Raymond James Equities Analysts Decrease Earnings Estimates for CGI Inc. (NYSE:GIB)

CGI Inc. (NYSE:GIB) (TSE:GIB.A) – Equities researchers at Raymond James cut their Q3 2024 earnings per share (EPS) estimates for shares of CGI in a research note issued to investors on Wednesday, May 1st. Raymond James analyst S. Li now forecasts that the technology company will post earnings of $1.39 per share for the quarter, down from their previous forecast of $1.42. The consensus estimate for CGI’s current full-year earnings is $5.59 per share. Raymond James also issued estimates for CGI’s Q4 2024 earnings at $1.39 EPS, FY2024 earnings at $5.56 EPS and FY2025 earnings at $6.07 EPS.

A number of other brokerages also recently issued reports on GIB. StockNews.com downgraded shares of CGI from a “buy” rating to a “hold” rating in a report on Monday, March 11th. CIBC reduced their target price on CGI from $169.00 to $165.00 and set an “outperformer” rating on the stock in a research report on Thursday, May 2nd. Finally, TD Securities upgraded CGI from a “hold” rating to a “buy” rating in a report on Thursday, May 2nd.

CGI Price Performance

Shares of GIB stock opened at $103.10 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.17 and a quick ratio of 0.86. The company has a market capitalization of $23.95 billion, a PE ratio of 19.87, a price-to-earnings-growth ratio of 2.39 and a beta of 0.93. The firm’s 50-day moving average is $109.36 and its two-hundred day moving average is $107.08. CGI has a 12 month low of $93.07 and a 12 month high of $118.89.

Hedge Funds Weigh In On CGI

A number of hedge funds have recently made changes to their positions in the stock. Forsta AP Fonden raised its position in CGI by 13.3% in the first quarter. Forsta AP Fonden now owns 51,000 shares of the technology company’s stock valued at $5,632,000 after purchasing an additional 6,000 shares during the period. JCIC Asset Management Inc. raised its holdings in shares of CGI by 0.5% in the 1st quarter. JCIC Asset Management Inc. now owns 32,860 shares of the technology company’s stock valued at $3,627,000 after buying an additional 160 shares during the period. Lester Murray Antman dba SimplyRich raised its holdings in shares of CGI by 1.2% in the 1st quarter. Lester Murray Antman dba SimplyRich now owns 29,858 shares of the technology company’s stock valued at $3,300,000 after buying an additional 367 shares during the period. Mediolanum International Funds Ltd acquired a new position in CGI during the 1st quarter worth about $1,191,000. Finally, Tobam boosted its holdings in CGI by 89.7% during the 1st quarter. Tobam now owns 5,319 shares of the technology company’s stock valued at $587,000 after acquiring an additional 2,515 shares during the period. Hedge funds and other institutional investors own 66.68% of the company’s stock.

About CGI

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.