Zacks Investment Research upgraded shares of CGI Group, Inc. (NYSE:GIB) (TSE:GIB.A) from a hold rating to a buy rating in a research note published on Wednesday. The brokerage currently has $58.00 price objective 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. Barclays PLC reissued an overweight rating and set a $60.00 price objective (up previously from $55.00) on shares of CGI Group in a research report on Wednesday, August 9th. BidaskClub downgraded shares of CGI Group from a buy rating to a hold rating in a research report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $64.00.

CGI Group (GIB) opened at 52.39 on Wednesday. CGI Group has a one year low of $45.73 and a one year high of $53.65. The firm’s 50-day moving average price is $51.20 and its 200 day moving average price is $49.97. The company has a market capitalization of $15.47 billion, a price-to-earnings ratio of 17.69 and a beta of 0.92.

CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its earnings results on Wednesday, August 2nd. The technology company reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.01). CGI Group had a return on equity of 17.10% and a net margin of 10.18%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same period last year, the firm posted $0.89 EPS. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. On average, equities research analysts expect that CGI Group will post $2.92 earnings per share for the current fiscal year.

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A number of institutional investors have recently modified their holdings of GIB. FMR LLC boosted its holdings in CGI Group by 6.9% in the 2nd quarter. FMR LLC now owns 21,735,317 shares of the technology company’s stock worth $1,110,566,000 after buying an additional 1,400,049 shares during the period. Jarislowsky Fraser Ltd lifted its stake in CGI Group by 23.3% in the 2nd quarter. Jarislowsky Fraser Ltd now owns 6,911,433 shares of the technology company’s stock worth $352,623,000 after purchasing an additional 1,304,144 shares in the last quarter. CIBC Asset Management Inc lifted its stake in CGI Group by 37.0% in the 2nd quarter. CIBC Asset Management Inc now owns 2,036,861 shares of the technology company’s stock worth $103,953,000 after purchasing an additional 550,382 shares in the last quarter. Sentry Investments Corp. lifted its stake in CGI Group by 31.5% in the 2nd quarter. Sentry Investments Corp. now owns 1,619,900 shares of the technology company’s stock worth $107,335,000 after purchasing an additional 388,500 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in CGI Group by 5.8% in the 2nd quarter. Vanguard Group Inc. now owns 5,605,314 shares of the technology company’s stock worth $289,794,000 after purchasing an additional 306,352 shares in the last quarter. 70.69% of the stock is owned by institutional investors.

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.

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Analyst Recommendations for CGI Group (NYSE:GIB)

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