Cubist Systematic Strategies LLC Takes Position in Conduent Inc. $CNDT

Key Points

• Cubist Systematic Strategies LLC acquired 413,722 shares of Conduent Inc. for approximately $1.12 million, signaling institutional investment interest in the company.
• Several institutional investors including Millennium Management LLC and Hsbc Holdings PLC have significantly increased their stakes in Conduent, indicating growing confidence in the firm's potential.
• Analysts have upgraded Conduent’s stock rating, with one firm issuing a "strong-buy" rating and the overall average rating categorized as "Strong Buy," reflecting positive market sentiment.

Cubist Systematic Strategies LLC bought a new position in Conduent Inc. (NASDAQ:CNDT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 413,722 shares of the company's stock, valued at approximately $1,117,000. Cubist Systematic Strategies LLC owned 0.26% of Conduent as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Conduent by 4.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 90,491 shares of the company's stock worth $366,000 after buying an additional 3,911 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in Conduent in the 4th quarter worth approximately $41,000. Price T Rowe Associates Inc. MD increased its holdings in Conduent by 6.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 158,579 shares of the company's stock worth $641,000 after acquiring an additional 10,199 shares in the last quarter. Truvestments Capital LLC purchased a new position in Conduent during the first quarter valued at approximately $28,000. Finally, Principal Financial Group Inc. purchased a new position in Conduent during the first quarter valued at approximately $28,000. Institutional investors own 77.28% of the company's stock.

Conduent Price Performance

Shares of CNDT stock traded down $0.08 during trading hours on Friday, hitting $2.82. The stock had a trading volume of 748,150 shares, compared to its average volume of 812,021. Conduent Inc. has a one year low of $1.90 and a one year high of $4.90. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.65 and a quick ratio of 1.65. The stock's 50-day moving average price is $2.68 and its two-hundred day moving average price is $2.59. The stock has a market capitalization of $445.49 million, a price-to-earnings ratio of 70.52 and a beta of 1.35.

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

Insider Activity at Conduent

In other Conduent news, Director Harshavardhan V. Agadi bought 100,000 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was purchased at an average cost of $2.81 per share, with a total value of $281,000.00. Following the completion of the acquisition, the director owned 100,000 shares in the company, valued at $281,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.98% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of Conduent from a "sell" rating to a "hold" rating in a research note on Saturday, August 23rd. Singular Research upgraded Conduent to a "strong-buy" rating in a research note on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company has a consensus rating of "Strong Buy".

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.