Forsta AP Fonden Boosts Stock Position in CGI Inc. (NYSE:GIB)

Forsta AP Fonden boosted its holdings in CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 4.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 46,500 shares of the technology company’s stock after purchasing an additional 1,900 shares during the period. Forsta AP Fonden’s holdings in CGI were worth $5,356,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its position in CGI by 0.8% in the first quarter. Vanguard Group Inc. now owns 7,603,481 shares of the technology company’s stock worth $840,109,000 after purchasing an additional 64,037 shares during the last quarter. Fiera Capital Corp raised its stake in shares of CGI by 1.9% in the second quarter. Fiera Capital Corp now owns 4,269,775 shares of the technology company’s stock valued at $426,353,000 after buying an additional 79,303 shares during the period. TD Asset Management Inc raised its stake in shares of CGI by 2.0% in the second quarter. TD Asset Management Inc now owns 2,203,320 shares of the technology company’s stock valued at $219,873,000 after buying an additional 43,355 shares during the period. Cibc World Market Inc. raised its stake in shares of CGI by 6.2% in the second quarter. Cibc World Market Inc. now owns 1,803,131 shares of the technology company’s stock valued at $180,025,000 after buying an additional 105,817 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of CGI by 3,776.8% in the first quarter. Janus Henderson Group PLC now owns 699,798 shares of the technology company’s stock valued at $77,381,000 after buying an additional 681,747 shares during the period. Hedge funds and other institutional investors own 66.68% of the company’s stock.

CGI Trading Up 0.7 %

Shares of GIB stock opened at $113.92 on Tuesday. The stock has a market capitalization of $26.29 billion, a PE ratio of 21.95, a P/E/G ratio of 2.41 and a beta of 0.95. CGI Inc. has a 1-year low of $93.57 and a 1-year high of $118.89. The business has a 50-day moving average of $113.64 and a 200 day moving average of $107.19. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.16 and a quick ratio of 0.86.

CGI (NYSE:GIB) (TSE:GIB.A) last issued its earnings results on Wednesday, July 31st. The technology company reported $1.40 earnings per share for the quarter, meeting the consensus estimate 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%. As a group, sell-side analysts anticipate that CGI Inc. will post 5.55 earnings per share for the current year.

Wall Street Analyst Weigh In

GIB has been the topic of a number of analyst reports. Jefferies Financial Group boosted their price objective on CGI from $120.00 to $121.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. UBS Group started coverage on CGI in a research note on Friday, July 19th. They set a “neutral” rating and a $112.00 price objective on the stock. Sanford C. Bernstein upgraded CGI to a “strong-buy” rating in a research note on Thursday, August 1st. CIBC upgraded CGI from a “neutral” rating to an “outperformer” rating and upped their target price for the stock from $155.00 to $178.00 in a research note on Tuesday, October 15th. Finally, Cibc World Mkts upgraded CGI from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, CGI currently has a consensus rating of “Buy” and a consensus price target of $137.00.

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.