CGI Group Inc (NYSE:GIB) (TSE:GIB.A) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Friday. The brokerage currently has a $60.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 13.96% from the stock’s previous close.

According to Zacks, “CGI provides the full range of IT services including consulting, systems integration and the management of business and IT functions. The company’s primary focus is large scale systems integration and outsourcing contracts. “

Several other research firms have also weighed in on GIB. BidaskClub raised CGI Group from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. Beacon Securities reaffirmed a “buy” rating on shares of CGI Group in a research note on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. CGI Group has an average rating of “Buy” and a consensus price target of $57.60.

Shares of CGI Group (NYSE GIB) traded up 0.48% during midday trading on Friday, reaching $52.65. 112,875 shares of the company’s stock traded hands. The company has a market capitalization of $15.60 billion, a PE ratio of 18.85 and a beta of 0.92. The stock’s 50 day moving average is $50.96 and its 200-day moving average is $48.73. CGI Group has a 52 week low of $44.19 and a 52 week high of $53.08.

CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its earnings results on Wednesday, May 3rd. The technology company reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.01. The firm had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.74 billion. CGI Group had a net margin of 10.07% and a return on equity of 17.25%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period last year, the company posted $0.86 EPS. On average, analysts forecast that CGI Group will post $2.95 earnings per share for the current fiscal year.

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Several hedge funds have recently bought and sold shares of GIB. US Bancorp DE raised its stake in CGI Group by 2.4% in the first quarter. US Bancorp DE now owns 2,215 shares of the technology company’s stock worth $106,000 after buying an additional 52 shares during the last quarter. Quantbot Technologies LP bought a new stake in CGI Group during the first quarter worth approximately $173,000. Quantitative Systematic Strategies LLC bought a new stake in CGI Group during the second quarter worth approximately $202,000. Campbell & CO Investment Adviser LLC bought a new stake in CGI Group during the first quarter worth approximately $205,000. Finally, HighTower Advisors LLC bought a new stake in CGI Group during the first quarter worth approximately $289,000. 62.90% of the stock is currently owned by institutional investors and hedge funds.

About CGI Group

CGI Group Inc (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company’s services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions.

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Analyst Recommendations for CGI Group (NYSE:GIB)

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