Infosys (NYSE:INFY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday, Zacks.com reports. They currently have a $16.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 3.16% from the stock’s current price.

According to Zacks, “Infosys’ second-quarter results benefited from large deal wins and fast growing digital services. The company’s sustained focus on Agile Digital and artificial intelligence (AI) driven Core services is a tailwind. Strong demand for its services in cloud, Internet of Things (IoT), cyber security, data and analytics is a key driver. Higher investments by clients in digital transformation, AI and automation are an upside. Shares of the company have outperformed the industry year to date. However, Infosys is suffering from increasing anti-outsourcing sentiment in certain countries. Higher subcontractor costs, and the company’s compensation revision with a higher variable pay and incentives are weighing on margins. Further, Infosys’ business is highly prone to the currency volatility between the India rupee and the US dollar.”

INFY has been the topic of several other reports. Wedbush raised shares of Infosys from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $12.00 to $14.00 in a report on Thursday, July 16th. William Blair reaffirmed a “market perform” rating on shares of Infosys in a report on Wednesday. BMO Capital Markets raised their target price on shares of Infosys from $13.00 to $18.00 and gave the stock a “market perform” rating in a report on Thursday. Robert W. Baird cut shares of Infosys from a “neutral” rating to an “underperform” rating in a report on Thursday. Finally, ValuEngine cut shares of Infosys from a “hold” rating to a “sell” rating in a report on Wednesday, July 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Infosys currently has an average rating of “Buy” and a consensus target price of $12.86.

Shares of INFY stock opened at $15.51 on Friday. The firm has a 50 day moving average price of $13.57 and a two-hundred day moving average price of $10.94. The company has a market capitalization of $65.78 billion, a PE ratio of 28.20, a price-to-earnings-growth ratio of 2.82 and a beta of 0.81. Infosys has a 12-month low of $6.76 and a 12-month high of $16.62.

Infosys (NYSE:INFY) last issued its quarterly earnings data on Wednesday, October 14th. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Infosys had a net margin of 18.35% and a return on equity of 27.03%. During the same quarter in the prior year, the firm earned $0.13 earnings per share. Research analysts forecast that Infosys will post 0.55 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in the stock. Amundi Pioneer Asset Management Inc. grew its stake in shares of Infosys by 55.9% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 754,200 shares of the technology company’s stock worth $8,244,000 after buying an additional 270,402 shares during the last quarter. Federated Hermes Inc. bought a new stake in shares of Infosys during the first quarter worth $493,000. Legal & General Group Plc grew its stake in shares of Infosys by 82.0% during the first quarter. Legal & General Group Plc now owns 806,474 shares of the technology company’s stock worth $6,625,000 after buying an additional 363,405 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Infosys by 13.6% during the first quarter. Geode Capital Management LLC now owns 867,268 shares of the technology company’s stock worth $7,096,000 after buying an additional 103,896 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in shares of Infosys by 22.2% during the first quarter. Wells Fargo & Company MN now owns 4,568,869 shares of the technology company’s stock worth $37,510,000 after buying an additional 830,803 shares during the last quarter. 17.24% of the stock is currently owned by institutional investors and hedge funds.

About Infosys

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.

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