On June 3, Epam Systems fell 5.89% in regular trading, trading at approximately $102.23/share, with trading volume of $49.48 million.

The decline follows a 5.58% surge on June 2, when the stock was officially removed from the S&P 500 and added to the S&P SmallCap 600 index, replacing Shutterstock. That session saw heavy volume driven by passive index fund rebalancing, with turnover reaching 32%. The current selloff appears to reflect profit-taking as concentrated buying demand from the rebalancing dissipated.

Additionally, Jefferies recently downgraded Epam Systems from Buy to Hold, cutting the price target from $130 to $110. However, the FactSet consensus average target remains at $147.38, well above current levels. The broader IT consulting sector is also under pressure, with Accenture declining 5.85% and Cognizant falling 4.99%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)