Stifel Canada Has Pessimistic Outlook of CGI FY2024 Earnings

CGI Inc. (NYSE:GIB) (TSE:GIB.A) – Stifel Canada dropped their FY2024 earnings estimates for CGI in a research report issued to clients and investors on Wednesday, October 30th. Stifel Canada analyst S. Sukumar now expects that the technology company will post earnings of $5.58 per share for the year, down from their prior estimate of $5.62. The consensus estimate for CGI’s current full-year earnings is $5.55 per share. Stifel Canada also issued estimates for CGI’s Q4 2024 earnings at $1.40 EPS.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings results on Wednesday, July 31st. The technology company reported $1.40 EPS for the quarter, hitting analysts’ consensus estimates of $1.40. CGI had a return on equity of 20.21% and a net margin of 11.51%. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion.

A number of other brokerages have also weighed in on GIB. Cibc World Mkts upgraded CGI from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 15th. UBS Group assumed coverage on CGI in a research note on Friday, July 19th. They issued a “neutral” rating and a $112.00 price objective for the company. Sanford C. Bernstein upgraded shares of CGI to a “strong-buy” rating in a report on Thursday, August 1st. Jefferies Financial Group boosted their target price on shares of CGI from $120.00 to $121.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Finally, CIBC raised shares of CGI from a “neutral” rating to an “outperformer” rating and raised their price target for the company from $155.00 to $178.00 in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, CGI currently has an average rating of “Buy” and a consensus target price of $137.00.

CGI Stock Performance

Shares of CGI stock opened at $111.51 on Friday. The company’s 50 day moving average price is $113.86 and its two-hundred day moving average price is $107.38. The firm has a market capitalization of $25.41 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.38 and a beta of 0.95. CGI has a fifty-two week low of $96.92 and a fifty-two week high of $118.89. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.16 and a quick ratio of 0.86.

Institutional Investors Weigh In On CGI

A number of institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its stake in CGI by 288.2% during the third quarter. Blue Trust Inc. now owns 788 shares of the technology company’s stock worth $91,000 after buying an additional 585 shares during the last quarter. CWM LLC raised its position in shares of CGI by 14.8% in the 3rd quarter. CWM LLC now owns 1,365 shares of the technology company’s stock worth $157,000 after acquiring an additional 176 shares in the last quarter. Werba Rubin Papier Wealth Management acquired a new position in shares of CGI in the 3rd quarter valued at about $208,000. Atria Investments Inc acquired a new position in shares of CGI in the 3rd quarter valued at about $218,000. Finally, Tidal Investments LLC acquired a new stake in CGI during the first quarter worth approximately $226,000. 66.68% of the stock is owned by institutional investors.

CGI Company 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.