Conduent (NASDAQ:CNDT) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Conduent (NASDAQ:CNDT) from a hold rating to a buy rating in a research report released on Thursday morning.

Separately, Noble Financial started coverage on shares of Conduent in a research note on Thursday, March 14th. They issued an outperform rating and a $9.00 target price for the company.

Conduent Price Performance

Conduent stock traded up $0.19 during mid-day trading on Thursday, hitting $3.87. 1,556,743 shares of the company were exchanged, compared to its average volume of 956,959. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.91 and a quick ratio of 1.91. Conduent has a 12-month low of $2.40 and a 12-month high of $4.08. The business’s 50 day simple moving average is $3.28 and its two-hundred day simple moving average is $3.30. The company has a market capitalization of $807.44 million, a P/E ratio of -4.30 and a beta of 1.60.

Conduent (NASDAQ:CNDT) last announced its earnings results on Wednesday, February 14th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). Conduent had a negative net margin of 5.13% and a negative return on equity of 2.48%. The firm had revenue of $953.00 million during the quarter, compared to analyst estimates of $930.00 million. During the same period in the previous year, the firm posted $0.01 EPS. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. Analysts forecast that Conduent will post 1.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CNDT. SG Americas Securities LLC increased its holdings in shares of Conduent by 252.4% during the 3rd quarter. SG Americas Securities LLC now owns 55,524 shares of the company’s stock worth $193,000 after buying an additional 39,770 shares during the last quarter. Bailard Inc. raised its holdings in shares of Conduent by 35.9% in the 3rd quarter. Bailard Inc. now owns 105,045 shares of the company’s stock worth $366,000 after purchasing an additional 27,745 shares during the period. Panagora Asset Management Inc. raised its holdings in shares of Conduent by 91.5% in the 3rd quarter. Panagora Asset Management Inc. now owns 405,984 shares of the company’s stock worth $1,413,000 after purchasing an additional 193,941 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Conduent by 39.2% in the 3rd quarter. Principal Financial Group Inc. now owns 25,470 shares of the company’s stock valued at $89,000 after purchasing an additional 7,174 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Conduent by 155.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 310,555 shares of the company’s stock worth $1,081,000 after purchasing an additional 188,753 shares during the period. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

Conduent Company Profile

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.