Zacks Investment Research upgraded shares of Conduent (NYSE:CNDT) from a sell rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $11.00 price objective on the stock.
According to Zacks, “Conduent Incorporated is a business process services company. It engaged in providing business and government services to citizens, patients, customers and employees. The services rendered by the company include healthcare solutions, BPO services, learning services, digital payments, legal and compliance solutions, human resources, finance and accounting, procurement solutions and digital transformation. The company serves aerospace defence and automotive services, banking, communication and media, healthcare, industrial and energy, insurance, retail and consumer products and transportation industries. Conduent Incorporated is based in Basking Ridge, N.J. “
Several other equities analysts have also recently issued reports on CNDT. Cross Research cut Conduent from a buy rating to a hold rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. cut Aeroports de Paris from an overweight rating to a neutral rating in a research note on Thursday, May 9th. Citigroup upgraded Copa from a neutral rating to a buy rating in a research note on Thursday, May 9th. Finally, Needham & Company LLC reiterated a buy rating and issued a $26.00 price objective (down previously from $27.00) on shares of Nlight in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $13.93.
Conduent (NYSE:CNDT) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.03). The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Conduent had a negative net margin of 13.14% and a positive return on equity of 6.61%. The business’s quarterly revenue was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. Research analysts forecast that Conduent will post 0.84 EPS for the current fiscal year.
In related news, major shareholder Carl C. Icahn bought 1,700,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $8.37 per share, with a total value of $14,229,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Carl C. Icahn bought 211,159 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was bought at an average cost of $9.00 per share, for a total transaction of $1,900,431.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 7,001,674 shares of company stock worth $59,245,442. Corporate insiders own 0.92% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CNDT. Iridian Asset Management LLC CT increased its holdings in shares of Conduent by 64.8% in the first quarter. Iridian Asset Management LLC CT now owns 10,310,544 shares of the company’s stock valued at $142,595,000 after purchasing an additional 4,054,551 shares during the period. Norges Bank acquired a new position in shares of Conduent in the fourth quarter valued at approximately $25,600,000. Victory Capital Management Inc. acquired a new position in shares of Conduent in the first quarter valued at approximately $22,559,000. Rubric Capital Management LP increased its holdings in shares of Conduent by 176.3% in the first quarter. Rubric Capital Management LP now owns 1,584,000 shares of the company’s stock valued at $21,907,000 after purchasing an additional 1,010,705 shares during the period. Finally, Deutsche Bank AG grew its holdings in Conduent by 190.5% during the fourth quarter. Deutsche Bank AG now owns 1,435,799 shares of the company’s stock worth $15,260,000 after acquiring an additional 941,548 shares during the period. 89.07% of the stock is currently owned by institutional investors and hedge funds.
Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and Europe. It operates through three segments: Commercial Industries, Government Services, and Transportation. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.
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