iGATE Stock Rating Reaffirmed by RBC Capital (IGTE)
iGATE (NASDAQ:IGTE)‘s stock had its “outperform” rating restated by research analysts at RBC Capital in a report released on Thursday. They currently have a $45.00 target price on the stock, down from their previous target price of $48.00. RBC Capital’s price target points to a potential upside of 30.28% from the company’s current price.
IGTE has been the subject of a number of other recent research reports. Analysts at Nomura downgraded shares of iGATE from a “neutral” rating to a “reduce” rating in a research note on Thursday, July 17th. They now have a $35.00 price target on the stock, up previously from $29.00. Separately, analysts at Needham & Company LLC raised their price target on shares of iGATE from $48.00 to $50.00 in a research note on Thursday, July 17th. They now have a “buy” rating on the stock. Finally, analysts at William Blair initiated coverage on shares of iGATE in a research note on Thursday, July 10th. They set an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the stock. iGATE currently has a consensus rating of “Buy” and a consensus target price of $43.80.
Shares of iGATE (NASDAQ:IGTE) traded down 0.67% during mid-day trading on Thursday, hitting $34.31. 56,387 shares of the company’s stock traded hands. iGATE has a one year low of $21.50 and a one year high of $42.90. The stock has a 50-day moving average of $37.49 and a 200-day moving average of $34.91. The company has a market cap of $2.021 billion and a price-to-earnings ratio of 42.54.
iGATE (NASDAQ:IGTE) last released its earnings data on Wednesday, July 16th. The company reported $0.48 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.47 by $0.01. The company had revenue of $311.70 million for the quarter, compared to the consensus estimate of $306.41 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 10.0% on a year-over-year basis. Analysts expect that iGATE will post $2.14 EPS for the current fiscal year.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.