iGATE Receives Average Rating of “Buy” from Brokerages (NASDAQ:IGTE)
iGATE (NASDAQ:IGTE) has been given a consensus recommendation of “Buy” by the nine ratings firms that are presently covering the stock, Stock Ratings Network reports. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $45.17.
IGTE has been the subject of a number of recent research reports. 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, August 14th. 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 (NASDAQ:IGTE) opened at 34.87 on Friday. 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. and its 200-day moving average is $34.93. The company has a market cap of $2.054 billion and a price-to-earnings ratio of 42.46.
iGATE (NASDAQ:IGTE) last announced its earnings results on Wednesday, July 16th. The company reported $0.48 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.44 earnings per share. iGATE’s revenue was up 10.0% compared to the same quarter last year. Analysts expect that iGATE will post $2.03 earnings per share 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.
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