Infosys (NYSE:INFY) Shares Gap Down to $22.97

Infosys Limited (NYSE:INFY) gapped down prior to trading on Wednesday . The stock had previously closed at $22.97, but opened at $22.48. Infosys shares last traded at $22.56, with a volume of 298,208 shares.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Erste Group Bank raised Infosys from a “hold” rating to a “buy” rating in a research note on Wednesday, September 11th. StockNews.com raised shares of Infosys from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Macquarie upgraded shares of Infosys from an “underperform” rating to a “neutral” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Infosys currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Infosys Price Performance

The company’s 50-day moving average is $22.06 and its 200-day moving average is $19.34. The firm has a market capitalization of $92.82 billion, a price-to-earnings ratio of 30.22, a PEG ratio of 3.63 and a beta of 0.99.

Infosys (NYSE:INFY) last announced its quarterly earnings results on Thursday, July 18th. The technology company reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $4.71 billion for the quarter, compared to analyst estimates of $4.67 billion. Infosys had a net margin of 17.18% and a return on equity of 32.01%. During the same quarter last year, the business earned $0.17 EPS. Sell-side analysts anticipate that Infosys Limited will post 0.75 earnings per share for the current year.

Hedge Funds Weigh In On Infosys

Several hedge funds and other institutional investors have recently modified their holdings of INFY. GAMMA Investing LLC lifted its holdings in shares of Infosys by 33.0% during the 1st quarter. GAMMA Investing LLC now owns 2,390 shares of the technology company’s stock valued at $43,000 after acquiring an additional 593 shares in the last quarter. Hilltop National Bank raised its position in Infosys by 50.8% in the second quarter. Hilltop National Bank now owns 2,979 shares of the technology company’s stock valued at $55,000 after purchasing an additional 1,004 shares during the period. Jones Financial Companies Lllp acquired a new position in shares of Infosys during the fourth quarter worth about $56,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Infosys by 126.7% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,029 shares of the technology company’s stock worth $56,000 after buying an additional 1,693 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Infosys by 113.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 3,130 shares of the technology company’s stock valued at $58,000 after buying an additional 1,663 shares in the last quarter. 10.89% of the stock is owned by institutional investors and hedge funds.

About Infosys

Infosys Limited, together with its subsidiaries, provides consulting, technology, outsourcing, and next-generation digital services in North America, Europe, India, and internationally. It provides digital marketing and digital workplace, digital commerce, digital experience and interactions, metaverse, data analytics and AI, applied AI, generative AI, sustainability, blockchain, engineering, Internet of Things, enterprise agile DevOps, application modernization, cloud, digital process automation, digital supply chain, Microsoft business application and cloud business, service experience transformation, energy transition, cyber security, and quality engineering solutions; Oracle, SAP, and Saleforce solutions; API economy and microservices; and Topaz, an AI-first set of services, solutions, and platforms using generative AI technologies.