EPAM Systems Releases Q2 2023 Earnings Guidance
On Monday, June 26th, EPAM Systems (NYSE:EPAM), a Pennsylvania-based software product development and digital platform engineering services company, announced its second quarter 2023 earnings guidance to analysts and investors. The company provided its EPS guidance for the period between $2.33 and $2.40, in contrast to the consensus EPS estimate of $2.41 provided by analysts.
Additionally, EPAM Systems published revenue guidance at around $1.16 billion to $1.17 billion compared to the consensus revenue estimate of $1.20 billion by analysts during the same period.
The company updated its fiscal year (FY) 2023 guidance as well with an EPS range between $9.80-$10.20 EPS to present this information distinctly from their second quarter data that caused mixed reviews.
In a Monday morning statement disclosing these updates, EPAM System’s share recorded opened at $214.00 on Monday as opposed to their one-year high of $462.99; the current market cap amounts to around $12.39 billion USD.
Moreover, recent financial records indicate a PE ratio value around 29% while the price-to-earnings-growth ratio is about 6%, with long-term debt-to-equity rate measuring only about .01%. The company’s quick and current ratios both are currently equal at roughly 4%.
Finally, within recent news concerning stock changes available publicly via popular sources like Bloomberg.com have suggested a potentially negative outlook on EPAM Systems; for instance-investor related research note by Bank of America lowered its rating on shares from ‘buy’ rating to ‘underperform’, with Susquehanna lowering expected target prices from $350 down to $300 USD per share not long ago over market concern for target estimates allegedly taken during second quarter data review due q3 earnings being less than predicted. On the other hand, others like Morgan Stanley lowered EPAM Systems from an overweight rating to an equal weight rating and dropped their price objective for the stock from $350.00 to $220.00 in a research note on Thursday, June 8th. Reports state that in order for this company to overcome its financial struggles; detailed analysis must be done with long-term solutions taken into consideration.
While these recent moves have caused EPAM’s stock price to fluctuate, CEO Arkadiy Dobkin and his team remains optimistic about guiding investors toward achieving lucrative returns throughout the remainder of Q2 2023. Only time will tell if these changes can lead to positive results for EPAM Systems or not at this stage of development considering its potential impact regarding leading markets during Q2 as well as what’s predicted during Q3 and beyond; however, its positive business track record would suggest that things may pick up soon despite popular opinion.
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EPAM Systems Reports Strong Quarterly Earnings Amid Growing Tech Industry
As the tech industry continues to grow and evolve, it is important to keep a close eye on the financial performance of key players. One such company that has recently released its quarterly earnings is EPAM Systems, a provider of information technology services.
According to their latest earnings report released on May 5th of this year, EPAM Systems exceeded analysts’ expectations by reporting $1.96 EPS for the quarter, representing an increase of $0.08 from what analysts were predicting. The company also had revenue of $1.21 billion during the quarter, which was in line with analysts’ expectations.
EPAM Systems had a return on equity of 19.60% and a net margin of 8.88%. Looking forward, sell-side analysts are predicting that EPAM Systems will post an EPS of 7.91 for the current fiscal year.
Institutional investors and hedge funds have shown interest in adding EPAM Systems to their portfolios as well. Two Sigma Advisers LP, SkyView Investment Advisors LLC, Vident Investment Advisory LLC, Ossiam and KB Financial Partners LLC all purchased new positions in shares of EPAM Systems recently.
It is always exciting to see companies perform well and exceed expectations, especially in such a competitive industry as tech. As we move forward into the future, keeping track of these developments will be critical in ensuring that businesses stay ahead of the curve and continue to thrive.
