Conduent (NASDAQ:CNDT) Shares Gap Up to $3.06

Shares of Conduent Incorporated (NASDAQ:CNDT) gapped up before the market opened on Monday . The stock had previously closed at $3.06, but opened at $3.22. Conduent shares last traded at $3.16, with a volume of 683,642 shares traded.

Analysts Set New Price Targets

CNDT has been the topic of a number of analyst reports. Noble Financial assumed coverage on Conduent in a research note on Thursday, March 14th. They issued an “outperform” rating and a $9.00 price target on the stock. StockNews.com lowered shares of Conduent from a “buy” rating to a “hold” rating in a research report on Wednesday, March 6th.

Conduent Stock Performance

The stock’s fifty day simple moving average is $3.28 and its 200-day simple moving average is $3.29. The company has a quick ratio of 1.91, a current ratio of 1.91 and a debt-to-equity ratio of 1.97. The company has a market capitalization of $657.23 million, a PE ratio of -2.25 and a beta of 1.59.

Conduent (NASDAQ:CNDT) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The company had revenue of $953.00 million during the quarter, compared to analyst estimates of $930.00 million. Conduent’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.01 EPS. On average, research analysts predict that Conduent Incorporated will post 1.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Conduent

Several institutional investors and hedge funds have recently made changes to their positions in CNDT. SG Americas Securities LLC raised its position in Conduent by 252.4% during the third quarter. SG Americas Securities LLC now owns 55,524 shares of the company’s stock worth $193,000 after acquiring an additional 39,770 shares during the last quarter. Bailard Inc. raised its position in shares of Conduent by 35.9% during the 3rd quarter. Bailard Inc. now owns 105,045 shares of the company’s stock worth $366,000 after purchasing an additional 27,745 shares during the last quarter. Panagora Asset Management Inc. lifted its stake in Conduent by 91.5% in the 3rd quarter. Panagora Asset Management Inc. now owns 405,984 shares of the company’s stock valued at $1,413,000 after buying an additional 193,941 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Conduent by 39.2% during the 3rd quarter. Principal Financial Group Inc. now owns 25,470 shares of the company’s stock valued at $89,000 after buying an additional 7,174 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Conduent by 155.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 310,555 shares of the company’s stock valued at $1,081,000 after buying an additional 188,753 shares during the last quarter. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

About Conduent

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.