Avalon Advisors LLC reduced its stake in shares of Infosys Ltd (NYSE:INFY) by 10.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 192,215 shares of the technology company’s stock after selling 23,568 shares during the period. Avalon Advisors LLC’s holdings in Infosys were worth $1,830,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Baillie Gifford & Co. grew its holdings in shares of Infosys by 6.9% in the fourth quarter. Baillie Gifford & Co. now owns 1,218,669 shares of the technology company’s stock valued at $11,601,000 after acquiring an additional 79,130 shares in the last quarter. Kiwi Wealth Investments Limited Partnership grew its holdings in Infosys by 1.1% during the fourth quarter. Kiwi Wealth Investments Limited Partnership now owns 158,777 shares of the technology company’s stock valued at $1,512,000 after purchasing an additional 1,756 shares during the period. DSM Capital Partners LLC bought a new position in Infosys during the fourth quarter valued at $386,000. LMR Partners LLP bought a new position in Infosys during the fourth quarter valued at $58,342,000. Finally, Stifel Financial Corp grew its holdings in Infosys by 25.5% during the fourth quarter. Stifel Financial Corp now owns 412,856 shares of the technology company’s stock valued at $3,932,000 after purchasing an additional 83,875 shares during the period. 17.81% of the stock is owned by hedge funds and other institutional investors.

INFY has been the subject of several research reports. Citigroup raised Infosys from a “neutral” rating to a “buy” rating in a report on Friday, January 4th. Morgan Stanley raised Infosys from an “equal weight” rating to an “overweight” rating in a report on Monday, January 14th. Wells Fargo & Co set a $11.00 price objective on Infosys and gave the company a “hold” rating in a report on Friday, January 11th. Cantor Fitzgerald reissued a “hold” rating and set a $10.00 price objective on shares of Infosys in a report on Friday, January 11th. Finally, Zacks Investment Research lowered Infosys from a “hold” rating to a “sell” rating in a report on Tuesday, December 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. Infosys presently has a consensus rating of “Hold” and an average price target of $12.75.

NYSE:INFY opened at $10.70 on Friday. The firm has a market cap of $45.85 billion, a price-to-earnings ratio of 21.40, a P/E/G ratio of 2.05 and a beta of 0.54. Infosys Ltd has a 1 year low of $8.24 and a 1 year high of $10.94.

Infosys (NYSE:INFY) last posted its earnings results on Friday, January 11th. The technology company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.01. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.95 billion. Infosys had a return on equity of 24.93% and a net margin of 18.95%. As a group, sell-side analysts forecast that Infosys Ltd will post 0.52 EPS for the current year.

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Infosys Company Profile

Infosys Limited, together with its subsidiaries, provides consulting, technology, and outsourcing services in North America, Europe, India, and internationally. It provides business information technology services, including application development and maintenance, independent validation, infrastructure management, and business process management services, as well as engineering services, such as engineering and life cycle solutions; and consulting and systems integration services comprising consulting, enterprise solutions, systems integration, and advanced technologies.

Further Reading: Ex-Dividend

Institutional Ownership by Quarter for Infosys (NYSE:INFY)

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