Envestnet Asset Management Inc. Has $12.95 Million Holdings in CGI (GIB)
Envestnet Asset Management Inc. grew its position in shares of CGI (NYSE:GIB) (TSE:GIB.A) by 9,818.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 204,518 shares of the technology company’s stock after acquiring an additional 202,456 shares during the quarter. Envestnet Asset Management Inc. owned 0.07% of CGI worth $12,950,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently bought and sold shares of GIB. Bank of Montreal Can purchased a new position in CGI during the 2nd quarter worth $403,130,000. Addenda Capital Inc. purchased a new position in CGI during the 2nd quarter worth $47,785,000. Acadian Asset Management LLC purchased a new position in CGI during the 2nd quarter worth $46,610,000. Toronto Dominion Bank boosted its holdings in CGI by 96.5% during the 2nd quarter. Toronto Dominion Bank now owns 1,378,779 shares of the technology company’s stock worth $86,828,000 after acquiring an additional 677,254 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in CGI by 8.9% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,828,857 shares of the technology company’s stock worth $242,489,000 after acquiring an additional 314,500 shares during the last quarter. 60.27% of the stock is currently owned by hedge funds and other institutional investors.
GIB has been the topic of a number of analyst reports. Desjardins downgraded shares of CGI from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. Zacks Investment Research upgraded CGI from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. Barclays lifted their target price on CGI from $64.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, August 2nd. Finally, Scotiabank cut CGI from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, July 17th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $72.25.
CGI (NYSE:GIB) (TSE:GIB.A) last released its earnings results on Wednesday, August 1st. The technology company reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.24. The company had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.98 billion. CGI had a return on equity of 18.06% and a net margin of 9.33%. The business’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.93 EPS. sell-side analysts forecast that CGI will post 3.18 EPS for the current fiscal year.
CGI Group Inc provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier payment services; and data center facilities and management, technical service desk, printing and document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file sync and share as a service, as well as infrastructure solutions and consulting services.
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