Jason D. Peterson, Chief Financial Officer of EPAM Systems, Inc. (NYSE:EPAM), a financially healthy technology company with a market cap of $13.95 billion and strong liquidity metrics, recently sold 464 shares of the company's common stock. According to InvestingPro analysis, EPAM appears undervalued at current levels. The transaction, which took place on December 11, was executed at a price of $257 per share, amounting to a total sale value of $119,248. This sale was conducted under a Rule 10b5-1 trading plan, a pre-arranged plan for selling stocks that allows insiders of publicly traded corporations to sell a predetermined number of shares at a predetermined time. Following this transaction, Peterson retains ownership of 24,372 shares in EPAM Systems. The stock has shown strong momentum with a 40.5% return over the past six months. For deeper insights into insider trading patterns and comprehensive financial analysis, check out the detailed Pro Research Report available on InvestingPro.
In other recent news, EPAM Systems has experienced a series of positive developments. The company's third-quarter earnings report revealed revenues of $1.17 billion, a 1.3% year-over-year increase, influenced by the acquisition of NEORIS. This acquisition has doubled the company's delivery workforce in Latin America and Europe, contributing to an improvement in demand, particularly in North America and the EMEA region.
Goldman Sachs, Mizuho (NYSE:MFG), and Scotiabank (TSX:BNS) have all shown confidence in EPAM's potential, with Goldman Sachs upgrading the company's stock from Neutral to Buy and raising its price target from $235 to $295. Mizuho and Scotiabank have also upgraded their price targets for EPAM to $282 and $275, respectively, reflecting an optimistic outlook for the company's future growth.
In collaboration with the International Monetary Fund (IMF), EPAM has unveiled StatGPT 2.0, a platform aimed at enhancing global economic and financial data accessibility. This platform, built upon EPAM's DIAL technology, promises a more efficient user experience in data management and exchange.
Finally, EPAM anticipates continued growth in the fourth quarter, with expected revenue between $1.205 billion and $1.215 billion. These recent developments underscore EPAM's commitment to advancing AI-enabled solutions and expanding globally.
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