EPAM Systems (NYSE:EPAM) Updates FY24 Earnings Guidance

EPAM Systems (NYSE:EPAM) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $10.00-$10.30 for the period, compared to the consensus estimate of $10.17. The company issued revenue guidance of $4.575-$4.675 billion, compared to the consensus revenue estimate of $4.81 billion. EPAM Systems also updated its FY 2024 guidance to 10.000-10.300 EPS.

EPAM Systems Stock Down 24.6 %

EPAM stock opened at $188.00 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.79 and a quick ratio of 4.79. EPAM Systems has a 1-year low of $188.00 and a 1-year high of $317.50. The stock has a market capitalization of $10.90 billion, a P/E ratio of 35.25, a P/E/G ratio of 10.58 and a beta of 1.46. The business has a fifty day moving average price of $271.04 and a 200-day moving average price of $273.78.

EPAM Systems (NYSE:EPAM) last issued its earnings results on Thursday, February 15th. The information technology services provider reported $2.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.51 by $0.24. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.14 billion. EPAM Systems had a net margin of 8.89% and a return on equity of 15.53%. The firm’s quarterly revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the company posted $2.71 earnings per share. Equities analysts forecast that EPAM Systems will post 7.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on EPAM shares. Scotiabank reduced their price target on shares of EPAM Systems from $350.00 to $300.00 and set a sector outperform rating for the company in a research report on Monday, April 29th. HSBC reduced their price target on shares of EPAM Systems from $350.00 to $345.00 and set a buy rating for the company in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. reduced their price target on shares of EPAM Systems from $331.00 to $311.00 and set an overweight rating for the company in a research report on Thursday, May 2nd. Jefferies Financial Group reaffirmed a hold rating and set a $295.00 price target on shares of EPAM Systems in a research report on Thursday, January 11th. Finally, Needham & Company LLC upped their price target on shares of EPAM Systems from $295.00 to $350.00 and gave the company a buy rating in a research report on Thursday, February 15th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, EPAM Systems currently has an average rating of Moderate Buy and an average price target of $315.60.

Insider Buying and Selling at EPAM Systems

In other EPAM Systems news, SVP Lawrence F. Solomon sold 5,350 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $306.00, for a total transaction of $1,637,100.00. Following the completion of the transaction, the senior vice president now owns 12,117 shares in the company, valued at $3,707,802. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Balazs Fejes sold 3,470 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $301.93, for a total value of $1,047,697.10. Following the completion of the sale, the executive vice president now owns 13,334 shares in the company, valued at approximately $4,025,934.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Lawrence F. Solomon sold 5,350 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $306.00, for a total transaction of $1,637,100.00. Following the completion of the sale, the senior vice president now owns 12,117 shares of the company’s stock, valued at approximately $3,707,802. The disclosure for this sale can be found here. Insiders sold 16,820 shares of company stock worth $5,101,117 over the last 90 days. 4.30% of the stock is owned by insiders.

EPAM Systems Company Profile

EPAM Systems, Inc provides digital platform engineering and software development services worldwide. The company offers engineering services, including requirements analysis and platform selection, customization, cross-platform migration, implementation, and integration; infrastructure management services, such as software development, testing, performance tuning, deployment, maintenance, and support services.