Zacks Investment Research Downgrades Conduent Inc (CNDT) to Hold
Conduent Inc (NASDAQ:CNDT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Conduent Incorporated is a business process services company. It engaged in providing business and government services to citizens, patients, customers and employees. The services rendered by the company include healthcare solutions, BPO services, learning services, digital payments, legal and compliance solutions, human resources, finance and accounting, procurement solutions and digital transformation. The company serves aerospace defence and automotive services, banking, communication and media, healthcare, industrial and energy, insurance, retail and consumer products and transportation industries. Conduent Incorporated is based in Basking Ridge, N.J. “
Several other analysts also recently weighed in on the company. Cowen and Company reaffirmed a “hold” rating and set a $18.00 target price on shares of Conduent in a research note on Friday, July 28th. Citigroup Inc. reaffirmed a “buy” rating and set a $25.00 target price (up previously from $17.00) on shares of Conduent in a research note on Friday, June 9th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Conduent currently has an average rating of “Hold” and a consensus target price of $18.00.
Shares of Conduent (CNDT) traded up 1.72% on Wednesday, reaching $17.11. The company had a trading volume of 1,947,589 shares. The company’s market capitalization is $3.58 billion. The stock has a 50 day moving average price of $16.35 and a 200-day moving average price of $16.15. Conduent has a 12 month low of $13.10 and a 12 month high of $18.15.
Conduent (NASDAQ:CNDT) last announced its earnings results on Wednesday, August 9th. The company reported $0.16 earnings per share for the quarter, meeting the consensus estimate of $0.16. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.50 billion. Conduent had a negative return on equity of 1.22% and a negative net margin of 0.64%. The firm’s revenue for the quarter was down 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 EPS. Analysts forecast that Conduent will post $0.76 EPS for the current fiscal year.
In other news, EVP David Amoriell sold 3,889 shares of Conduent stock in a transaction on Friday, May 19th. The stock was sold at an average price of $16.66, for a total transaction of $64,790.74. Following the transaction, the executive vice president now directly owns 120,630 shares in the company, valued at approximately $2,009,695.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Several institutional investors have recently modified their holdings of the stock. Verition Fund Management LLC boosted its position in shares of Conduent by 47.7% in the second quarter. Verition Fund Management LLC now owns 26,353 shares of the company’s stock valued at $420,000 after buying an additional 8,508 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Conduent by 6.6% in the second quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock valued at $135,000 after buying an additional 527 shares during the period. CNH Partners LLC boosted its position in shares of Conduent by 13.6% in the second quarter. CNH Partners LLC now owns 1,260,070 shares of the company’s stock valued at $20,086,000 after buying an additional 151,105 shares during the period. State Street Corp boosted its position in shares of Conduent by 46.6% in the second quarter. State Street Corp now owns 2,511,213 shares of the company’s stock valued at $40,035,000 after buying an additional 798,390 shares during the period. Finally, Prudential PLC boosted its position in shares of Conduent by 396.1% in the second quarter. Prudential PLC now owns 474,129 shares of the company’s stock valued at $7,558,000 after buying an additional 378,551 shares during the period.
Conduent Company Profile
Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).
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