Cowen cut shares of Luxoft (NYSE:LXFT) from an outperform rating to a market perform rating in a report issued on Wednesday morning, Marketbeat Ratings reports. Cowen currently has $50.00 target price on the software maker’s stock, down from their previous target price of $63.00.
Several other brokerages have also recently weighed in on LXFT. JPMorgan Chase & Co. lowered their price objective on shares of Luxoft from $69.00 to $65.00 and set an overweight rating on the stock in a research note on Wednesday. Cantor Fitzgerald reiterated a hold rating and issued a $47.00 price objective on shares of Luxoft in a research note on Friday, November 17th. Zacks Investment Research cut shares of Luxoft from a buy rating to a hold rating in a research note on Thursday, January 18th. BidaskClub upgraded shares of Luxoft from a sell rating to a hold rating in a research note on Wednesday, October 18th. Finally, KeyCorp reiterated a hold rating on shares of Luxoft in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $59.00.
Shares of Luxoft (LXFT) opened at $46.25 on Wednesday. The stock has a market cap of $1,796.05, a PE ratio of 27.69 and a beta of 1.42. Luxoft has a 1-year low of $40.15 and a 1-year high of $67.85.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its stake in Luxoft by 182.0% during the 2nd quarter. Wells Fargo & Company MN now owns 3,432 shares of the software maker’s stock worth $209,000 after acquiring an additional 2,215 shares during the period. GCA Investment Management LLC bought a new stake in Luxoft during the 4th quarter worth approximately $217,000. Trexquant Investment LP raised its stake in Luxoft by 64.4% during the 3rd quarter. Trexquant Investment LP now owns 5,663 shares of the software maker’s stock worth $271,000 after acquiring an additional 2,218 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Luxoft during the 2nd quarter worth approximately $344,000. Finally, Janney Capital Management LLC raised its stake in Luxoft by 75.4% during the 3rd quarter. Janney Capital Management LLC now owns 8,898 shares of the software maker’s stock worth $425,000 after acquiring an additional 3,825 shares during the period. Institutional investors own 52.23% of the company’s stock.
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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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