Zacks Investment Research Upgrades Conduent (CNDT) to Buy

Conduent (NYSE:CNDT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage presently has a $18.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 14.80% from the company’s current price.

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. “

A number of other analysts have also recently issued reports on CNDT. BidaskClub raised Conduent from a “strong sell” rating to a “sell” rating in a report on Thursday, October 12th. Cross Research raised Conduent from a “hold” rating to a “buy” rating in a report on Tuesday, November 7th. BMO Capital Markets dropped their price objective on Conduent from $18.00 to $17.00 and set a “market perform” rating on the stock in a report on Thursday, November 9th. Finally, SunTrust Banks reissued a “buy” rating and set a $20.00 price objective on shares of Conduent in a report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $19.60.

Shares of Conduent (CNDT) traded down $0.58 on Thursday, reaching $15.68. The company had a trading volume of 4,554,955 shares, compared to its average volume of 2,422,154. The stock has a market cap of $3,387.07 and a PE ratio of -3.23. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.74 and a quick ratio of 1.74. Conduent has a twelve month low of $14.11 and a twelve month high of $18.15.

Conduent (NYSE:CNDT) last issued its quarterly earnings data on Wednesday, November 8th. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Conduent had a positive return on equity of 5.45% and a negative net margin of 16.18%. The firm’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.24 EPS. research analysts predict that Conduent will post 0.81 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its holdings in shares of Conduent by 53.6% in the 4th quarter. Wells Fargo & Company MN now owns 2,164,403 shares of the company’s stock valued at $34,977,000 after acquiring an additional 755,706 shares in the last quarter. Governors Lane LP raised its holdings in shares of Conduent by 19.5% in the 4th quarter. Governors Lane LP now owns 6,285,294 shares of the company’s stock valued at $101,570,000 after acquiring an additional 1,023,871 shares in the last quarter. Lapides Asset Management LLC increased its position in shares of Conduent by 56.1% during the 4th quarter. Lapides Asset Management LLC now owns 174,500 shares of the company’s stock valued at $2,820,000 after purchasing an additional 62,700 shares during the last quarter. Barings LLC bought a new position in shares of Conduent during the 4th quarter valued at about $442,000. Finally, P Schoenfeld Asset Management LP increased its position in shares of Conduent by 1.6% during the 4th quarter. P Schoenfeld Asset Management LP now owns 1,258,899 shares of the company’s stock valued at $20,344,000 after purchasing an additional 20,080 shares during the last quarter. 89.39% of the stock is currently owned by hedge funds and other institutional investors.

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Conduent Company Profile

Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).

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