Zacks Investment Research upgraded shares of CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) from a hold rating to a strong-buy rating in a research note issued to investors on Friday. Zacks Investment Research currently has $60.00 price target on the technology company’s stock.

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. “

A number of other equities research analysts also recently issued reports on GIB. BidaskClub raised shares of CGI Group from a hold rating to a buy rating in a research note on Thursday, June 29th. Beacon Securities reissued 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 assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $57.60.

CGI Group (NYSE:GIB) traded up 0.48% during trading on Friday, hitting $52.65. 112,875 shares of the company traded hands. The stock has a market capitalization of $15.60 billion, a PE ratio of 18.69 and a beta of 0.92. The company’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 released its quarterly earnings results on Wednesday, May 3rd. The technology company reported $0.68 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.01. The business had revenue of $2.72 billion for the quarter, compared to analysts’ expectations of $2.74 billion. CGI Group had a net margin of 10.31% and a return on equity of 17.38%. CGI Group’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.86 EPS. Analysts predict that CGI Group will post $2.95 earnings per share for the current year.

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Several large investors have recently made changes to their positions in GIB. Jarislowsky Fraser Ltd boosted its position in CGI Group by 23.3% in the second quarter. Jarislowsky Fraser Ltd now owns 6,911,433 shares of the technology company’s stock worth $352,623,000 after buying an additional 1,304,144 shares during the last quarter. Renaissance Technologies LLC boosted its position in CGI Group by 470.6% in the first quarter. Renaissance Technologies LLC now owns 248,800 shares of the technology company’s stock worth $11,929,000 after buying an additional 205,200 shares during the last quarter. AGF Investments Inc. boosted its position in CGI Group by 28.6% in the first quarter. AGF Investments Inc. now owns 917,379 shares of the technology company’s stock worth $43,905,000 after buying an additional 203,800 shares during the last quarter. Cumberland Partners Ltd bought a new position in CGI Group during the first quarter worth approximately $8,914,000. Finally, Morgan Stanley boosted its position in CGI Group by 38.4% in the first quarter. Morgan Stanley now owns 596,523 shares of the technology company’s stock worth $28,592,000 after buying an additional 165,506 shares during the last quarter. 62.90% of the stock is currently owned by institutional investors and hedge funds.

CGI Group Company Profile

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.

Analyst Recommendations for CGI Group (NYSE:GIB)

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