Persistent Systems shines persistently!

Persistent Systems provides software engineering and strategy services to help companies implement and modernize their businesses. It has its own software and frameworks with pre-built integration and acceleration. It also has partnership with providers such as Salesforce and AWS.

Quarterly Earnings Results Walkthrough

Persistent Systems reported their quarterly earnings results and the Net Sales were at Rs 2049 crore in September 2022 up 52% from Rs 1351 crore in September 2021. Quarterly Net Profit was at Rs 220 crore in September 2022 up 36% from Rs.162 crore in September 2021.

EBITDA was reported at Rs 376 crore in September 2022 up 46% from Rs 257 crore in September 2021. EPS has increased to Rs 29.61 in September 2022 from Rs 21.16 in September 2021.

Brokerage Firms Recommendations

ICICI Direct has recommended a buy rating on the stock with a target price of Rs 4370.

KR Choksey has recommended to accumulate this stock with a target price of Rs 4131.

Emkay Global Financial has recommended a buy rating on the stock with a target price of Rs 3950.

Sharekhan has recommended a buy rating on the stock with a target price of Rs 4300.

Anand Rathi has recommended a buy rating on the stock with a target price of Rs 4410.

Technical Analysis

Persistent Systems Weekly Candlestick Chart on Sharekhan’s TradeTiger

Let us observe the retracement levels. The stock has taken support twice on the 38.2% retracement level. This can be a good level to accumulate the stock as it is a strong retracement level, and the price comes closer to the 100-day moving average.

Stock price is above the 100-day moving average which indicates us that the stock is overbought.

MFI is at 72 which again indicates the stock is highly overbought.

We can expect the stock to rise to its lifetime high at Rs 4987 and make a triple top in the coming months as the stock repeatedly brings out good quarterly earnings results.

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