Luxoft (NYSE:LXFT) Sees Strong Trading Volume

Shares of Luxoft Holding Inc (NYSE:LXFT) saw unusually-high trading volume on Wednesday . Approximately 19,899 shares were traded during mid-day trading, a decline of 96% from the previous session’s volume of 529,778 shares.The stock last traded at $58.97 and had previously closed at $58.97.

Separately, Zacks Investment Research raised shares of Luxoft from a “hold” rating to a “buy” rating and set a $65.00 price target on the stock in a report on Thursday, February 21st. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Luxoft has a consensus rating of “Hold” and a consensus target price of $52.67.

The firm has a market capitalization of $1.99 billion, a P/E ratio of 28.22 and a beta of 2.19.

A number of hedge funds have recently modified their holdings of the business. Massachusetts Financial Services Co. MA raised its holdings in Luxoft by 29.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,533,917 shares of the software maker’s stock valued at $77,082,000 after acquiring an additional 578,869 shares during the period. CNH Partners LLC bought a new stake in Luxoft during the 1st quarter valued at $77,362,000. Alpine Associates Management Inc. bought a new stake in Luxoft during the 1st quarter valued at $74,268,000. Morgan Stanley raised its holdings in Luxoft by 6,754.9% during the 1st quarter. Morgan Stanley now owns 858,298 shares of the software maker’s stock valued at $50,391,000 after acquiring an additional 845,777 shares during the period. Finally, Citigroup Inc. bought a new stake in Luxoft during the 1st quarter valued at $45,197,000. 60.90% of the stock is currently owned by institutional investors and hedge funds.

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Luxoft Company Profile (NYSE:LXFT)

Luxoft Holding, Inc, together with its subsidiaries, provides software development services and IT solutions to multinational corporations. The company offers application software development, software architecture design, performance engineering, optimization and testing, process consulting, and software quality assurance services; functional specification and mock-up, product design, engineering, automated testing, maintenance, support, and performance engineering services; and IT strategy, software engineering process, and data security consulting services.

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