CGI (NYSE:GIB – Get Free Report) (TSE:GIB.A) had its price target cut by CIBC from $169.00 to $165.00 in a report released on Thursday, Benzinga reports. The firm currently has an “outperformer” rating on the technology company’s stock. CIBC’s price target indicates a potential upside of 61.59% from the company’s previous close.
Other analysts have also issued reports about the company. StockNews.com lowered CGI from a “buy” rating to a “hold” rating in a report on Monday, March 11th. TD Securities upgraded shares of CGI from a “hold” rating to a “buy” rating in a report on Thursday.
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CGI Price Performance
CGI (NYSE:GIB – Get Free Report) (TSE:GIB.A) last released its earnings results on Wednesday, January 31st. The technology company reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.31 by $0.03. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.59 billion. CGI had a net margin of 11.34% and a return on equity of 20.65%. Research analysts expect that CGI will post 5.69 EPS for the current year.
Hedge Funds Weigh In On CGI
Institutional investors and hedge funds have recently bought and sold shares of the company. Exchange Traded Concepts LLC raised its holdings in CGI by 471.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 263 shares of the technology company’s stock valued at $26,000 after acquiring an additional 217 shares during the period. Pinnacle Associates Ltd. bought a new position in shares of CGI during the 3rd quarter valued at about $394,000. Bank of New York Mellon Corp boosted its stake in CGI by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 278,213 shares of the technology company’s stock worth $27,401,000 after buying an additional 3,153 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in CGI by 10.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,762 shares of the technology company’s stock worth $4,135,000 after buying an additional 3,881 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of CGI by 15.0% during the third quarter. Mackenzie Financial Corp now owns 6,190,061 shares of the technology company’s stock worth $598,239,000 after acquiring an additional 805,973 shares in the last quarter. 66.68% of the stock is owned by institutional investors.
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.
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