Investment analysts at Bank of America started coverage on shares of CGI (NYSE:GIB) (TSE:GIB.A) in a research report issued to clients and investors on Thursday, MarketBeat reports. The firm set a “buy” rating and a $83.00 price target on the technology company’s stock. Bank of America‘s price objective indicates a potential upside of 13.59% from the company’s current price.
Other research analysts have also recently issued research reports about the stock. CIBC cut shares of CGI from a “sector outperform” rating to a “neutral” rating in a research note on Thursday, April 25th. Zacks Investment Research cut shares of CGI from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. CGI presently has an average rating of “Buy” and a consensus target price of $80.00.
GIB opened at $73.07 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 1.16. CGI has a fifty-two week low of $57.35 and a fifty-two week high of $73.84. The firm has a market cap of $20.04 billion, a P/E ratio of 22.76, a PEG ratio of 2.30 and a beta of 0.57.
CGI (NYSE:GIB) (TSE:GIB.A) last released its earnings results on Wednesday, May 1st. The technology company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.28. CGI had a net margin of 10.29% and a return on equity of 18.34%. The company had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter in the previous year, the company earned $1.04 EPS. CGI’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, equities analysts expect that CGI will post 3.55 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc lifted its stake in CGI by 2.5% in the 3rd quarter. Vanguard Group Inc now owns 6,414,435 shares of the technology company’s stock worth $413,603,000 after purchasing an additional 156,379 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in CGI by 0.3% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,013,057 shares of the technology company’s stock worth $245,344,000 after purchasing an additional 13,725 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in CGI by 2.9% in the 4th quarter. Great West Life Assurance Co. Can now owns 2,964,150 shares of the technology company’s stock worth $181,015,000 after purchasing an additional 82,301 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in CGI by 1.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 2,757,619 shares of the technology company’s stock worth $189,614,000 after purchasing an additional 31,290 shares in the last quarter. Finally, Norges Bank purchased a new stake in CGI in the 4th quarter worth $157,764,000. Institutional investors and hedge funds own 56.79% of the company’s stock.
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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