Renaissance Technologies LLC Has $3.34 Million Stake in Conduent Inc. $CNDT

Renaissance Technologies LLC increased its position in Conduent Inc. (NASDAQ:CNDT) by 13.6% in the 1st quarter, Holdings Channel reports. The firm owned 2,608,400 shares of the company’s stock after buying an additional 311,300 shares during the quarter. Renaissance Technologies LLC’s holdings in Conduent were worth $3,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its stake in shares of Conduent by 16.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 202,482 shares of the company’s stock valued at $259,000 after buying an additional 28,509 shares in the last quarter. Sei Investments Co. increased its stake in Conduent by 141.3% in the first quarter. Sei Investments Co. now owns 327,157 shares of the company’s stock valued at $419,000 after acquiring an additional 191,562 shares during the period. GatePass Capital LLC increased its stake in Conduent by 95.5% in the first quarter. GatePass Capital LLC now owns 466,950 shares of the company’s stock valued at $598,000 after acquiring an additional 228,150 shares during the period. HB Wealth Management LLC acquired a new position in Conduent in the first quarter worth about $51,000. Finally, Alpine Global Management LLC acquired a new position in Conduent in the fourth quarter worth about $82,000. Institutional investors and hedge funds own 77.28% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CNDT shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Conduent in a report on Friday, July 17th. Zacks Research raised Conduent from a “hold” rating to a “strong-buy” rating in a report on Monday, July 13th. Finally, Noble Financial upgraded Conduent to a “strong-buy” rating in a research report on Tuesday, May 12th. Three investment analysts have rated the stock with a Strong Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy”.

Conduent Stock Down 2.9%

CNDT opened at $1.70 on Friday. The firm has a market cap of $263.67 million, a price-to-earnings ratio of -1.67 and a beta of 1.44. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.59 and a current ratio of 1.59. The firm’s 50-day simple moving average is $1.52 and its 200-day simple moving average is $1.51. Conduent Inc. has a twelve month low of $1.15 and a twelve month high of $2.98.

Conduent (NASDAQ:CNDT) last released its quarterly earnings results on Monday, May 11th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.12. The firm had revenue of $723.00 million for the quarter, compared to analyst estimates of $746.67 million. Conduent had a negative net margin of 5.04% and a negative return on equity of 7.08%. Equities research analysts anticipate that Conduent Inc. will post -0.29 EPS for the current fiscal year.

Conduent Profile

Conduent Incorporated is a global provider of diversified business process services with a focus on delivering digital platforms and automation solutions. The company serves clients across a variety of industries including healthcare, transportation, public sector, financial services and human resources. By combining technology-enabled services with data analytics and artificial intelligence, Conduent helps organizations streamline operations, enhance customer experiences and improve overall efficiency.

Key offerings from Conduent encompass customer engagement and transaction processing, digital payment solutions, eligibility and enrollment services for health and welfare programs, and workforce management tools.