Conduent’s (CNDT) Hold Rating Reiterated at Cowen and Company
Conduent Inc (NASDAQ:CNDT)‘s stock had its “hold” rating reiterated by analysts at Cowen and Company in a research report issued on Friday.
CNDT has been the subject of a number of other reports. Zacks Investment Research raised shares of Conduent from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Wednesday, August 2nd. Needham & Company LLC assumed coverage on shares of Conduent in a research report on Wednesday, September 13th. They issued a “hold” rating for the company. BidaskClub cut shares of Conduent from a “sell” rating to a “strong sell” rating in a research report on Thursday, September 21st. BMO Capital Markets reissued a “hold” rating and issued a $18.00 price objective on shares of Conduent in a research report on Thursday, September 28th. Finally, Citigroup Inc. reissued a “buy” rating and issued a $25.00 price objective (up from $17.00) on shares of Conduent in a research report on Friday, June 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $18.14.
Conduent (NASDAQ:CNDT) traded down 0.62% during mid-day trading on Friday, reaching $15.94. The company’s stock had a trading volume of 1,450,862 shares. The stock’s market capitalization is $3.35 billion. The stock’s 50 day moving average price is $15.81 and its 200 day moving average price is $15.81. Conduent has a 1-year low of $13.10 and a 1-year high of $17.12.
Conduent (NASDAQ:CNDT) last announced its quarterly earnings results on Wednesday, August 9th. The company reported $0.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.16. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Conduent had a negative net margin of 0.27% and a negative return on equity of 0.48%. The firm’s revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.30 EPS. Analysts expect that Conduent will post $0.76 EPS for the current fiscal year.
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In other news, EVP David Amoriell sold 106,500 shares of the company’s stock in a transaction dated Wednesday, August 16th. The shares were sold at an average price of $17.01, for a total value of $1,811,565.00. Following the sale, the executive vice president now owns 120,630 shares in the company, valued at approximately $2,051,916.30. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its stake in Conduent by 6.6% during the second quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock worth $135,000 after acquiring an additional 527 shares during the period. Oppenheimer Asset Management Inc. raised its stake in Conduent by 213.2% during the second quarter. Oppenheimer Asset Management Inc. now owns 8,882 shares of the company’s stock worth $142,000 after acquiring an additional 6,046 shares during the period. Pacad Investment Ltd. acquired a new stake in Conduent during the second quarter worth about $161,000. Stevens Capital Management LP acquired a new stake in Conduent during the second quarter worth about $161,000. Finally, Advisory Services Network LLC raised its stake in Conduent by 173.9% during the second quarter. Advisory Services Network LLC now owns 10,913 shares of the company’s stock worth $174,000 after acquiring an additional 6,929 shares during the period.
Conduent Company Profile
Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).
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