Institute for Wealth Management LLC. Increases Stake in Endava plc (NYSE:DAVA)

Institute for Wealth Management LLC. boosted its stake in shares of Endava plc (NYSE:DAVA) by 14.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,818 shares of the company’s stock after acquiring an additional 861 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Endava were worth $531,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Redwood Investments LLC increased its position in shares of Endava by 666.2% in the fourth quarter. Redwood Investments LLC now owns 40,455 shares of the company’s stock valued at $3,149,000 after buying an additional 35,175 shares in the last quarter. Simon Quick Advisors LLC purchased a new stake in shares of Endava in the fourth quarter valued at approximately $5,074,000. Adage Capital Partners GP L.L.C. increased its position in shares of Endava by 76.9% in the third quarter. Adage Capital Partners GP L.L.C. now owns 115,000 shares of the company’s stock valued at $6,595,000 after buying an additional 50,000 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in shares of Endava in the third quarter valued at approximately $280,000. Finally, FMR LLC increased its position in shares of Endava by 16.5% in the third quarter. FMR LLC now owns 1,807,318 shares of the company’s stock valued at $103,650,000 after buying an additional 256,250 shares in the last quarter. 62.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DAVA has been the subject of a number of recent analyst reports. Citigroup restated a “neutral” rating and issued a $40.00 price objective (down from $90.00) on shares of Endava in a research report on Friday, March 1st. Needham & Company LLC lowered their price target on Endava from $70.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. HSBC lowered Endava from a “buy” rating to a “hold” rating and lifted their price target for the stock from $68.00 to $80.00 in a research note on Monday, January 8th. Guggenheim initiated coverage on Endava in a research note on Tuesday, March 19th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Morgan Stanley lowered Endava from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $68.00 to $80.00 in a research note on Wednesday, January 24th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.78.

Endava Stock Performance

NYSE DAVA opened at $29.92 on Friday. The stock’s fifty day moving average is $44.48 and its two-hundred day moving average is $58.54. The firm has a market capitalization of $1.73 billion, a P/E ratio of 20.63 and a beta of 1.10. Endava plc has a fifty-two week low of $29.54 and a fifty-two week high of $81.06.

Endava (NYSE:DAVA) last released its quarterly earnings data on Thursday, February 29th. The company reported $0.17 earnings per share 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, sell-side analysts forecast that Endava plc will post 0.66 EPS for the current year.

About Endava

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.