Acadian Asset Management LLC Sells 8,400 Shares of CGI Inc. (NYSE:GIB)

Acadian Asset Management LLC decreased its position in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 88.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,100 shares of the technology company’s stock after selling 8,400 shares during the quarter. Acadian Asset Management LLC’s holdings in CGI were worth $108,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in CGI by 0.8% during the first quarter. Vanguard Group Inc. now owns 7,603,481 shares of the technology company’s stock worth $840,109,000 after buying an additional 64,037 shares during the last quarter. Fiera Capital Corp increased its holdings in CGI by 1.9% during the 2nd quarter. Fiera Capital Corp now owns 4,269,775 shares of the technology company’s stock valued at $426,353,000 after purchasing an additional 79,303 shares in the last quarter. TD Asset Management Inc increased its holdings in CGI by 2.0% during the 2nd quarter. TD Asset Management Inc now owns 2,203,320 shares of the technology company’s stock valued at $219,873,000 after purchasing an additional 43,355 shares in the last quarter. Goldman Sachs Group Inc. raised its position in CGI by 54.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 735,174 shares of the technology company’s stock valued at $78,818,000 after purchasing an additional 258,651 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in CGI by 3,776.8% in the first quarter. Janus Henderson Group PLC now owns 699,798 shares of the technology company’s stock worth $77,381,000 after purchasing an additional 681,747 shares in the last quarter. Institutional investors and hedge funds own 66.68% of the company’s stock.

CGI Stock Down 0.9 %

Shares of NYSE GIB opened at $112.76 on Friday. CGI Inc. has a 1 year low of $93.07 and a 1 year high of $118.89. The firm’s 50-day moving average is $109.95 and its 200-day moving average is $106.77. The company has a current ratio of 1.16, a quick ratio of 0.86 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $26.02 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 2.67 and a beta of 0.95.

CGI (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings data on Wednesday, July 31st. The technology company reported $1.40 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.40. The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.67 billion. CGI had a net margin of 11.51% and a return on equity of 20.21%. Equities analysts expect that CGI Inc. will post 5.52 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently issued reports on GIB. Sanford C. Bernstein raised CGI to a “strong-buy” rating in a report on Thursday, August 1st. CIBC lowered shares of CGI from a “sector outperform” rating to a “neutral” rating in a research report on Friday, June 21st. Jefferies Financial Group raised their price target on shares of CGI from $120.00 to $121.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Finally, UBS Group initiated coverage on CGI in a report on Friday, July 19th. They set a “neutral” rating and a $112.00 price objective on the stock. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.67.

CGI Profile

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.