CGI Group (NYSE:GIB) (TSE:GIB.A) announced that its Board of Directors has approved a share repurchase plan, which permits the company to repurchase 20,590,000 shares on Wednesday, January 31st, EventVestor reports. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Shares of CGI Group (NYSE:GIB) opened at $56.27 on Tuesday. CGI Group has a 12-month low of $45.81 and a 12-month high of $58.93. The company has a market capitalization of $14,320.00, a PE ratio of 19.95, a P/E/G ratio of 1.92 and a beta of 0.77. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.99 and a quick ratio of 0.70.

CGI Group (NYSE:GIB) (TSE:GIB.A) last issued its earnings results on Wednesday, January 31st. The technology company reported $0.78 EPS for the quarter, meeting analysts’ consensus estimates of $0.78. The business had revenue of $2.82 billion during the quarter, compared to analyst estimates of $2.78 billion. CGI Group had a return on equity of 17.54% and a net margin of 9.50%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 EPS. equities analysts anticipate that CGI Group will post 3.32 earnings per share for the current fiscal year.

A number of analysts recently commented on GIB shares. Zacks Investment Research raised CGI Group from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Monday. ValuEngine raised CGI Group from a “hold” rating to a “buy” rating in a research report on Monday. Scotiabank boosted their target price on CGI Group from $71.00 to $72.00 and gave the company an “outperform” rating in a research report on Thursday, November 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $85.00 target price (up from $75.00) on shares of CGI Group in a research report on Thursday, November 9th. Finally, Barclays boosted their target price on CGI Group from $60.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday, February 1st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $71.00.

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About CGI Group

CGI Group Inc (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company’s services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions.

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