Zacks Investment Research Upgrades CGI (NYSE:GIB) to “Buy”

Zacks Investment Research upgraded shares of CGI (NYSE:GIB) (TSE:GIB.A) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $86.00 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 analysts have also recently weighed in on GIB. CIBC cut shares of CGI from a sector outperform rating to a neutral rating in a report on Thursday, April 25th. Bank of America initiated coverage on shares of CGI in a report on Thursday, May 23rd. They set a buy rating and a $83.00 target price for the company. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $83.00.

CGI stock opened at $76.62 on Tuesday. The company has a quick ratio of 0.82, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $21.01 billion, a PE ratio of 23.87, a P/E/G ratio of 2.32 and a beta of 0.54. CGI has a 12-month low of $57.35 and a 12-month high of $78.05.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings data on Wednesday, May 1st. The technology company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.28. The business had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.06 billion. CGI had a net margin of 10.29% and a return on equity of 18.34%. The business’s revenue was up 4.0% on a year-over-year basis. During the same period last year, the firm posted $1.04 earnings per share. As a group, sell-side analysts anticipate that CGI will post 3.56 EPS for the current fiscal year.

Large investors have recently modified their holdings of the stock. Hsbc Holdings PLC boosted its holdings in CGI by 53.7% during the fourth quarter. Hsbc Holdings PLC now owns 124,288 shares of the technology company’s stock worth $7,587,000 after buying an additional 43,440 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in CGI during the first quarter worth approximately $3,129,000. Vanguard Group Inc boosted its holdings in CGI by 2.5% during the third quarter. Vanguard Group Inc now owns 6,414,435 shares of the technology company’s stock worth $413,603,000 after buying an additional 156,379 shares in the last quarter. Csenge Advisory Group lifted its position in shares of CGI by 9.7% in the 1st quarter. Csenge Advisory Group now owns 3,713 shares of the technology company’s stock valued at $255,000 after acquiring an additional 327 shares in the last quarter. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp lifted its position in shares of CGI by 15.2% in the 4th quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 1,714,100 shares of the technology company’s stock valued at $143,127,000 after acquiring an additional 225,600 shares in the last quarter. Hedge funds and other institutional investors own 56.76% of the company’s stock.

CGI Company Profile

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services in Canada, Northern Europe, France, the United States, the United Kingdom, Europe, and the Asia Pacific. Its services include the management of IT and business outsourcing, systems integration and consulting, and software solutions selling activities.

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