Endava (NYSE:DAVA) Shares Gap Down on Disappointing Earnings

Endava plc (NYSE:DAVA) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $21.41, but opened at $18.05. Endava shares last traded at $15.92, with a volume of 989,507 shares trading hands.

The company reported $0.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.06). Endava had a net margin of 0.74% and a return on equity of 0.89%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on DAVA shares. Morgan Stanley boosted 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. Susquehanna reduced their price objective on shares of Endava from $55.00 to $50.00 and set a “positive” rating for the company in a research note on Friday, February 21st. Needham & Company LLC reduced their price objective on shares of Endava from $43.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, Guggenheim reduced their price objective on shares of Endava from $40.00 to $28.00 and set a “buy” rating for the company in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.31.

Hedge Funds Weigh In On Endava

A number of institutional investors and hedge funds have recently bought and sold shares of DAVA. Quantbot Technologies LP bought a new position in Endava during the first quarter worth $25,000. Assetmark Inc. raised its stake in shares of Endava by 93.1% in the 4th quarter. Assetmark Inc. now owns 985 shares of the company’s stock valued at $30,000 after buying an additional 475 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Endava by 28.5% in the 4th quarter. Blue Trust Inc. now owns 1,494 shares of the company’s stock valued at $46,000 after buying an additional 331 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Endava by 114.2% in the 4th quarter. Quadrant Capital Group LLC now owns 1,474 shares of the company’s stock valued at $46,000 after buying an additional 786 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Endava by 23.5% in the 1st quarter. Smartleaf Asset Management LLC now owns 3,620 shares of the company’s stock valued at $72,000 after buying an additional 689 shares in the last quarter. Institutional investors own 62.23% of the company’s stock.

Endava Trading Down 27.1%

The company has a market cap of $920.88 million, a price-to-earnings ratio of 141.82, a PEG ratio of 2.26 and a beta of 1.25. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.90 and a current ratio of 1.90. The business’s 50 day moving average price is $19.26 and its 200-day moving average price is $25.85.

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.