Conduent (NYSE:CNDT) Given a $8.00 Price Target by Cowen Analysts

Conduent (NYSE:CNDT) has been assigned a $8.00 price objective by equities research analysts at Cowen in a research report issued on Friday, TipRanks reports. The firm currently has a “hold” rating on the stock. Cowen’s price target indicates a potential upside of 19.40% from the stock’s previous close.

CNDT has been the topic of a number of other reports. Needham & Company LLC lowered their target price on shares of Conduent from $25.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Conduent from a “buy” rating to a “hold” rating in a report on Tuesday, July 30th. Cross Research downgraded shares of Conduent from a “buy” rating to a “hold” rating in a report on Wednesday, May 8th. Citigroup downgraded shares of Conduent from a “buy” rating to a “neutral” rating and set a $9.50 price objective on the stock. in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. upgraded shares of Conduent from a “neutral” rating to an “overweight” rating and set a $8.00 price objective on the stock in a report on Friday. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $12.69.

CNDT traded up $0.32 during trading on Friday, reaching $6.70. 5,321,166 shares of the stock were exchanged, compared to its average volume of 2,178,472. The company has a market cap of $1.34 billion, a PE ratio of 6.38 and a beta of 1.69. Conduent has a twelve month low of $5.26 and a twelve month high of $23.39. The business’s 50 day moving average price is $9.14. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.28 and a current ratio of 1.28.

Conduent (NYSE:CNDT) last issued its earnings results on Thursday, August 8th. The company reported $0.13 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.04). The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. Conduent had a positive return on equity of 5.71% and a negative net margin of 35.30%. Conduent’s quarterly revenue was down 19.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 earnings per share. On average, equities analysts anticipate that Conduent will post 0.84 EPS for the current year.

In other Conduent news, major shareholder Carl C. Icahn bought 565,424 shares of Conduent stock in a transaction dated Thursday, May 16th. The stock was bought at an average price of $8.85 per share, with a total value of $5,004,002.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Carl C. Icahn bought 211,159 shares of Conduent stock in a transaction dated Wednesday, May 22nd. The stock was acquired at an average cost of $9.00 per share, with a total value of $1,900,431.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 1,383,757 shares of company stock valued at $12,302,210. 0.92% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in CNDT. Parallel Advisors LLC boosted its position in shares of Conduent by 342.5% in the second quarter. Parallel Advisors LLC now owns 2,757 shares of the company’s stock valued at $26,000 after acquiring an additional 2,134 shares during the period. Westside Investment Management Inc. bought a new position in Conduent during the 2nd quarter valued at $50,000. Howe & Rusling Inc. bought a new position in Conduent during the 1st quarter valued at $60,000. Hilton Capital Management LLC bought a new position in Conduent during the 1st quarter valued at $83,000. Finally, Financial Consulate Inc. bought a new position in Conduent during the 2nd quarter valued at $99,000. 88.62% of the stock is owned by institutional investors.

About Conduent

Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States and Europe. It operates through three segments: Commercial Industries, Government Services, and Transportation. The Commercial Industries segment offers business process services and customized solutions to clients in various industries.

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