1832 Asset Management L.P. Sells 6,294 Shares of CGI Inc. (NYSE:GIB)

1832 Asset Management L.P. lessened its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,370,271 shares of the technology company’s stock after selling 6,294 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.59% of CGI worth $136,767,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of GIB. Frank Rimerman Advisors LLC acquired a new stake in shares of CGI in the 2nd quarter worth $515,000. Skandinaviska Enskilda Banken AB publ boosted its position in shares of CGI by 12.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 30,967 shares of the technology company’s stock worth $3,091,000 after purchasing an additional 3,404 shares in the last quarter. Promethos Capital LLC boosted its position in shares of CGI by 24.0% in the 2nd quarter. Promethos Capital LLC now owns 84,444 shares of the technology company’s stock worth $8,424,000 after purchasing an additional 16,317 shares in the last quarter. MQS Management LLC acquired a new stake in shares of CGI in the 2nd quarter worth $773,000. Finally, XTX Topco Ltd acquired a new stake in shares of CGI in the 2nd quarter worth $230,000. Institutional investors own 66.68% of the company’s stock.

Analyst Ratings Changes

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

CGI Stock Performance

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

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

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.