Conduent Inc (CNDT) Price Target Cut to $17.00
Conduent Inc (NASDAQ:CNDT) had its target price lowered by BMO Capital Markets from $18.00 to $17.00 in a report published on Thursday morning. The brokerage currently has a market perform rating on the stock.
A number of other brokerages have also recently commented on CNDT. Zacks Investment Research cut Conduent from a buy rating to a hold rating in a report on Wednesday, August 16th. Cowen and Company reaffirmed a hold rating and issued a $18.00 target price on shares of Conduent in a report on Friday, July 28th. BidaskClub raised Conduent from a strong sell rating to a sell rating in a report on Thursday. Needham & Company LLC began coverage on Conduent in a report on Wednesday, September 13th. They issued a hold rating on the stock. Finally, Cross Research raised Conduent from a hold rating to a buy rating in a report on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $18.43.
Conduent (CNDT) traded up $0.15 during midday trading on Thursday, hitting $15.96. The stock had a trading volume of 1,633,758 shares, compared to its average volume of 2,520,000. Conduent has a 12-month low of $13.10 and a 12-month high of $18.15.
Conduent (NASDAQ:CNDT) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. The firm had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Conduent had a negative return on equity of 0.48% and a negative net margin of 0.27%. The company’s revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS.
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In other Conduent news, EVP David Amoriell sold 106,500 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $17.01, for a total value of $1,811,565.00. Following the completion of the sale, the executive vice president now owns 120,630 shares in the company, valued at approximately $2,051,916.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its stake in Conduent by 6.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,463 shares of the company’s stock worth $135,000 after buying an additional 527 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Conduent by 213.2% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 8,882 shares of the company’s stock worth $142,000 after buying an additional 6,046 shares in the last quarter. Pacad Investment Ltd. purchased a new stake in Conduent in the 2nd quarter worth $161,000. Stevens Capital Management LP purchased a new stake in Conduent in the 2nd quarter worth $161,000. Finally, Advisory Services Network LLC increased its stake in Conduent by 173.9% in the 2nd quarter. Advisory Services Network LLC now owns 10,913 shares of the company’s stock worth $174,000 after buying an additional 6,929 shares in the last quarter.
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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