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. The firm currently has $11.00 target price 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. “
A number of other research firms have also recently issued reports on CNDT. Cross Research cut Conduent from a buy rating to a hold rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. cut Aeroports de Paris from an overweight rating to a neutral rating in a report on Thursday, May 9th. Citigroup upgraded Copa from a neutral rating to a buy rating in a report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a buy rating and issued a $26.00 price objective (down from $27.00) on shares of Nlight in a report on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average price target of $13.93.
Shares of CNDT traded down $0.59 during midday trading on Wednesday, reaching $8.99. The stock had a trading volume of 3,402,400 shares, compared to its average volume of 2,719,968. The business has a 50-day moving average price of $9.23. Conduent has a 12-month low of $7.14 and a 12-month high of $23.39. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.61. The firm has a market capitalization of $2.02 billion, a P/E ratio of 8.56 and a beta of 1.70.
Conduent (NYSE:CNDT) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.03). Conduent had a positive return on equity of 6.61% and a negative net margin of 13.14%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter in the previous year, the company posted $0.22 earnings per share. Conduent’s revenue for the quarter was down 18.5% compared to the same quarter last year. As a group, equities analysts forecast that Conduent will post 0.84 earnings per share for the current fiscal year.
In other Conduent news, major shareholder Carl C. Icahn purchased 3,915,417 shares of the stock in a transaction on Monday, May 13th. The stock was acquired at an average price of $8.35 per share, with a total value of $32,693,731.95. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Carl C. Icahn purchased 565,424 shares of the stock in a transaction on Thursday, May 16th. The shares were acquired at an average cost of $8.85 per share, with a total value of $5,004,002.40. The disclosure for this purchase can be found here. Insiders have purchased a total of 7,001,674 shares of company stock valued at $59,245,442 over the last 90 days. 0.92% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in CNDT. Redwood Investment Management LLC grew its stake in shares of Conduent by 4.1% in the 1st quarter. Redwood Investment Management LLC now owns 71,414 shares of the company’s stock worth $988,000 after buying an additional 2,819 shares during the last quarter. Hilton Capital Management LLC purchased a new stake in Conduent during the 1st quarter valued at $83,000. Neuberger Berman Group LLC boosted its stake in Conduent by 7.9% during the 1st quarter. Neuberger Berman Group LLC now owns 2,960,752 shares of the company’s stock valued at $40,953,000 after purchasing an additional 217,084 shares during the last quarter. Phocas Financial Corp. purchased a new stake in Conduent during the 1st quarter valued at $4,519,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Conduent during the 1st quarter valued at $613,000. 89.07% of the stock is 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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