the technology company’s stock valued at $58,642,000 after purchasing an additional 102,273 shares in the last quarter. Rhumbline Advisers grew its position in shares of Infosys by 3.0% in the 3rd quarter. Rhumbline Advisers now owns 908,911 shares of the technology company’s stock valued at $15,551,000 after purchasing an additional 26,833 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in Infosys by 39.2% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,744,741 shares of the technology company’s stock worth $32,068,000 after purchasing an additional 491,350 shares in the last quarter. 10.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Susquehanna cut their price target on shares of Infosys from $15.00 to $14.00 and set a “negative” rating on the stock in a research note on Friday, April 19th. BNP Paribas began coverage on shares of Infosys in a research report on Wednesday, January 17th. They issued an “outperform” rating and a $24.00 price objective on the stock. Guggenheim assumed coverage on Infosys in a report on Tuesday, March 19th. They set a “neutral” rating and a $20.00 target price for the company. Wedbush reissued an “outperform” rating and issued a $22.00 price target on shares of Infosys in a research note on Wednesday, March 13th. Finally, StockNews.com cut Infosys from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $19.27.

Infosys Price Performance

Shares of NYSE INFY opened at $16.93 on Friday. Infosys Limited has a fifty-two week low of $14.98 and a fifty-two week high of $20.74. The stock has a market capitalization of $70.08 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 2.26 and a beta of 0.95. The business has a 50-day moving average of $18.16 and a 200-day moving average of $18.31.

Infosys (NYSE:INFY) last posted its quarterly earnings results on Thursday, April 18th. The technology company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.06. Infosys had a return on equity of 32.33% and a net margin of 17.06%. The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $4.49 billion. During the same period last year, the company earned $0.18 earnings per share. On average, sell-side analysts expect that Infosys Limited will post 0.75 EPS for the current year.

Infosys Company Profile

Infosys Limited, together with its subsidiaries, provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, metaverse, data analytics and AI, applied AI, generative AI, sustainability, blockchain, engineering, Internet of Things, enterprise agile DevOps, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; API economy and microservices; and Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.