Needham & Company LLC Trims Alight (NYSE:ALIT) Target Price to $11.00

Alight (NYSE:ALIT) had its price objective reduced by research analysts at Needham & Company LLC from $13.00 to $11.00 in a report released on Thursday, Stock Target Advisor reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target points to a potential upside of 41.30% from the stock’s current price.

ALIT has been the subject of several other reports. Canaccord Genuity Group boosted their price target on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Wedbush reiterated an “outperform” rating and set a $14.00 target price on shares of Alight in a research report on Thursday, April 25th. Finally, UBS Group raised their price target on Alight from $12.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, March 21st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $12.43.

Alight Stock Performance

Shares of NYSE ALIT opened at $7.79 on Thursday. Alight has a one year low of $6.33 and a one year high of $10.38. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.27 and a quick ratio of 1.27. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of -14.15, a P/E/G ratio of 1.81 and a beta of 0.94. The stock’s fifty day moving average price is $9.24 and its two-hundred day moving average price is $8.57.

Alight (NYSE:ALIT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $960.00 million for the quarter, compared to analyst estimates of $1.03 billion. Alight had a negative net margin of 7.80% and a positive return on equity of 5.09%. On average, equities analysts forecast that Alight will post 0.5 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Stephan Scholl sold 83,016 shares of Alight stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the sale, the chief executive officer now directly owns 8,115,183 shares of the company’s stock, valued at $771,753,903.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Katie J. Rooney sold 26,164 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $8.95, for a total transaction of $234,167.80. Following the completion of the sale, the insider now owns 2,963,694 shares of the company’s stock, valued at approximately $26,525,061.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Stephan Scholl sold 83,016 shares of the business’s stock in a transaction on Monday, April 8th. The shares were sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the transaction, the chief executive officer now owns 8,115,183 shares in the company, valued at approximately $771,753,903.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 543,029 shares of company stock valued at $12,385,217. 3.66% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Alight

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in shares of Alight in the 3rd quarter valued at about $258,000. Bank of New York Mellon Corp raised its position in shares of Alight by 5.9% during the third quarter. Bank of New York Mellon Corp now owns 1,760,507 shares of the company’s stock worth $12,482,000 after purchasing an additional 97,751 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Alight by 41.9% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 55,185 shares of the company’s stock worth $391,000 after purchasing an additional 16,294 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Alight by 6.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 177,348 shares of the company’s stock valued at $1,257,000 after purchasing an additional 10,829 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in Alight by 86.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 12,182 shares of the company’s stock valued at $86,000 after purchasing an additional 5,661 shares in the last quarter. 96.74% of the stock is owned by institutional investors.

About Alight

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.