Conduent (CNDT) Upgraded to Buy by Zacks Investment Research

Conduent (NYSE:CNDT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $18.00 target price on the stock. Zacks Investment Research‘s target price points to a potential upside of 14.80% from the company’s previous close.

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. “

CNDT has been the subject of a number of other research reports. Cross Research raised Conduent from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. BidaskClub downgraded Conduent from a “sell” rating to a “strong sell” rating in a report on Wednesday, October 18th. BMO Capital Markets reduced their target price on Conduent from $18.00 to $17.00 and set a “market perform” rating for the company in a report on Thursday, November 9th. Finally, SunTrust Banks reissued a “buy” rating and issued a $20.00 target price on shares of Conduent in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. Conduent presently has a consensus rating of “Hold” and a consensus price target of $19.60.

Shares of Conduent (NYSE:CNDT) traded down $0.58 during midday trading on Thursday, hitting $15.68. The company had a trading volume of 4,554,955 shares, compared to its average volume of 2,422,154. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.60. Conduent has a 52-week low of $14.11 and a 52-week high of $18.15. The firm has a market capitalization of $3,387.07 and a P/E ratio of -3.23.

Conduent (NYSE:CNDT) last issued its quarterly earnings results on Wednesday, November 8th. The company reported $0.22 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.01. Conduent had a positive return on equity of 5.45% and a negative net margin of 16.18%. The firm had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $1.50 billion. During the same period last year, the company earned $0.24 earnings per share. The company’s revenue for the quarter was down 7.3% on a year-over-year basis. research analysts expect that Conduent will post 0.81 EPS for the current year.

A number of institutional investors have recently added to or reduced their stakes in CNDT. The Manufacturers Life Insurance Company raised its stake in shares of Conduent by 6.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock worth $135,000 after buying an additional 527 shares during the last quarter. First Allied Advisory Services Inc. acquired a new position in shares of Conduent during the 3rd quarter worth $149,000. Advisory Services Network LLC raised its stake in shares of Conduent by 173.9% during the 2nd quarter. Advisory Services Network LLC now owns 10,913 shares of the company’s stock worth $174,000 after buying an additional 6,929 shares during the last quarter. Financial Consulate Inc. acquired a new position in shares of Conduent during the 4th quarter worth $181,000. Finally, QS Investors LLC raised its stake in shares of Conduent by 149.8% during the 2nd quarter. QS Investors LLC now owns 12,460 shares of the company’s stock worth $199,000 after buying an additional 7,472 shares during the last quarter. 89.39% of the stock is owned by institutional investors.

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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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