Stifel Canada Has Negative Outlook of CGI FY2024 Earnings

CGI Inc. (NYSE:GIB) (TSE:GIB.A) – Research analysts at Stifel Canada cut their FY2024 earnings estimates for shares of CGI in a note issued to investors on Wednesday, October 30th. Stifel Canada analyst S. Sukumar now expects that the technology company will post earnings per share of $5.58 for the year, down from their prior estimate 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.

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

GIB has been the topic of a number of other reports. Jefferies Financial Group increased their price objective 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. Sanford C. Bernstein raised shares of CGI to a “strong-buy” rating in a research report on Thursday, August 1st. CIBC raised shares of CGI from a “neutral” rating to an “outperformer” rating and raised their target price for the stock from $155.00 to $178.00 in a research report on Tuesday, October 15th. UBS Group started coverage on shares of CGI in a research report on Friday, July 19th. They set a “neutral” rating and a $112.00 target price on the stock. Finally, Cibc World Mkts raised shares of CGI from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, CGI presently has a consensus rating of “Buy” and an average target price of $137.00.

CGI Stock Down 1.7 %

Shares of NYSE:GIB opened at $110.79 on Friday. The company has a current ratio of 1.16, a quick ratio of 0.86 and a debt-to-equity ratio of 0.22. CGI has a 12 month low of $95.68 and a 12 month high of $118.89. The company has a market cap of $25.25 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 2.38 and a beta of 0.95. The company has a 50-day moving average price of $113.82 and a 200 day moving average price of $107.32.

Institutional Investors Weigh In On CGI

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

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.