Infosys (NYSE:INFY) Shares Gap Down – Here’s What Happened

Infosys Limited (NYSE:INFY)’s stock price gapped down before the market opened on Thursday . The stock had previously closed at $22.90, but opened at $22.23. Infosys shares last traded at $22.10, with a volume of 788,808 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently commented on INFY. Investec cut Infosys from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. StockNews.com raised Infosys from a “hold” rating to a “buy” rating in a research note on Monday, September 30th. Erste Group Bank upgraded Infosys from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. Finally, Macquarie upgraded shares of Infosys from an “underperform” rating to a “neutral” rating in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Infosys currently has a consensus rating of “Hold” and an average target price of $19.68.

Infosys Price Performance

The stock has a market capitalization of $92.45 billion, a P/E ratio of 30.13, a PEG ratio of 3.68 and a beta of 0.99. The stock’s fifty day moving average is $22.62 and its 200-day moving average is $19.91.

Infosys (NYSE:INFY) last released its quarterly earnings results on Thursday, July 18th. The technology company reported $0.18 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.18. Infosys had a return on equity of 32.01% and a net margin of 17.18%. The company had revenue of $4.71 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the company posted $0.17 EPS. On average, research analysts expect that Infosys Limited will post 0.75 EPS for the current year.

Hedge Funds Weigh In On Infosys

A number of institutional investors have recently modified their holdings of INFY. GAMMA Investing LLC increased its position in shares of Infosys by 33.0% during the first quarter. GAMMA Investing LLC now owns 2,390 shares of the technology company’s stock valued at $43,000 after purchasing an additional 593 shares during the period. Hilltop National Bank lifted its holdings in shares of Infosys by 50.8% during the 2nd quarter. Hilltop National Bank now owns 2,979 shares of the technology company’s stock worth $55,000 after acquiring an additional 1,004 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Infosys by 126.7% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,029 shares of the technology company’s stock valued at $56,000 after acquiring an additional 1,693 shares in the last quarter. Ridgewood Investments LLC bought a new stake in Infosys in the second quarter valued at about $162,000. Finally, Confluence Investment Management LLC bought a new position in Infosys during the first quarter worth about $189,000. Institutional investors own 10.89% of the company’s stock.

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.