Endava (NYSE:DAVA) Shares Gap Up to $29.21

Endava plc (NYSE:DAVA)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $29.21, but opened at $31.74. Endava shares last traded at $32.90, with a volume of 383,802 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on DAVA shares. HSBC raised Endava from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Wednesday, May 1st. TD Cowen reduced their target price on Endava from $85.00 to $52.00 and set an “outperform” rating on the stock in a report on Friday, March 1st. Morgan Stanley reiterated an “equal weight” rating and issued a $40.00 target price on shares of Endava in a report on Monday, April 22nd. JPMorgan Chase & Co. reduced their target price on Endava from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Finally, Guggenheim initiated coverage on Endava in a report on Tuesday, March 19th. They issued a “buy” rating and a $60.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.90.

Endava Stock Up 7.1 %

The stock has a 50 day simple moving average of $32.86 and a 200 day simple moving average of $54.45. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 21.74 and a beta of 1.14.

Endava (NYSE:DAVA) last issued its quarterly earnings data on Thursday, February 29th. The company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). Endava had a return on equity of 11.77% and a net margin of 8.88%. The company had revenue of $227.96 million for the quarter, compared to analyst estimates of $231.07 million. As a group, equities research analysts expect that Endava plc will post 0.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Redwood Investments LLC raised its position in shares of Endava by 666.2% during the 4th quarter. Redwood Investments LLC now owns 40,455 shares of the company’s stock worth $3,149,000 after purchasing an additional 35,175 shares during the period. Simon Quick Advisors LLC acquired a new stake in shares of Endava during the 4th quarter worth approximately $5,074,000. Adage Capital Partners GP L.L.C. raised its position in shares of Endava by 76.9% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 115,000 shares of the company’s stock worth $6,595,000 after purchasing an additional 50,000 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Endava during the 3rd quarter worth approximately $280,000. Finally, FMR LLC raised its position in shares of Endava by 16.5% during the 3rd quarter. FMR LLC now owns 1,807,318 shares of the company’s stock worth $103,650,000 after purchasing an additional 256,250 shares during the period. Institutional investors and hedge funds own 62.23% of the company’s stock.

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.