iGATE Corp. Director Sunil Wadhwani Sells 70,881 Shares (IGTE)
iGATE Corp. (NASDAQ:IGTE) Director Sunil Wadhwani sold 70,881 shares of the company’s stock on the open market in a transaction dated Monday, October 21st. The stock was sold at an average price of $31.29, for a total value of $2,217,866.49. Following the sale, the director now directly owns 9,006,551 shares in the company, valued at approximately $281,814,981. The sale was disclosed in a document filed with the SEC, which is available at this link.
iGATE Corp. (NASDAQ:IGTE) traded up 1.88% during mid-day trading on Tuesday, hitting $31.94. The stock had a trading volume of 490,833 shares. iGATE Corp. has a 52-week low of $13.98 and a 52-week high of $28.20. The stock has a 50-day moving average of $23.52 and a 200-day moving average of $18.78. The company has a market cap of $1.862 billion and a P/E ratio of 27.94.
iGATE Corp. (NASDAQ:IGTE) last posted its quarterly earnings results on Thursday, October 10th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.03. The company had revenue of $293.40 million for the quarter, compared to the consensus estimate of $289.40 million. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, analysts predict that iGATE Corp. will post $1.88 earnings per share for the current fiscal year.
Several analysts have recently commented on the stock. Analysts at Jefferies Group raised their price target on shares of iGATE Corp. from $19.00 to $29.00 in a research note to investors on Friday, October 11th. They now have a “hold” rating on the stock. Separately, analysts at Needham & Company reiterated a “buy” rating on shares of iGATE Corp. in a research note to investors on Friday, October 11th. They now have a $39.00 price target on the stock, up previously from $33.00. Finally, analysts at Nomura downgraded shares of iGATE Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Friday, October 4th. They now have a $29.00 price target on the stock, up previously from $28.00. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $29.22.
iGATE Corporation (NASDAQ:IGTE) is an outsourcing provider of integrated end-to-end offshore centric information technology (IT) and IT-enabled operations solutions and services.
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