Morgan Stanley Lowers Endava (NYSE:DAVA) Price Target to $8.00

Endava (NYSE:DAVA) had its price target cut by Morgan Stanley from $11.00 to $8.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 13.73% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. Zacks Research raised Endava from a “strong sell” rating to a “hold” rating in a report on Friday, November 7th. Wall Street Zen downgraded shares of Endava from a “buy” rating to a “hold” rating in a report on Saturday, August 16th. William Blair cut shares of Endava from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Weiss Ratings reiterated a “sell (d)” rating on shares of Endava in a research note on Wednesday, October 8th. Finally, Needham & Company LLC reduced their target price on Endava from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Endava Price Performance

DAVA traded down $0.31 during midday trading on Thursday, reaching $7.03. 684,473 shares of the company’s stock were exchanged, compared to its average volume of 862,450. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $9.10 and a two-hundred day simple moving average of $12.94. The firm has a market capitalization of $395.38 million, a price-to-earnings ratio of 35.05 and a beta of 1.18. Endava has a one year low of $6.64 and a one year high of $34.94.

Hedge Funds Weigh In On Endava

Institutional investors and hedge funds have recently made changes to their positions in the company. Prescott Group Capital Management L.L.C. grew its stake in Endava by 107.8% in the second quarter. Prescott Group Capital Management L.L.C. now owns 607,139 shares of the company’s stock valued at $9,301,000 after acquiring an additional 315,000 shares during the period. Trexquant Investment LP acquired a new position in shares of Endava in the 1st quarter valued at approximately $764,000. Ruffer LLP grew its position in shares of Endava by 60.5% in the 2nd quarter. Ruffer LLP now owns 209,187 shares of the company’s stock valued at $3,205,000 after purchasing an additional 78,870 shares during the period. Raymond James Financial Inc. increased its stake in Endava by 15.4% during the 1st quarter. Raymond James Financial Inc. now owns 548,963 shares of the company’s stock worth $10,710,000 after purchasing an additional 73,300 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in Endava by 100.7% during the 1st quarter. Envestnet Asset Management Inc. now owns 251,407 shares of the company’s stock worth $4,905,000 after buying an additional 126,158 shares during the period. Institutional investors and hedge funds own 62.23% of the company’s stock.

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.