Infosys Ltd. (INFY) Announces Quarterly Earnings Results, Hits Expectations
Infosys Ltd. (NYSE:INFY) announced its quarterly earnings results on Friday. The company reported $0.24 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.24. The company earned $2.59 billion during the quarter, compared to the consensus estimate of $2.60 billion. Infosys had a return on equity of 23.24% and a net margin of 21.41%. During the same period in the previous year, the business earned $0.23 EPS.
Infosys (NYSE:INFY) opened at 16.65 on Friday. The firm has a market cap of $38.06 billion, a PE ratio of 18.30 and a beta of 1.07. The firm’s 50-day moving average price is $16.02 and its 200 day moving average price is $17.52. Infosys has a 52-week low of $15.48 and a 52-week high of $20.47.
Several institutional investors have recently modified their holdings of the company. Peapack Gladstone Financial Corp boosted its position in shares of Infosys by 17.3% in the second quarter. Peapack Gladstone Financial Corp now owns 14,920 shares of the company’s stock valued at $266,000 after buying an additional 2,200 shares during the last quarter. Paloma Partners Management Co boosted its position in shares of Infosys by 60.4% in the second quarter. Paloma Partners Management Co now owns 16,336 shares of the company’s stock valued at $292,000 after buying an additional 6,149 shares during the last quarter. US Bancorp DE boosted its position in shares of Infosys by 14.0% in the second quarter. US Bancorp DE now owns 18,122 shares of the company’s stock valued at $323,000 after buying an additional 2,222 shares during the last quarter. Wetherby Asset Management Inc. boosted its position in shares of Infosys by 5.0% in the second quarter. Wetherby Asset Management Inc. now owns 32,901 shares of the company’s stock valued at $587,000 after buying an additional 1,572 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Infosys by 15.5% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,028 shares of the company’s stock valued at $661,000 after buying an additional 4,966 shares during the last quarter. 17.61% of the stock is currently owned by institutional investors and hedge funds.
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A number of analysts have recently commented on the company. Zacks Investment Research upgraded Infosys from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research report on Friday, June 17th. Pacific Crest assumed coverage on Infosys in a research report on Tuesday, July 12th. They set a “sector weight” rating on the stock. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Infosys in a research report on Friday, July 15th. Credit Suisse Group AG cut Infosys from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $15.71 to $16.81 in a research report on Monday, July 18th. Finally, Nomura cut Infosys from a “buy” rating to a “neutral” rating in a research report on Monday, July 18th. Thirteen research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.97.
Infosys Company Profile
Infosys Limited is engaged in consulting, technology, outsourcing and next-generation services. The Company, along with its subsidiaries, provides business information technology services comprising application development and maintenance, independent validation, infrastructure management, engineering services comprising product engineering and life cycle solutions and business process management; consulting and systems integration services comprising consulting, enterprise solutions, systems integration and advanced technologies; products, business platforms and solutions to accelerate intellectual property-led innovation, including Finacle, its banking solution, and offerings in the areas of Analytics, Cloud and Digital Transformation.
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