CGI Group, Inc. $GIB Stock Sold by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management cut its CGI Group stake by 91.1% in the third quarter, selling 153,408 shares and retaining 14,941 shares valued at approximately $1.02 million.
• Institutional investors and hedge funds collectively own 66.68% of CGI Group, with several other firms increasing their positions while others initiated new stakes.
• Analysts maintain a cautious outlook: seven analysts rate the stock “Hold,” producing an average target price of $83.67, compared with its reported market price of $80.47.

Cidel Asset Management Inc. reduced its holdings in shares of CGI Group, Inc. (NYSE:GIB - Free Report) TSE: GIB.A by 91.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,941 shares of the technology company's stock after selling 153,408 shares during the period. Cidel Asset Management Inc.'s holdings in CGI Group were worth $1,018,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GIB. State of Wyoming bought a new position in CGI Group during the third quarter worth about $64,000. EverSource Wealth Advisors LLC lifted its holdings in CGI Group by 21.6% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,334 shares of the technology company's stock valued at $98,000 after purchasing an additional 237 shares during the last quarter. Versant Capital Management Inc boosted its position in CGI Group by 48.0% in the third quarter. Versant Capital Management Inc now owns 2,313 shares of the technology company's stock valued at $158,000 after buying an additional 750 shares in the last quarter. Vontobel Holding Ltd. acquired a new position in CGI Group in the third quarter valued at about $206,000. Finally, Glenmede Trust Co. NA grew its stake in CGI Group by 38.3% during the first quarter. Glenmede Trust Co. NA now owns 3,409 shares of the technology company's stock worth $249,000 after buying an additional 944 shares during the last quarter. Institutional investors and hedge funds own 66.68% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on GIB shares. TD Securities downgraded CGI Group from a "buy" rating to a "hold" rating in a research report on Thursday, July 23rd. Weiss Ratings upgraded CGI Group from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, October 21st. Finally, Royal Bank Of Canada restated a "sector perform" rating and issued a $100.00 target price on shares of CGI Group in a research note on Tuesday, October 6th. Seven equities research analysts have rated the stock with a Hold rating. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $83.67.

CGI Group Trading Down 0.1%

NYSE:GIB opened at $80.47 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.66 and a debt-to-equity ratio of 0.28. CGI Group, Inc. has a 1-year low of $59.63 and a 1-year high of $95.20. The firm has a market capitalization of $16.66 billion, a price-to-earnings ratio of 13.80 and a beta of 0.42. The business's 50-day moving average price is $73.11 and its two-hundred day moving average price is $72.52.

About CGI Group

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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