Conduent Inc (NYSE:CNDT) shares gapped down before the market opened on Wednesday . The stock had previously closed at $7.01, but opened at $6.71. Conduent shares last traded at $6.54, with a volume of 2,700,421 shares changing hands.

Several equities research analysts have weighed in on CNDT shares. Zacks Investment Research cut Conduent from a “hold” rating to a “sell” rating in a report on Wednesday. JPMorgan Chase & Co. upgraded Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 target price for the company in a report on Friday, August 9th. Needham & Company LLC lowered their target price on Conduent from $25.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, May 9th. They noted that the move was a valuation call. Cowen set a $8.00 target price on Conduent and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Cross Research lowered Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $12.69.

The company has a market capitalization of $1.39 billion, a PE ratio of 6.31 and a beta of 1.69. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.28 and a quick ratio of 1.28. The company has a 50-day simple moving average of $8.87.

Conduent (NYSE:CNDT) last announced its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.04). Conduent had a negative net margin of 35.30% and a positive return on equity of 5.71%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the company earned $0.29 earnings per share. The company’s quarterly revenue was down 19.8% on a year-over-year basis. As a group, equities research analysts expect that Conduent Inc will post 0.84 earnings per share for the current year.

In other Conduent news, major shareholder Carl C. Icahn bought 565,424 shares of Conduent stock in a transaction that occurred on Thursday, May 16th. The shares were bought at an average cost of $8.85 per share, with a total value of $5,004,002.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Carl C. Icahn bought 3,076,378 shares of Conduent stock in a transaction that occurred 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 have purchased a total of 4,460,135 shares of company stock worth $32,083,321 over the last ninety days. 0.92% of the stock is currently owned by corporate insiders.

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Conduent by 12.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,108,627 shares of the company’s stock worth $64,935,000 after buying an additional 653,904 shares during the last quarter. Legal & General Group Plc raised its stake in Conduent by 14.8% in the 4th quarter. Legal & General Group Plc now owns 160,604 shares of the company’s stock valued at $1,707,000 after acquiring an additional 20,752 shares during the period. Norges Bank bought a new stake in Conduent in the 4th quarter valued at about $25,600,000. Sciencast Management LP bought a new stake in Conduent in the 1st quarter valued at about $252,000. Finally, Raymond James Trust N.A. increased its position in shares of Conduent by 16.3% during the first quarter. Raymond James Trust N.A. now owns 18,787 shares of the company’s stock valued at $260,000 after buying an additional 2,640 shares during the period. 90.07% of the stock is currently owned by institutional investors.

Conduent Company Profile (NYSE:CNDT)

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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