CGI (NYSE:GIB) Rating Lowered to Sell at Zacks Investment Research

CGI (NYSE:GIB) (TSE:GIB.A) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports.

According to Zacks, “CGI provides the full range of IT services including consulting, systems integration and the management of business and IT functions. The company’s primary focus is large scale systems integration and outsourcing contracts. “

Other research analysts have also recently issued reports about the company. Barclays initiated coverage on CGI in a research report on Friday, September 20th. They set an “overweight” rating and a $90.00 price objective on the stock. Desjardins raised CGI from a “hold” rating to a “buy” rating in a research report on Tuesday, October 8th. Raymond James set a $110.00 price objective on CGI and gave the company a “buy” rating in a research report on Monday, October 21st. CIBC reaffirmed a “hold” rating and set a $106.00 price objective on shares of CGI in a research report on Thursday, November 7th. Finally, ValuEngine raised CGI from a “sell” rating to a “hold” rating in a research report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. CGI presently has an average rating of “Hold” and a consensus target price of $95.60.

NYSE:GIB traded down $0.35 on Tuesday, hitting $85.97. The stock had a trading volume of 131,600 shares, compared to its average volume of 151,922. The stock has a market cap of $23.14 billion, a price-to-earnings ratio of 24.29, a price-to-earnings-growth ratio of 2.33 and a beta of 0.53. The company has a quick ratio of 0.75, a current ratio of 1.13 and a debt-to-equity ratio of 0.32. The business’s 50-day simple moving average is $83.78 and its two-hundred day simple moving average is $79.69. CGI has a 52-week low of $63.88 and a 52-week high of $86.59.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings data on Wednesday, November 6th. The technology company reported $1.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.29. CGI had a return on equity of 19.04% and a net margin of 10.43%. The firm had revenue of $2.96 billion for the quarter, compared to analysts’ expectations of $2.99 billion. During the same period in the previous year, the firm earned $1.09 EPS. The business’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, equities research analysts anticipate that CGI will post 3.91 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of GIB. Marshall Wace LLP bought a new stake in CGI during the 1st quarter valued at approximately $110,000. Amundi Pioneer Asset Management Inc. raised its stake in CGI by 18.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 218,444 shares of the technology company’s stock valued at $15,020,000 after purchasing an additional 34,441 shares during the period. Bank of New York Mellon Corp raised its stake in CGI by 5.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 441,945 shares of the technology company’s stock valued at $33,928,000 after purchasing an additional 22,106 shares during the period. Glen Harbor Capital Management LLC raised its stake in CGI by 13.6% during the 2nd quarter. Glen Harbor Capital Management LLC now owns 2,750 shares of the technology company’s stock valued at $203,000 after purchasing an additional 330 shares during the period. Finally, Meadow Creek Investment Management LLC raised its stake in CGI by 13.6% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 4,250 shares of the technology company’s stock valued at $314,000 after purchasing an additional 510 shares during the period. 55.69% of the stock is currently owned by institutional investors.

CGI Company Profile

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services in Canada, Northern Europe, France, the United States, the United Kingdom, Europe, and the Asia Pacific. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities.

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