Conduent (CNDT) Rating Increased to Hold at Zacks Investment Research

Conduent (NYSE:CNDT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Conduent Incorporated is a business process services company. It engaged in providing business and government services to citizens, patients, customers and employees. The services rendered by the company include healthcare solutions, BPO services, learning services, digital payments, legal and compliance solutions, human resources, finance and accounting, procurement solutions and digital transformation. The company serves aerospace defence and automotive services, banking, communication and media, healthcare, industrial and energy, insurance, retail and consumer products and transportation industries. Conduent Incorporated is based in Basking Ridge, N.J. “

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley increased their price objective on shares of Conduent from $20.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday. BMO Capital Markets increased their price objective on shares of Conduent from $19.00 to $22.00 and gave the stock a “market perform” rating in a research report on Friday, April 27th. Susquehanna Bancshares assumed coverage on shares of Conduent in a research report on Wednesday, March 7th. They set a “positive” rating and a $23.00 price objective for the company. Needham & Company LLC upgraded shares of Conduent from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Tuesday, March 6th. Finally, Cowen reiterated a “hold” rating on shares of Conduent in a research report on Tuesday, February 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $21.71.

Shares of CNDT traded up $0.08 during trading hours on Thursday, hitting $20.83. 1,066,600 shares of the stock were exchanged, compared to its average volume of 2,026,490. Conduent has a fifty-two week low of $14.95 and a fifty-two week high of $21.06. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 0.56. The stock has a market cap of $4.35 billion, a PE ratio of 24.51 and a beta of -0.74.

Conduent (NYSE:CNDT) last posted its quarterly earnings data on Wednesday, May 9th. The company reported $0.22 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.22. Conduent had a net margin of 2.33% and a return on equity of 5.79%. The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the company posted $0.16 earnings per share. Conduent’s revenue for the quarter was down 8.6% compared to the same quarter last year. sell-side analysts anticipate that Conduent will post 1.01 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. W.G. Shaheen & Associates DBA Whitney & Co bought a new position in Conduent during the first quarter worth $121,000. Element Capital Management LLC bought a new position in Conduent during the first quarter worth $212,000. First Allied Advisory Services Inc. boosted its stake in Conduent by 26.8% during the first quarter. First Allied Advisory Services Inc. now owns 14,475 shares of the company’s stock worth $270,000 after acquiring an additional 3,063 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its stake in Conduent by 61.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 16,147 shares of the company’s stock worth $301,000 after acquiring an additional 6,139 shares in the last quarter. Finally, Xact Kapitalforvaltning AB bought a new position in Conduent during the fourth quarter worth $265,000. 92.46% of the stock is currently owned by institutional investors and hedge funds.

About Conduent

Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and internationally. It operates in two segments, Commercial Industries and Public Sector. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.

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