Conduent Inc (NASDAQ:CNDT) was downgraded by research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report released on Thursday.
A number of other brokerages have also recently commented on CNDT. Citigroup Inc. reiterated a “buy” rating and issued a $25.00 price target (up from $17.00) on shares of Conduent in a research note on Friday, June 9th. Needham & Company LLC started coverage on Conduent in a research note on Wednesday, September 13th. They issued a “hold” rating for the company. Zacks Investment Research cut Conduent from a “buy” rating to a “hold” rating in a research note on Wednesday, August 16th. Finally, Cowen and Company reiterated a “hold” rating and issued a $18.00 price target on shares of Conduent in a research note on Friday, July 28th. One analyst has rated the stock with a sell rating, seven have given 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.
Conduent (NASDAQ:CNDT) traded down 0.13% during midday trading on Thursday, hitting $15.55. The stock had a trading volume of 4,202,880 shares. The stock’s market cap is $3.27 billion. Conduent has a 1-year low of $13.10 and a 1-year high of $17.12. The company has a 50-day moving average of $16.00 and a 200-day moving average of $16.00.
Conduent (NASDAQ:CNDT) last announced its quarterly earnings results on Wednesday, August 9th. The company reported $0.16 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.16. Conduent had a negative return on equity of 0.48% and a negative net margin of 0.27%. The company had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.50 billion. During the same period in the prior year, the company earned $0.30 EPS. Conduent’s revenue was down 7.3% compared to the same quarter last year. Equities research analysts forecast that Conduent will post $0.76 EPS for the current year.
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In related news, EVP David Amoriell sold 106,500 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $17.01, for a total value of $1,811,565.00. Following the completion of the sale, the executive vice president now directly owns 120,630 shares in the company, valued at $2,051,916.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in Conduent by 3.4% in the second quarter. Vanguard Group Inc. now owns 15,756,920 shares of the company’s stock valued at $251,165,000 after purchasing an additional 520,764 shares during the period. Frontier Capital Management Co. LLC increased its holdings in Conduent by 33.9% in the second quarter. Frontier Capital Management Co. LLC now owns 8,926,287 shares of the company’s stock valued at $142,285,000 after purchasing an additional 2,261,783 shares during the period. Lord Abbett & CO. LLC increased its holdings in Conduent by 43.4% in the second quarter. Lord Abbett & CO. LLC now owns 5,974,165 shares of the company’s stock valued at $95,228,000 after purchasing an additional 1,806,896 shares during the period. Dimensional Fund Advisors LP increased its holdings in Conduent by 24.6% in the second quarter. Dimensional Fund Advisors LP now owns 3,258,812 shares of the company’s stock valued at $51,945,000 after purchasing an additional 642,917 shares during the period. Finally, Marshall Wace North America L.P. increased its holdings in Conduent by 2.7% in the second quarter. Marshall Wace North America L.P. now owns 2,869,258 shares of the company’s stock valued at $45,909,000 after purchasing an additional 76,757 shares during the period.
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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