CGI Group (GIB) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of CGI Group (NYSE:GIB) (TSE:GIB.A) from a hold rating to a buy rating in a report issued on Tuesday morning. They currently have $59.00 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. “
Several other brokerages have also issued reports on GIB. Scotiabank boosted their price objective on shares of CGI Group from $71.00 to $72.00 and gave the company an outperform rating in a report on Thursday, November 9th. Royal Bank of Canada restated an outperform rating and issued a $85.00 price objective (up from $75.00) on shares of CGI Group in a report on Thursday, November 9th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has an average rating of Buy and a consensus target price of $69.00.
CGI Group (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings results on Wednesday, November 8th. The technology company reported $0.74 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.01). CGI Group had a return on equity of 17.51% and a net margin of 9.52%. research analysts expect that CGI Group will post 3.15 earnings per share for the current year.
Institutional investors and hedge funds have recently modified their holdings of the stock. Advisor Group Inc. raised its holdings in CGI Group by 21.2% in the 2nd quarter. Advisor Group Inc. now owns 2,172 shares of the technology company’s stock valued at $111,000 after buying an additional 380 shares during the period. Worth Venture Partners LLC purchased a new stake in CGI Group in the 2nd quarter valued at about $221,000. GHP Investment Advisors Inc. purchased a new stake in CGI Group in the 3rd quarter valued at about $240,000. Dynamic Technology Lab Private Ltd purchased a new stake in CGI Group in the 3rd quarter valued at about $318,000. Finally, Quantbot Technologies LP purchased a new stake in CGI Group in the 3rd quarter valued at about $356,000. Hedge funds and other institutional investors own 66.55% of the company’s stock.
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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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