CGI Inc. (NYSE:GIB) Short Interest Down 6.1% in August

CGI Inc. (NYSE:GIB) (TSE:GIB.A) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 1,390,000 shares, a drop of 6.1% from the August 15th total of 1,480,000 shares. Approximately 0.7% of the shares of the company are short sold. Based on an average daily trading volume, of 152,600 shares, the days-to-cover ratio is currently 9.1 days.

Institutional Investors Weigh In On CGI

Several hedge funds have recently modified their holdings of the stock. Assetmark Inc. raised its position in CGI by 6,175.4% during the 4th quarter. Assetmark Inc. now owns 3,577 shares of the technology company’s stock worth $383,000 after buying an additional 3,520 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in CGI by 54.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 735,174 shares of the technology company’s stock valued at $78,818,000 after purchasing an additional 258,651 shares during the period. Trexquant Investment LP acquired a new stake in CGI in the fourth quarter valued at about $954,000. Intech Investment Management LLC purchased a new stake in CGI in the 1st quarter valued at approximately $5,529,000. Finally, Henry James International Management Inc. increased its position in CGI by 7.2% during the 1st quarter. Henry James International Management Inc. now owns 82,029 shares of the technology company’s stock worth $9,063,000 after purchasing an additional 5,517 shares during the period. 66.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on GIB. UBS Group began coverage on shares of CGI in a research report on Friday, July 19th. They set a “neutral” rating and a $112.00 price target for the company. Sanford C. Bernstein upgraded CGI to a “strong-buy” rating in a research report on Thursday, August 1st. CIBC cut CGI from a “sector outperform” rating to a “neutral” rating in a research note on Friday, June 21st. Finally, Jefferies Financial Group raised their target price on shares of CGI from $120.00 to $121.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $132.67.

CGI Price Performance

Shares of GIB opened at $112.84 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.86 and a current ratio of 1.16. CGI has a fifty-two week low of $93.07 and a fifty-two week high of $118.89. The firm has a 50-day simple moving average of $109.63 and a 200-day simple moving average of $106.80. The company has a market capitalization of $26.04 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth ratio of 2.67 and a beta of 0.95.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its quarterly earnings data on Wednesday, July 31st. The technology company reported $1.40 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.40. The company had revenue of $2.68 billion during the quarter, compared to analysts’ expectations of $2.67 billion. CGI had a return on equity of 20.21% and a net margin of 11.51%. On average, equities research analysts anticipate that CGI will post 5.52 earnings per share for the current year.

About CGI

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.