Zacks Investment Research Lowers Conduent (NASDAQ:CNDT) to Sell

Conduent (NASDAQ:CNDTGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday, Zacks.com reports.

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 brokerages also recently weighed in on CNDT. TheStreet downgraded Conduent from a “c-” rating to a “d+” rating in a research note on Wednesday, February 9th. Cowen cut their target price on Conduent from $6.00 to $5.00 in a research note on Thursday, February 17th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.25.

CNDT traded up $0.07 during midday trading on Tuesday, reaching $5.62. 1,218,775 shares of the company were exchanged, compared to its average volume of 2,185,216. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.64 and a current ratio of 1.64. The company’s fifty day moving average price is $4.88 and its 200 day moving average price is $5.43. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -31.22 and a beta of 1.88. Conduent has a one year low of $4.12 and a one year high of $8.50.

Conduent (NASDAQ:CNDTGet Rating) last issued its quarterly earnings data on Wednesday, February 16th. The company reported $0.13 EPS for the quarter, hitting analysts’ consensus estimates of $0.13. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.04 billion. Conduent had a positive return on equity of 13.45% and a negative net margin of 0.68%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 EPS. As a group, sell-side analysts anticipate that Conduent will post 0.36 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. William Blair Investment Management LLC lifted its stake in Conduent by 48,066.0% in the third quarter. William Blair Investment Management LLC now owns 6,991,292 shares of the company’s stock valued at $46,073,000 after purchasing an additional 6,976,777 shares during the last quarter. Nordea Investment Management AB lifted its stake in Conduent by 114.0% in the first quarter. Nordea Investment Management AB now owns 2,898,833 shares of the company’s stock valued at $14,697,000 after purchasing an additional 1,544,375 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Conduent by 218.4% in the third quarter. Goldman Sachs Group Inc. now owns 1,858,918 shares of the company’s stock valued at $12,250,000 after purchasing an additional 1,275,085 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Conduent in the fourth quarter valued at approximately $4,006,000. Finally, Segall Bryant & Hamill LLC lifted its stake in Conduent by 26.0% in the third quarter. Segall Bryant & Hamill LLC now owns 3,399,464 shares of the company’s stock valued at $22,403,000 after purchasing an additional 701,935 shares during the last quarter. Hedge funds and other institutional investors own 78.00% of the company’s stock.

About Conduent (Get Rating)

Conduent Incorporated provides business process services with capabilities in transaction-intensive processing, analytics, and automation in the United States, Europe, and internationally. 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; and end-user customer experience management, transaction processing services, healthcare and human resource, and learning services.

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