Zacks Investment Research downgraded shares of Luxoft Holding, Inc. (NYSE:LXFT) from a hold rating to a strong sell rating in a research report report published on Wednesday.

According to Zacks, “Luxoft Holding, Inc. offers software development services and information technology solutions. Its software development services consist of software development and support, product engineering and testing and technology consulting. The Company focuses on six industry verticals: financial services, travel and aviation, technology, telecom, automotive and transport and energy. It operates primarily in Western Europe and North America. Luxoft Holding, Inc. is based in Tortola, Virgin Islands. “

Several other equities research analysts have also recently issued reports on the stock. KeyCorp reiterated a hold rating on shares of Luxoft Holding in a research report on Friday, November 3rd. BidaskClub cut shares of Luxoft Holding from a hold rating to a sell rating in a research report on Friday, October 27th. Cowen and Company reiterated a buy rating and set a $63.00 price objective on shares of Luxoft Holding in a research report on Thursday, October 12th. Credit Suisse Group cut shares of Luxoft Holding from a neutral rating to an underperform rating in a research report on Thursday, September 7th. Finally, VTB Capital began coverage on shares of Luxoft Holding in a research report on Tuesday, August 15th. They set a buy rating and a $65.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $61.33.

Luxoft Holding (NYSE LXFT) traded up $6.25 during midday trading on Wednesday, reaching $53.20. 732,825 shares of the company’s stock were exchanged, compared to its average volume of 224,309. The company has a market cap of $2,020.00, a PE ratio of 22.32 and a beta of 1.45. Luxoft Holding has a 12 month low of $40.15 and a 12 month high of $67.85.

WARNING: This story was first reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this story on another domain, it was stolen and reposted in violation of United States & international copyright law. The original version of this story can be accessed at https://www.thecerbatgem.com/2017/11/18/luxoft-holding-inc-lxft-cut-to-strong-sell-at-zacks-investment-research.html.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System increased its position in Luxoft Holding by 9.0% in the third quarter. California Public Employees Retirement System now owns 28,548 shares of the software maker’s stock worth $1,365,000 after purchasing an additional 2,348 shares during the last quarter. Janney Capital Management LLC increased its position in Luxoft Holding by 75.4% in the third quarter. Janney Capital Management LLC now owns 8,898 shares of the software maker’s stock worth $425,000 after purchasing an additional 3,825 shares during the last quarter. Grandeur Peak Global Advisors LLC increased its position in Luxoft Holding by 6.4% in the third quarter. Grandeur Peak Global Advisors LLC now owns 242,850 shares of the software maker’s stock worth $11,608,000 after purchasing an additional 14,625 shares during the last quarter. NWQ Investment Management Company LLC increased its position in Luxoft Holding by 90.5% in the third quarter. NWQ Investment Management Company LLC now owns 603,218 shares of the software maker’s stock worth $28,834,000 after purchasing an additional 286,497 shares during the last quarter. Finally, OxFORD Asset Management LLP increased its position in Luxoft Holding by 117.8% in the third quarter. OxFORD Asset Management LLP now owns 50,833 shares of the software maker’s stock worth $2,356,000 after purchasing an additional 27,492 shares during the last quarter. Institutional investors own 80.69% of the company’s stock.

About Luxoft Holding

Luxoft Holding, Inc, is a provider of software development services and information technology (IT) solutions to a global client base consisting primarily of large multinational corporations. The Company’s software development services consist of custom software development and support, product engineering and testing, and technology consulting.

Get a free copy of the Zacks research report on Luxoft Holding (LXFT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Luxoft Holding (NYSE:LXFT)

Receive News & Stock Ratings for Luxoft Holding Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Luxoft Holding Inc. and related stocks with our FREE daily email newsletter.