Summit Global Investments Decreases Stake in Infosys Ltd. $INFY

Summit Global Investments cut its holdings in Infosys Ltd. (NYSE:INFY) by 82.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,342 shares of the technology company’s stock after selling 133,617 shares during the period. Summit Global Investments’ holdings in Infosys were worth $396,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Infosys by 6.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 63,155 shares of the technology company’s stock worth $1,153,000 after purchasing an additional 3,804 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Infosys by 79.9% in the 1st quarter. NewEdge Advisors LLC now owns 54,978 shares of the technology company’s stock worth $1,003,000 after buying an additional 24,426 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Infosys during the first quarter valued at about $239,000. Trinity Street Asset Management LLP grew its position in Infosys by 45.5% during the first quarter. Trinity Street Asset Management LLP now owns 14,938,546 shares of the technology company’s stock valued at $201,820,000 after buying an additional 4,674,742 shares during the period. Finally, Deltec Asset Management LLC increased its holdings in Infosys by 13.6% during the first quarter. Deltec Asset Management LLC now owns 58,500 shares of the technology company’s stock worth $790,000 after buying an additional 7,000 shares during the last quarter. 16.20% of the stock is owned by hedge funds and other institutional investors.

Infosys Stock Performance

Shares of NYSE INFY opened at $10.96 on Thursday. Infosys Ltd. has a fifty-two week low of $10.34 and a fifty-two week high of $30.00. The stock has a market cap of $44.37 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.46 and a beta of 0.90. The stock has a fifty day moving average of $11.66 and a 200-day moving average of $13.78.

Infosys (NYSE:INFY) last issued its earnings results on Wednesday, April 1st. The technology company reported $0.23 EPS for the quarter. The business had revenue of $5.04 billion during the quarter. Infosys had a return on equity of 32.64% and a net margin of 16.44%. On average, sell-side analysts predict that Infosys Ltd. will post 0.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wells Fargo & Company set a $11.00 price objective on shares of Infosys and gave the stock an “equal weight” rating in a research report on Friday, June 26th. BMO Capital Markets lowered their price target on shares of Infosys from $20.00 to $15.00 and set a “market perform” rating on the stock in a report on Friday, April 24th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Infosys in a research note on Monday, June 8th. JPMorgan Chase & Co. reduced their price objective on Infosys from $16.80 to $12.70 and set an “overweight” rating for the company in a report on Wednesday, June 24th. Finally, TD Cowen decreased their target price on Infosys from $13.00 to $10.00 and set a “hold” rating for the company in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.50.

About Infosys

Infosys Ltd. is a digital services and consulting company, which engages in the provision of end-to-end business solutions. It operates through the following segments: Financial Services, Retail, Communication, Energy, Utilities, Resources, and Services, Manufacturing, Hi-Tech, Life Sciences, and All Other. The company was founded by Dinesh Krishnan Swamy, Senapathy Gopalakrishnan, Narayana Ramarao Nagavara Murthy, Raghavan N. S., Ashok Arora, Nandan M. Nilekani, and S. D. Shibulal on July 2, 1981 and is headquartered in Bangalore, India.