HomeMost PopularEndava plc: Navigating Citigroup's Winds of Change

Endava plc: Navigating Citigroup’s Winds of Change

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Citigroup Shifts Stance

As per Fintel’s latest report on March 1, 2024, Citigroup has decided to adjust their outlook for Endava plc – Depositary Receipt (NYSE:DAVA) from a confident Buy to a more tempered Neutral position.

Prospects on the Horizon

On February 24, 2024, the average one-year price target for Endava plc’s Depositary Receipt stands at 77.26, with predicted fluctuations ranging between a low of 53.53 to a high of $94.50. This forecast indicates a whopping 97.61% surge from the latest recorded closing price of 39.10.

Insights into the Fund Sentiment

Amidst the shifting winds, 331 funds or institutions have revealed their positions in Endava plc’s Depositary Receipt, marking an intriguing upsurge of 52 owners or approximately 18.64% within the last quarter. The lure of DAVA seems to be growing, with average portfolio weight attributed to all funds dedicated to DAVA marking a rise of 10.97%, currently standing at 0.51%. Notably, the ownership landscape has witnessed a remarkable 15.73% increment in total shares held by institutions over the preceding three months, now amounting to 50,123K shares.

Actions of Other Major Shareholders

Price T Rowe Associates lays claim to 7,453K shares, entailing 12.80% ownership of the company. Their recent filing depicts a decrease of 18.57%, yet curiously, the firm has enhanced its portfolio allocation in DAVA by 4.97% over the last quarter.

Similarly, PRNHX – T. Rowe Price New Horizons Fund holds 5,125K shares, equating to 8.80% ownership. Despite a prior 35.02% decrease in shares owned, the firm reduced its portfolio allocation in DAVA by 5.20% during the same period.

Kayne Anderson Rudnick Investment Management has seen a significant rise in their stake, holding 2,974K shares or 5.11% ownership. This translates to a commendable 65.74% increase from their previous ownership count, alongside a 2.65% elevation in portfolio allocation over the past quarter.

SMCWX – SMALLCAP WORLD FUND INC now boasts 2,412K shares, representing a 4.14% slice of the pie. In an impressive move, they raised their ownership by 14.05%, consequently raising their portfolio allocation by 39.61% this quarter.

Bamco continues to show interest in Endava, currently holding 2,356K shares or 4.04% ownership, reflecting both a decrease of 4.19% in shares owned and an abrupt 19.42% surge in their portfolio allocation over the past quarter.

Delving into Endava

Endava stands as a pioneering tech service provider, accentuating disruption by facilitating swift evolution for enterprises. Their approach, based on distributed enterprise agile at scale, fosters robust solutions and seamless integration with client teams to expedite innovation. Specializing in driving businesses towards a digital, experience-centric future, Endava services clients across various industries, including Payments and Financial Services, TMT, among others. With 6,624 employees as of June 30, 2020, spread across North America, Western Europe, and multiple delivery centers worldwide, Endava operates on the frontlines of technological innovation.

The sentiments expressed here represent the author’s viewpoint and do not necessarily align with those of Nasdaq, Inc.

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