Luxoft (LXFT) Shares Down 14.1%
Luxoft Holding Inc (NYSE:LXFT) fell 14.1% on Thursday . The company traded as low as $32.29 and last traded at $33.30. 1,103,291 shares traded hands during mid-day trading, an increase of 317% from the average session volume of 264,684 shares. The stock had previously closed at $38.75.
A number of brokerages recently weighed in on LXFT. Zacks Investment Research downgraded shares of Luxoft from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. ValuEngine raised shares of Luxoft from a “sell” rating to a “hold” rating in a research note on Tuesday, September 4th. JPMorgan Chase & Co. downgraded shares of Luxoft from a “neutral” rating to an “underweight” rating in a research note on Thursday. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $52.00 target price on shares of Luxoft in a research note on Thursday. Finally, KeyCorp raised their target price on shares of Luxoft from $47.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, September 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $50.56.
The company has a market capitalization of $1.38 billion, a P/E ratio of 15.93 and a beta of 1.73.
Several hedge funds have recently bought and sold shares of LXFT. Wells Fargo & Company MN raised its stake in shares of Luxoft by 6.5% during the first quarter. Wells Fargo & Company MN now owns 23,679 shares of the software maker’s stock worth $970,000 after acquiring an additional 1,448 shares in the last quarter. Pendal Group Ltd purchased a new position in shares of Luxoft during the second quarter worth approximately $736,000. Massachusetts Financial Services Co. MA purchased a new position in shares of Luxoft during the second quarter worth approximately $39,465,000. Horrell Capital Management Inc. purchased a new position in shares of Luxoft during the second quarter worth approximately $2,288,000. Finally, Barings LLC raised its stake in shares of Luxoft by 1.1% during the second quarter. Barings LLC now owns 352,368 shares of the software maker’s stock worth $12,985,000 after acquiring an additional 3,970 shares in the last quarter. 56.12% of the stock is currently owned by hedge funds and other institutional investors.
ILLEGAL ACTIVITY WARNING: This article was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this article on another publication, it was stolen and republished in violation of US and international copyright legislation. The legal version of this article can be viewed at https://www.thecerbatgem.com/2018/11/16/luxoft-lxft-shares-down-14-1.html.
About Luxoft (NYSE:LXFT)
Luxoft Holding, Inc, together with its subsidiaries, provides software development services and IT solutions to multinational corporations. The company offers application software development, software architecture design, performance engineering, optimization and testing, process consulting, and software quality assurance services; functional specification and mock-up, product design, engineering, automated testing, maintenance, support, and performance engineering services; and IT strategy, software engineering process, and data security consulting services.
Featured Article: Moving Average (MA)
Receive News & Ratings for Luxoft Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Luxoft and related companies with MarketBeat.com's FREE daily email newsletter.