StockNews.com Upgrades Conduent (NASDAQ:CNDT) to Buy

Conduent (NASDAQ:CNDT) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Separately, Noble Financial initiated coverage on shares of Conduent in a research report on Thursday, March 14th. They issued an “outperform” rating and a $9.00 price target for the company.

Conduent Stock Performance

Shares of CNDT stock traded up $0.19 during midday trading on Thursday, hitting $3.87. 1,556,743 shares of the company were exchanged, compared to its average volume of 956,959. The firm has a market capitalization of $807.44 million, a P/E ratio of -4.30 and a beta of 1.60. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.91 and a current ratio of 1.91. Conduent has a 52 week low of $2.40 and a 52 week high of $4.08. The firm’s 50 day moving average price is $3.28 and its two-hundred day moving average price is $3.30.

Conduent (NASDAQ:CNDT) last posted its earnings results on Wednesday, February 14th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Conduent had a negative return on equity of 2.48% and a negative net margin of 5.13%. The firm had revenue of $953.00 million for the quarter, compared to analyst estimates of $930.00 million. During the same period in the prior year, the business posted $0.01 EPS. The firm’s quarterly revenue was down 3.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Conduent will post 1.06 earnings per share for the current year.

Hedge Funds Weigh In On Conduent

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Conduent by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 17,422,018 shares of the company’s stock worth $60,629,000 after buying an additional 48,742 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Conduent by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,979,612 shares of the company’s stock worth $14,526,000 after acquiring an additional 165,969 shares during the last quarter. AMH Equity Ltd boosted its stake in shares of Conduent by 7.4% in the 4th quarter. AMH Equity Ltd now owns 1,600,000 shares of the company’s stock valued at $5,840,000 after purchasing an additional 110,000 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of Conduent by 14.8% during the 4th quarter. Allianz Asset Management GmbH now owns 1,143,039 shares of the company’s stock valued at $4,172,000 after purchasing an additional 147,244 shares during the last quarter. Finally, Rubric Capital Management LP acquired a new position in Conduent during the 3rd quarter worth approximately $2,905,000. Institutional investors own 77.28% of the company’s stock.

About Conduent

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.