ValuEngine Downgrades Conduent (NYSE:CNDT) to Sell

Conduent (NYSE:CNDT) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued to investors on Friday, ValuEngine reports.

A number of other research firms have also recently commented on CNDT. Needham & Company LLC set a $9.00 price target on shares of Conduent and gave the stock a “buy” rating in a report on Tuesday, September 24th. Zacks Investment Research raised shares of Conduent from a “sell” rating to a “hold” rating in a report on Monday, October 14th. Citigroup reaffirmed a “neutral” rating and issued a $7.50 price target (down previously from $9.00) on shares of Conduent in a report on Wednesday, August 28th. JPMorgan Chase & Co. raised shares of Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 price target on the stock in a report on Friday, August 9th. Finally, Cowen set a $8.00 price target on shares of Conduent and gave the stock a “hold” rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the stock. Conduent has an average rating of “Hold” and an average price target of $10.08.

Shares of Conduent stock traded down $0.38 during mid-day trading on Friday, hitting $7.00. 1,549,498 shares of the stock were exchanged, compared to its average volume of 2,709,050. Conduent has a 12 month low of $5.26 and a 12 month high of $15.48. The company has a 50-day simple moving average of $6.10 and a 200 day simple moving average of $8.16. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.32 and a current ratio of 1.32. The company has a market capitalization of $1.56 billion, a P/E ratio of 6.67 and a beta of 1.83.

Conduent (NYSE:CNDT) last posted its earnings results on Wednesday, November 6th. The company reported $0.16 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.16. Conduent had a negative net margin of 35.30% and a positive return on equity of 6.35%. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter last year, the firm earned $0.28 EPS. The company’s quarterly revenue was down 15.8% compared to the same quarter last year. Analysts predict that Conduent will post 0.64 EPS for the current year.

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In other Conduent news, major shareholder Carl C. Icahn bought 1,941,101 shares of the stock in a transaction on Wednesday, August 14th. The shares were acquired at an average price of $6.57 per share, with a total value of $12,753,033.57. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Carl C. Icahn bought 3,076,378 shares of the stock in a transaction on Monday, August 12th. The shares were acquired at an average cost of $6.43 per share, for a total transaction of $19,781,110.54. The disclosure for this purchase can be found here. Insiders own 0.92% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Tower Research Capital LLC TRC raised its holdings in Conduent by 1,014.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,687 shares of the company’s stock valued at $26,000 after acquiring an additional 2,446 shares during the period. Parallel Advisors LLC raised its holdings in Conduent by 342.5% during the 2nd quarter. Parallel Advisors LLC now owns 2,757 shares of the company’s stock valued at $26,000 after acquiring an additional 2,134 shares during the period. Westside Investment Management Inc. bought a new stake in Conduent during the 2nd quarter valued at $50,000. Tower Research Capital LLC TRC raised its holdings in Conduent by 153.7% during the 3rd quarter. Tower Research Capital LLC TRC now owns 6,817 shares of the company’s stock valued at $43,000 after acquiring an additional 4,130 shares during the period. Finally, HM Payson & Co. bought a new stake in Conduent during the 2nd quarter valued at $67,000. 90.56% of the stock is currently owned by institutional investors and hedge funds.

About Conduent

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Conduent (NYSE:CNDT)

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