Insider Selling: Martin G. Mcguinn Sells 19,575 Shares of iGATE Corp. Stock (IGTE)
iGATE Corp. (NASDAQ:IGTE) Director Martin G. Mcguinn unloaded 19,575 shares of the company’s stock in a transaction that occurred on Thursday, January 23rd. The shares were sold at an average price of $36.48, for a total transaction of $714,096.00. Following the completion of the transaction, the director now directly owns 95,425 shares of the company’s stock, valued at approximately $3,481,104. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
A number of research firms have recently commented on IGTE. Analysts at Zacks downgraded shares of iGATE Corp. from a “neutral” rating to an “underperform” rating in a research note to investors on Wednesday, January 22nd. They now have a $35.00 price target on the stock. Separately, analysts at Jefferies Group raised their price target on shares of iGATE Corp. from $29.00 to $37.00 in a research note to investors on Friday, January 17th. Finally, analysts at Needham & Company raised their price target on shares of iGATE Corp. from $39.00 to $48.00 in a research note to investors on Friday, December 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. iGATE Corp. currently has an average rating of “Hold” and an average target price of $33.50.
iGATE Corp. (NASDAQ:IGTE) last issued its quarterly earnings data on Thursday, January 16th. The company reported $0.49 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.48 by $0.01. The company had revenue of $299.30 million for the quarter, compared to the consensus estimate of $296.14 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The company’s quarterly revenue was up 10.2% on a year-over-year basis.
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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