Luxoft (LXFT) Downgraded by Zacks Investment Research

Luxoft (NYSE:LXFT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

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 brokerages have also recently issued reports on LXFT. KeyCorp reiterated a “hold” rating on shares of Luxoft in a research note on Thursday, September 28th. Cowen reiterated a “buy” rating and set a $63.00 price objective on shares of Luxoft in a research note on Thursday, October 12th. BidaskClub upgraded Luxoft from a “sell” rating to a “hold” rating in a research note on Wednesday, October 18th. Cantor Fitzgerald reiterated a “hold” rating and set a $47.00 price objective on shares of Luxoft in a research note on Friday, November 17th. Finally, UBS Group lifted their price objective on Luxoft from $51.00 to $55.00 and gave the company a “neutral” rating in a research note on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Luxoft presently has an average rating of “Hold” and an average target price of $63.00.

Luxoft (NYSE:LXFT) opened at $56.60 on Thursday. The company has a market capitalization of $1,865.13, a P/E ratio of 33.89 and a beta of 1.48. Luxoft has a one year low of $40.15 and a one year high of $67.85.

Luxoft (NYSE:LXFT) last released its earnings results on Thursday, November 16th. The software maker reported $0.66 EPS for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.13. Luxoft had a return on equity of 17.81% and a net margin of 6.72%. analysts forecast that Luxoft will post 2.18 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the company. Morgan Stanley raised its stake in shares of Luxoft by 6.5% in the first quarter. Morgan Stanley now owns 2,623,017 shares of the software maker’s stock worth $164,070,000 after purchasing an additional 159,716 shares during the last quarter. FMR LLC grew its holdings in shares of Luxoft by 5.4% in the second quarter. FMR LLC now owns 2,058,143 shares of the software maker’s stock worth $125,239,000 after acquiring an additional 105,039 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Luxoft by 10.7% in the third quarter. JPMorgan Chase & Co. now owns 2,023,053 shares of the software maker’s stock worth $106,918,000 after acquiring an additional 194,848 shares during the period. Wasatch Advisors Inc. grew its holdings in shares of Luxoft by 11.0% in the third quarter. Wasatch Advisors Inc. now owns 1,750,597 shares of the software maker’s stock worth $92,519,000 after acquiring an additional 172,807 shares during the period. Finally, Schroder Investment Management Group grew its holdings in shares of Luxoft by 18.1% in the fourth quarter. Schroder Investment Management Group now owns 1,351,148 shares of the software maker’s stock worth $104,215,000 after acquiring an additional 207,151 shares during the period. Hedge funds and other institutional investors own 52.34% of the company’s stock.

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About Luxoft

Luxoft Holding, Inc, is a provider of software development services and information technology (IT) solutions to a global client base consisting primarily of large multinational corporations. The Company’s software development services consist of custom software development and support, product engineering and testing, and technology consulting.

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