Luxoft (NYSE:LXFT) was downgraded by equities researchers at Cowen from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday. They presently have a $50.00 price target on the software maker’s stock. Cowen’s price objective would indicate a potential upside of 7.99% from the company’s current price.
LXFT has been the subject of a number of other research reports. Zacks Investment Research cut shares of Luxoft from a “hold” rating to a “strong sell” rating in a research report on Wednesday, November 15th. KeyCorp reiterated a “hold” rating on shares of Luxoft in a research report on Friday, November 3rd. UBS Group increased their target price on shares of Luxoft from $51.00 to $55.00 and gave the stock a “neutral” rating in a research report on Monday, November 20th. BidaskClub cut shares of Luxoft from a “hold” rating to a “sell” rating in a research report on Friday, October 27th. Finally, Pivotal Research initiated coverage on shares of Luxoft in a research report on Tuesday, December 5th. They set a “buy” rating and a $70.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $59.33.
Shares of Luxoft (NYSE:LXFT) traded down $7.00 during mid-day trading on Wednesday, hitting $46.30. 1,689,159 shares of the stock were exchanged, compared to its average volume of 254,253. Luxoft has a 52 week low of $40.15 and a 52 week high of $67.85. The firm has a market cap of $1,826.38, a PE ratio of 27.28 and a beta of 1.42.
A number of large investors have recently modified their holdings of the business. Wasatch Advisors Inc. grew its holdings in Luxoft by 4.2% during the 3rd quarter. Wasatch Advisors Inc. now owns 1,714,881 shares of the software maker’s stock worth $81,971,000 after acquiring an additional 69,234 shares during the last quarter. NWQ Investment Management Company LLC grew its holdings in Luxoft by 90.5% during the 3rd quarter. NWQ Investment Management Company LLC now owns 603,218 shares of the software maker’s stock worth $28,834,000 after acquiring an additional 286,497 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Luxoft by 100.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 245,276 shares of the software maker’s stock worth $11,724,000 after acquiring an additional 123,126 shares during the last quarter. Grandeur Peak Global Advisors LLC grew its holdings in Luxoft by 6.4% during the 3rd quarter. Grandeur Peak Global Advisors LLC now owns 242,850 shares of the software maker’s stock worth $11,608,000 after acquiring an additional 14,625 shares during the last quarter. Finally, Rice Hall James & Associates LLC bought a new stake in Luxoft during the 4th quarter worth about $10,491,000. 52.23% of the stock is currently owned by hedge funds and other institutional investors.
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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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