iGATE Given Consensus Recommendation of “Buy” by Analysts (NASDAQ:IGTE)
iGATE (NASDAQ:IGTE) has received a consensus rating of “Buy” from the nine brokerages that are currently covering the company, AnalystRatings.Net reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $45.17.
Shares of iGATE (NASDAQ:IGTE) traded up 1.07% on Friday, hitting $35.00. 43,690 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’s 50-day moving average is $37.49 and its 200-day moving average is $34.91. The company has a market cap of $2.062 billion and a P/E ratio of 42.65.
iGATE (NASDAQ:IGTE) last released its earnings data on Wednesday, July 16th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the 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 previous year, the company posted $0.44 earnings per share. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. Analysts expect that iGATE will post $2.04 EPS for the current fiscal year.
A number of analysts have recently weighed in on IGTE shares. Analysts at Maxim Group initiated coverage on shares of iGATE in a research note on Friday. They set a “buy” rating and a $52.00 price target on the stock. Separately, analysts at RBC Capital reiterated an “outperform” rating on shares of iGATE in a research note on Thursday. They now have a $45.00 price target on the stock, down previously from $48.00. Finally, 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.
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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