Conduent (NYSE:CNDT) Shares Gap Down to $6.71
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.
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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