Infosys (NYSE:INFY) Stock Price Breaks Above 200 Day Moving Average – Here’s What Happened

Shares of Infosys Ltd. (NYSE:INFY) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $12.77 and traded as high as $12.85. Infosys shares last traded at $12.8350, with a volume of 27,400,695 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group reiterated a “neutral” rating and set a $10.40 target price on shares of Infosys in a research report on Thursday, October 1st. BMO Capital Markets reissued a “market perform” rating and issued a $13.00 price target (up from $12.00) on shares of Infosys in a report on Monday, October 26th. CLSA cut shares of Infosys from an “outperform” rating to a “hold” rating in a research report on Wednesday, August 19th. Jefferies Financial Group restated a “hold” rating and issued a $14.31 price objective (down from $20.82) on shares of Infosys in a research report on Monday, August 31st. Finally, Stifel Nicolaus set a $13.00 price objective on Infosys and gave the stock a “hold” rating in a report on Thursday, July 16th. Ten equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and a consensus price target of $11.79.

Infosys Price Performance

The stock has a 50-day moving average of $11.54 and a 200 day moving average of $12.77. The stock has a market capitalization of $51.98 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 3.05 and a beta of 0.87.

Infosys (NYSE:INFY) last announced its quarterly earnings data on Friday, October 23rd. The technology company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.01). Infosys had a return on equity of 34.81% and a net margin of 16.21%. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.12 billion. Sell-side analysts anticipate that Infosys Ltd. will post 0.81 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Infosys

Several large investors have recently bought and sold shares of INFY. Bank of America Corp DE lifted its stake in shares of Infosys by 7.4% in the 1st quarter. Bank of America Corp DE now owns 6,790,666 shares of the technology company’s stock valued at $91,742,000 after purchasing an additional 469,843 shares during the period. Lazard Asset Management LLC grew its position in shares of Infosys by 17.0% in the 1st quarter. Lazard Asset Management LLC now owns 26,776,494 shares of the technology company’s stock valued at $361,750,000 after purchasing an additional 3,893,801 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Infosys by 8.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 6,490,358 shares of the technology company’s stock worth $87,685,000 after acquiring an additional 521,169 shares in the last quarter. Weiss Asset Management LP bought a new stake in Infosys in the 1st quarter valued at $10,708,000. Finally, Royal Bank of Canada boosted its stake in Infosys by 31.9% in the 1st quarter. Royal Bank of Canada now owns 1,156,539 shares of the technology company’s stock worth $15,625,000 after purchasing an additional 279,954 shares during the period. 16.20% of the stock is currently owned by institutional investors and hedge funds.

Infosys Company Profile

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.