Endava plc (NYSE:DAVA) posted mixed results for the first quarter on Tuesday.
The company posted adjusted earnings of 20 cents per share, beating market estimates of 8 cents per share. The company's quarterly sales came in at $240.314 million versus expectations of $245.910 million.
Endava said it sees second-quarter adjusted earnings of 20 cents to 23 cents per share on sales of $241.410 million to $245.456 million.
“The first quarter results were lower than guided primarily due to an unexpected credit made to a client that arose subsequent to our last earnings call as well as certain non large strategic pipeline opportunities that did not convert into revenue during the quarter as anticipated. While these factors weighed on our performance, our ability to secure a multi-year strategic relationship with a leading payments company of up to $100 million demonstrates the strength of our client relationships,” said John Cotterell, Endava’s CEO.
Endava shares gained 2.2% to trade at $7.10 on Wednesday.
These analysts made changes to their price targets on Endava following earnings announcement.
- Needham analyst Mayank Tandon maintained Endava with a Buy and lowered the price target from $12 to $9.
- Guggenheim analyst Jonathan Lee maintained the stock with a Buy and lowered the price target from $18 to $15.
- JP Morgan analyst Puneet Jain maintained Endava with a Neutral and lowered the price target from $13 to $10.
Considering buying DAVA stock? Here’s what analysts think:
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