Luxoft (LXFT) Stock Price Down 13.2% on Analyst Downgrade

Luxoft Holding Inc (NYSE:LXFT) shares dropped 13.2% on Wednesday after Pivotal Research downgraded the stock from a buy rating to a hold rating. Pivotal Research now has a $48.00 price target on the stock. Luxoft traded as low as $44.00 and last traded at $46.25. Approximately 1,940,001 shares changed hands during trading, an increase of 548% from the average daily volume of 299,513 shares. The stock had previously closed at $53.30.

Several other research analysts have also weighed in on the company. BidaskClub lowered Luxoft from a “hold” rating to a “sell” rating in a report on Friday, October 27th. Zacks Investment Research lowered Luxoft from a “hold” rating to a “strong sell” rating in a report on Wednesday, November 15th. KeyCorp upgraded Luxoft from a “sector weight” rating to an “overweight” rating in a report on Tuesday, December 5th. UBS Group lifted their target price on Luxoft from $51.00 to $55.00 and gave the stock a “neutral” rating in a report on Monday, November 20th. Finally, Cantor Fitzgerald upgraded Luxoft from a “neutral” rating to an “overweight” rating and set a $65.00 price target on the stock in a report on Wednesday, January 17th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. Luxoft currently has a consensus rating of “Hold” and a consensus price target of $59.33.

Institutional investors have recently modified their holdings of the company. Legal & General Group Plc lifted its holdings in shares of Luxoft by 52.1% in the third quarter. Legal & General Group Plc now owns 10,800 shares of the software maker’s stock valued at $516,000 after purchasing an additional 3,700 shares in the last quarter. CWM LLC bought a new stake in shares of Luxoft in the fourth quarter valued at about $3,312,000. Kirr Marbach & Co. LLC IN bought a new stake in shares of Luxoft in the fourth quarter valued at about $4,540,000. Confluence Investment Management LLC lifted its holdings in shares of Luxoft by 3.9% in the fourth quarter. Confluence Investment Management LLC now owns 87,133 shares of the software maker’s stock valued at $4,853,000 after purchasing an additional 3,284 shares in the last quarter. Finally, Dupont Capital Management Corp lifted its holdings in shares of Luxoft by 23.7% in the third quarter. Dupont Capital Management Corp now owns 11,577 shares of the software maker’s stock valued at $553,000 after purchasing an additional 2,221 shares in the last quarter. Institutional investors own 52.23% of the company’s stock.

The stock has a market capitalization of $1,826.38, a price-to-earnings ratio of 27.28 and a beta of 1.42.

Luxoft (NYSE:LXFT) last issued its quarterly earnings results on Thursday, November 16th. The software maker reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.13. The company had revenue of $228.03 million for the quarter, compared to analyst estimates of $227.09 million. Luxoft had a return on equity of 17.81% and a net margin of 6.72%. equities research analysts predict that Luxoft Holding Inc will post 2.18 earnings per share for the current year.

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Luxoft Company Profile

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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