Luxoft Holding Inc. (LXFT) Upgraded to “Buy” at Zacks Investment Research
Luxoft Holding Inc. (NYSE:LXFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $59.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.23% from the stock’s current price.
According to Zacks, “Luxoft Holding, Inc. offers software development services and information technology solutions. Its software development services consist of software development and support, product engineering and testing and technology consulting. The Company focuses on six industry verticals: financial services, travel and aviation, technology, telecom, automotive and transport and energy. It operates primarily in Western Europe and North America. Luxoft Holding, Inc. is based in Tortola, Virgin Islands. “
A number of other equities analysts have also issued reports on the company. JPMorgan Chase & Co. reissued a “buy” rating on shares of Luxoft Holding in a report on Friday, June 17th. Cantor Fitzgerald reissued a “hold” rating on shares of Luxoft Holding in a report on Monday, July 25th. Wedbush started coverage on Luxoft Holding in a report on Thursday, September 8th. They issued a “neutral” rating and a $62.00 price objective for the company. Monness Crespi & Hardt decreased their price objective on Luxoft Holding from $84.00 to $78.00 and set a “buy” rating for the company in a report on Tuesday, June 28th. Finally, Berenberg Bank reissued a “hold” rating on shares of Luxoft Holding in a report on Tuesday, August 16th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Luxoft Holding presently has an average rating of “Hold” and an average target price of $67.82.
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Shares of Luxoft Holding (NYSE:LXFT) opened at 52.57 on Wednesday. Luxoft Holding has a 52-week low of $46.58 and a 52-week high of $80.64. The firm has a market capitalization of $1.74 billion, a PE ratio of 25.64 and a beta of 1.56. The firm’s 50-day moving average price is $52.86 and its 200-day moving average price is $55.68.
Luxoft Holding (NYSE:LXFT) last posted its earnings results on Thursday, August 11th. The company reported $0.62 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by $0.01. The company had revenue of $178 million for the quarter, compared to the consensus estimate of $176.39 million. Luxoft Holding had a net margin of 10.24% and a return on equity of 24.69%. The firm’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same period last year, the company posted $0.61 earnings per share. On average, equities analysts predict that Luxoft Holding will post $2.92 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in LXFT. JPMorgan Chase & Co. increased its stake in shares of Luxoft Holding by 3.0% in the second quarter. JPMorgan Chase & Co. now owns 1,828,205 shares of the company’s stock worth $95,103,000 after buying an additional 53,140 shares during the period. BlackRock Group LTD increased its stake in shares of Luxoft Holding by 20.2% in the second quarter. BlackRock Group LTD now owns 1,266,325 shares of the company’s stock worth $65,874,000 after buying an additional 213,032 shares during the period. FMR LLC increased its stake in shares of Luxoft Holding by 142.2% in the second quarter. FMR LLC now owns 1,204,750 shares of the company’s stock worth $62,671,000 after buying an additional 707,400 shares during the period. Kerrisdale Advisers LLC increased its stake in shares of Luxoft Holding by 33.0% in the second quarter. Kerrisdale Advisers LLC now owns 655,147 shares of the company’s stock worth $34,080,000 after buying an additional 162,740 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Luxoft Holding by 14.8% in the second quarter. Nordea Investment Management AB now owns 617,957 shares of the company’s stock worth $32,146,000 after buying an additional 79,889 shares during the period. Hedge funds and other institutional investors own 87.74% of the company’s stock.
About Luxoft Holding
Luxoft Holding, Inc is a provider of software development services and information technology (IT) solutions. The Company’s software development services consist of custom software development and support, product engineering and testing and technology consulting. The Company’s services ranges from handling standard outsourcing client-directed engagements to managed delivery and transformational engagements.
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