CGI (NYSE:GIB) Rating Lowered to Underperform at Bank of America

Bank of America lowered shares of CGI (NYSE:GIB) (TSE:GIB.A) from a buy rating to an underperform rating in a report issued on Tuesday morning, Price Targets.com reports. They currently have $95.00 price target on the technology company’s stock, up from their previous price target of $93.00.

A number of other research firms have also weighed in on GIB. Royal Bank of Canada boosted their target price on shares of CGI from C$120.00 to C$125.00 and gave the stock an outperform rating in a research report on Thursday, July 29th. National Bank Financial upped their price objective on shares of CGI from C$120.00 to C$135.00 and gave the stock an outperform rating in a research note on Thursday, July 22nd. Canaccord Genuity increased their price target on shares of CGI from C$120.00 to C$125.00 and gave the company a buy rating in a research note on Thursday, July 29th. Scotiabank increased their price objective on shares of CGI from C$124.00 to C$130.00 and gave the company an outperform rating in a report on Thursday, July 29th. Finally, Zacks Investment Research upgraded shares of CGI from a sell rating to a hold rating in a report on Monday, July 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, CGI currently has a consensus rating of Buy and an average target price of $118.17.

Shares of NYSE:GIB opened at $89.53 on Tuesday. CGI has a 12 month low of $60.58 and a 12 month high of $93.06. The stock has a market cap of $22.20 billion, a price-to-earnings ratio of 22.96, a PEG ratio of 2.59 and a beta of 1.03. The stock’s 50 day moving average price is $90.21 and its 200 day moving average price is $87.86. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.09 and a quick ratio of 0.83.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings data on Tuesday, July 27th. The technology company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.29. CGI had a net margin of 10.61% and a return on equity of 19.58%. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.46 billion. On average, sell-side analysts expect that CGI will post 4.29 EPS for the current year.

Institutional investors have recently modified their holdings of the company. FIL Ltd lifted its position in CGI by 6.3% during the first quarter. FIL Ltd now owns 8,292,065 shares of the technology company’s stock valued at $690,709,000 after buying an additional 493,873 shares during the period. Bank of Montreal Can raised its position in CGI by 19.4% in the 2nd quarter. Bank of Montreal Can now owns 4,992,664 shares of the technology company’s stock worth $459,076,000 after buying an additional 811,595 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of CGI by 1.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,872,956 shares of the technology company’s stock valued at $350,890,000 after purchasing an additional 42,658 shares during the period. FMR LLC grew its stake in shares of CGI by 101.9% during the 2nd quarter. FMR LLC now owns 3,820,670 shares of the technology company’s stock valued at $346,407,000 after acquiring an additional 1,927,984 shares during the period. Finally, Fiera Capital Corp grew its stake in shares of CGI by 5.1% during the 2nd quarter. Fiera Capital Corp now owns 3,015,589 shares of the technology company’s stock valued at $189,427,000 after acquiring an additional 146,169 shares during the period. Hedge funds and other institutional investors own 51.93% of the company’s stock.

About CGI

CGI, Inc engages in the provision of information technology (IT) and consulting services. It operates through the following segments: Northern Europe, Canada, France, U.S. Commercial and State Government, U.S. Federal, U.K., Eastern, Central and Southern Europe (ECS) and Asia Pacific Global Delivery Centers of Excellence (APC).

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Analyst Recommendations for CGI (NYSE:GIB)

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