Needham & Company LLC Cuts Endava (NYSE:DAVA) Price Target to $38.00

Endava (NYSE:DAVA) had its price target trimmed by Needham & Company LLC from $43.00 to $38.00 in a report released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other analysts have also recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Endava from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Friday, January 31st. Citigroup dropped their price target on Endava from $30.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, October 28th. TD Cowen lifted their price objective on Endava from $35.00 to $36.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Guggenheim decreased their target price on Endava from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, November 6th. Finally, Bank of America assumed coverage on Endava in a report on Friday, November 22nd. They issued a “neutral” rating and a $29.00 price target for the company. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.10.

Endava Price Performance

Endava stock opened at $26.06 on Friday. The business has a 50 day simple moving average of $31.65 and a 200 day simple moving average of $29.27. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $1.54 billion, a PE ratio of 236.91, a price-to-earnings-growth ratio of 2.26 and a beta of 1.22. Endava has a one year low of $23.28 and a one year high of $68.58.

Endava (NYSE:DAVA) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.18). Endava had a net margin of 0.74% and a return on equity of 0.89%. The company had revenue of $250.63 million for the quarter, compared to the consensus estimate of $197.33 million. On average, sell-side analysts forecast that Endava will post 0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Mawer Investment Management Ltd. grew its holdings in Endava by 613.0% during the 3rd quarter. Mawer Investment Management Ltd. now owns 1,198,500 shares of the company’s stock worth $30,610,000 after acquiring an additional 1,030,403 shares during the period. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Endava by 22.8% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,533,111 shares of the company’s stock worth $140,073,000 after buying an additional 842,433 shares during the period. Alyeska Investment Group L.P. increased its stake in shares of Endava by 80.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,806,044 shares of the company’s stock valued at $55,807,000 after acquiring an additional 805,903 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Endava by 187.5% in the 4th quarter. JPMorgan Chase & Co. now owns 858,894 shares of the company’s stock valued at $26,540,000 after acquiring an additional 560,190 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Endava during the 4th quarter worth approximately $14,698,000. 62.23% of the stock is currently owned by institutional investors and hedge funds.

Endava Company Profile

Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in North America, Europe, the United Kingdom, and internationally. It offers ideation and production services in the payments and financial services, telecommunications, media, and technology verticals; and business analysis, data analytics, program management, digital product strategy, private equity value enhancement, IT strategy, architecture, extended reality, machine learning and artificial intelligence, product design, and user experience and visual design services.