CGI (NYSE:GIB) Rating Increased to Buy at Zacks Investment Research

CGI (NYSE:GIB) (TSE:GIB.A) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research note issued on Friday, Zacks.com reports. The firm currently has a $89.00 target price on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.89% from the stock’s previous close.

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. “

Several other equities research analysts also recently commented on GIB. Raymond James set a $110.00 price objective on CGI and gave the company a “buy” rating in a report on Monday, October 21st. Barclays began coverage on CGI in a report on Friday, September 20th. They set an “overweight” rating and a $90.00 price objective for the company. CIBC restated a “hold” rating and set a $106.00 price objective on shares of CGI in a report on Thursday. Societe Generale downgraded CGI from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, National Bank Financial restated a “buy” rating on shares of CGI in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $95.60.

GIB traded up $0.68 during trading on Friday, hitting $80.26. The company’s stock had a trading volume of 174,372 shares, compared to its average volume of 160,287. CGI has a twelve month low of $57.35 and a twelve month high of $80.59. The company has a quick ratio of 0.75, a current ratio of 1.09 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average price is $78.06 and its 200-day moving average price is $76.48. The firm has a market capitalization of $20.93 billion, a P/E ratio of 22.67, a PEG ratio of 2.15 and a beta of 0.53.

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CGI (NYSE:GIB) (TSE:GIB.A) last issued its quarterly earnings results on Wednesday, November 6th. The technology company reported $1.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.29. CGI had a return on equity of 18.78% and a net margin of 10.32%. The firm had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period in the previous year, the firm earned $1.09 earnings per share. The company’s revenue was up 5.7% compared to the same quarter last year. Equities research analysts expect that CGI will post 3.91 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Trillium Asset Management LLC bought a new stake in CGI during the third quarter worth $248,000. Massachusetts Financial Services Co. MA grew its holdings in CGI by 6.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,875,972 shares of the technology company’s stock worth $148,466,000 after buying an additional 114,164 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in CGI by 4,841.3% during the third quarter. Tower Research Capital LLC TRC now owns 21,297 shares of the technology company’s stock worth $1,686,000 after buying an additional 20,866 shares in the last quarter. Parallel Advisors LLC grew its holdings in CGI by 100.0% during the third quarter. Parallel Advisors LLC now owns 866 shares of the technology company’s stock worth $69,000 after buying an additional 433 shares in the last quarter. Finally, First Mercantile Trust Co. grew its holdings in CGI by 3.8% during the third quarter. First Mercantile Trust Co. now owns 3,580 shares of the technology company’s stock worth $283,000 after buying an additional 130 shares in the last quarter. Hedge funds and other institutional investors own 55.56% of the company’s stock.

About CGI

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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