Conduent (NASDAQ:CNDT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Conduent has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, indicating a more favorable outlook for the company's stock.
• The company's latest quarterly earnings report showed earnings per share of ($0.13), surpassing expectations, but revenue fell 7% year-over-year, amounting to $754 million.
• Insider trading activity included Director Harshavardhan V. Agadi purchasing 100,000 shares at $2.81, highlighting confidence in the company's future performance.

Conduent (NASDAQ:CNDT - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

Conduent Trading Down 1.9%

Shares of CNDT traded down $0.06 during midday trading on Friday, hitting $2.80. 119,287 shares of the stock were exchanged, compared to its average volume of 1,152,819. Conduent has a 52-week low of $1.90 and a 52-week high of $4.90. The stock has a fifty day simple moving average of $2.65 and a 200 day simple moving average of $2.70. The firm has a market cap of $441.53 million, a P/E ratio of 70.14 and a beta of 1.66. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.65 and a current ratio of 1.65.

Conduent (NASDAQ:CNDT - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.06. Conduent had a negative return on equity of 9.88% and a net margin of 0.64%.The business had revenue of $754.00 million during the quarter, compared to analyst estimates of $777.00 million. During the same period last year, the business posted ($0.14) earnings per share. The company's quarterly revenue was down 7.0% on a year-over-year basis. On average, research analysts anticipate that Conduent will post -0.34 EPS for the current fiscal year.

Insider Activity at Conduent

In other news, Director Harshavardhan V. Agadi purchased 100,000 shares of the stock in a transaction dated Wednesday, June 18th. The stock was acquired at an average cost of $2.81 per share, for a total transaction of $281,000.00. Following the completion of the transaction, the director directly owned 100,000 shares in the company, valued at approximately $281,000. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 2.98% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its stake in shares of Conduent by 59.5% in the fourth quarter. Millennium Management LLC now owns 912,465 shares of the company's stock valued at $3,686,000 after acquiring an additional 340,283 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Conduent by 49.0% in the fourth quarter. ProShare Advisors LLC now owns 44,532 shares of the company's stock valued at $180,000 after acquiring an additional 14,653 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Conduent in the fourth quarter valued at $797,000. Assenagon Asset Management S.A. raised its stake in shares of Conduent by 6.7% in the first quarter. Assenagon Asset Management S.A. now owns 711,303 shares of the company's stock valued at $1,921,000 after acquiring an additional 44,967 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Conduent in the fourth quarter valued at $628,000. 77.28% of the stock is currently owned by hedge funds and other institutional investors.

Conduent Company Profile

Conduent Incorporated provides digital business solutions and services for the commercial, government, and transportation spectrum in the United States, Europe, and internationally. It operates through three segments: Commercial, Government Services, and Transportation. The Commercial segment offers business process services and customized solutions to clients in various industries; and customer experience management, business operations, healthcare claims and administration, and human capital solutions.