Equities Analysts Issue Forecasts for CGI FY2024 Earnings

CGI Inc. (NYSE:GIB) (TSE:GIB.A) – Analysts at Stifel Canada dropped their FY2024 earnings per share (EPS) estimates for CGI in a research note issued to investors on Wednesday, October 30th. Stifel Canada analyst S. Sukumar now expects that the technology company will post earnings of $5.58 per share for the year, down from their previous forecast of $5.62. The consensus estimate for CGI’s current full-year earnings is $5.55 per share. Stifel Canada also issued estimates for CGI’s Q4 2024 earnings at $1.40 EPS.

Other equities analysts have also issued reports about the company. Sanford C. Bernstein raised CGI to a “strong-buy” rating in a report on Thursday, August 1st. Jefferies Financial Group raised their target price on CGI from $120.00 to $121.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Cibc World Mkts raised shares of CGI from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 15th. UBS Group began coverage on shares of CGI in a research report on Friday, July 19th. They issued a “neutral” rating and a $112.00 price objective on the stock. Finally, CIBC raised shares of CGI from a “neutral” rating to an “outperformer” rating and increased their target price for the company from $155.00 to $178.00 in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, CGI has a consensus rating of “Buy” and a consensus target price of $137.00.

CGI Stock Performance

Shares of GIB stock opened at $111.51 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.16 and a quick ratio of 0.86. The firm has a 50-day moving average of $113.86 and a 200-day moving average of $107.38. CGI has a one year low of $96.92 and a one year high of $118.89. The company has a market cap of $25.41 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.38 and a beta of 0.95.

CGI (NYSE:GIB) (TSE:GIB.A) last posted its earnings results on Wednesday, July 31st. The technology company reported $1.40 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.40. The company had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.67 billion. CGI had a return on equity of 20.21% and a net margin of 11.51%.

Hedge Funds Weigh In On CGI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GIB. Blue Trust Inc. lifted its stake in shares of CGI by 288.2% during the 3rd quarter. Blue Trust Inc. now owns 788 shares of the technology company’s stock valued at $91,000 after buying an additional 585 shares in the last quarter. CWM LLC raised its holdings in CGI by 14.8% during the 3rd quarter. CWM LLC now owns 1,365 shares of the technology company’s stock valued at $157,000 after acquiring an additional 176 shares during the period. Werba Rubin Papier Wealth Management purchased a new stake in shares of CGI during the third quarter worth $208,000. Atria Investments Inc bought a new position in shares of CGI in the third quarter worth $218,000. Finally, Tidal Investments LLC purchased a new position in shares of CGI in the first quarter valued at $226,000. Institutional investors own 66.68% of the company’s stock.

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.