Cidel Asset Management Inc. lessened its stake in CGI Group, Inc. (NYSE:GIB – Free Report) (TSE:GIB.A) by 91.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 14,941 shares of the technology company’s stock after selling 153,408 shares during the quarter. Cidel Asset Management Inc.’s holdings in CGI Group were worth $1,018,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Aprio Wealth Management LLC increased its stake in shares of CGI Group by 73.1% during the 3rd quarter. Aprio Wealth Management LLC now owns 11,276 shares of the technology company’s stock worth $767,000 after purchasing an additional 4,760 shares during the last quarter. State of Wyoming acquired a new stake in CGI Group in the 3rd quarter valued at about $64,000. Generali Asset Management SPA SGR lifted its stake in CGI Group by 37.6% in the 3rd quarter. Generali Asset Management SPA SGR now owns 21,749 shares of the technology company’s stock valued at $1,480,000 after purchasing an additional 5,939 shares during the last quarter. Viewpoint Investment Partners Corp acquired a new stake in CGI Group in the 3rd quarter valued at about $424,000. Finally, Cardinal Point Capital Management ULC grew its holdings in CGI Group by 5.1% during the third quarter. Cardinal Point Capital Management ULC now owns 130,553 shares of the technology company’s stock worth $8,903,000 after purchasing an additional 6,296 shares during the period. 66.68% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
GIB has been the subject of a number of recent analyst reports. Weiss Ratings raised CGI Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, October 21st. TD Securities cut CGI Group from a “buy” rating to a “hold” rating in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of CGI Group in a report on Tuesday, October 6th. Seven investment analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $83.67.
Read Our Latest Stock Report on CGI Group
CGI Group Stock Performance
GIB opened at $80.47 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.93 and a quick ratio of 0.66. The company has a market capitalization of $16.66 billion, a PE ratio of 13.80 and a beta of 0.42. The business has a fifty day simple moving average of $73.11 and a 200 day simple moving average of $72.52. CGI Group, Inc. has a 1 year low of $59.63 and a 1 year high of $95.20.
CGI Group Company Profile
CGI Inc, formerly known as CGI Group, is a Canadian information technology and business consulting company headquartered in Montreal, Quebec. Founded in 1976, the company provides technology and business solutions to organizations in the private and public sectors.
CGI’s services include business and IT consulting, systems integration, application development and management, cloud computing, cybersecurity, data analytics, digital transformation, and managed IT services. The company also develops and supports proprietary software and industry-specific solutions for areas such as financial services, government, healthcare, manufacturing, telecommunications, utilities, and retail.
CGI serves clients through operations across North America, Europe, and the Asia-Pacific region.
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