Endava (NYSE:DAVA) Stock Price Down 5.2% After Analyst Downgrade

Endava plc (NYSE:DAVA) was down 5.2% during mid-day trading on Monday after Guggenheim lowered their price target on the stock from $55.00 to $45.00. Guggenheim currently has a buy rating on the stock. Endava traded as low as $31.58 and last traded at $31.71. Approximately 290,165 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 515,764 shares. The stock had previously closed at $33.45.

A number of other analysts have also weighed in on DAVA. TD Cowen lowered their target price on Endava from $46.00 to $42.00 and set a “buy” rating for the company in a report on Friday, May 24th. Wedbush reduced their price target on Endava from $65.00 to $50.00 and set an “outperform” rating on the stock in a research report on Thursday, May 23rd. JPMorgan Chase & Co. upped their price target on Endava from $41.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Needham & Company LLC reduced their price target on Endava from $50.00 to $42.00 and set a “buy” rating on the stock in a research report on Friday, May 24th. Finally, Redburn Atlantic started coverage on Endava in a research report on Friday, May 24th. They issued a “neutral” rating and a $33.10 target price on the stock. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.01.

Institutional Investors Weigh In On Endava

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its stake in shares of Endava by 47.8% during the 4th quarter. Assetmark Inc. now owns 510 shares of the company’s stock worth $40,000 after acquiring an additional 165 shares in the last quarter. Headlands Technologies LLC purchased a new position in Endava in the 1st quarter valued at about $49,000. Principal Securities Inc. purchased a new position in Endava in the 4th quarter valued at about $99,000. Quadrant Capital Group LLC lifted its stake in Endava by 34.8% in the 4th quarter. Quadrant Capital Group LLC now owns 1,424 shares of the company’s stock valued at $111,000 after buying an additional 368 shares in the last quarter. Finally, Wallace Advisory Group LLC purchased a new position in Endava in the 1st quarter valued at about $126,000. 62.23% of the stock is owned by institutional investors and hedge funds.

Endava Stock Performance

The stock has a market capitalization of $1.83 billion, a PE ratio of 35.93 and a beta of 1.22. The stock’s 50 day moving average is $30.65 and its two-hundred day moving average is $31.21.

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.