Jacobs Levy Equity Management Inc. Sells 145,820 Shares of Conduent Inc. $CNDT

Key Points

• Jacobs Levy Equity Management Inc. reduced its holdings in Conduent Inc. by 9.3% in Q1, selling 145,820 shares and holding 1,422,249 shares valued at $3.84 million at the end of the reporting period.
• Insider Harshavardhan V. Agadi purchased 100,000 shares of Conduent at an average price of $2.81 per share, increasing their ownership significantly.
• Conduent's stock price rose 2.1%, opening at $2.89, with recent earnings showing a loss per share of ($0.13), beating analysts' expectations.

Jacobs Levy Equity Management Inc. reduced its position in shares of Conduent Inc. (NASDAQ:CNDT - Free Report) by 9.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,422,249 shares of the company's stock after selling 145,820 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 0.88% of Conduent worth $3,840,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in Conduent by 106.7% during the 1st quarter. AQR Capital Management LLC now owns 740,375 shares of the company's stock worth $1,999,000 after buying an additional 382,191 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Conduent during the 1st quarter worth approximately $1,117,000. Graham Capital Management L.P. raised its stake in Conduent by 66.0% during the 1st quarter. Graham Capital Management L.P. now owns 232,970 shares of the company's stock worth $629,000 after buying an additional 92,663 shares during the period. Truvestments Capital LLC acquired a new position in Conduent during the 1st quarter worth approximately $28,000. Finally, Aristides Capital LLC purchased a new stake in shares of Conduent in the first quarter worth approximately $106,000. 77.28% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Harshavardhan V. Agadi acquired 100,000 shares of Conduent stock in a transaction on Wednesday, June 18th. The stock was acquired 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 approximately $281,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.98% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the company. Wall Street Zen raised Conduent from a "sell" rating to a "hold" rating in a research note on Saturday, August 23rd. Singular Research raised 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.com, the company currently has a consensus rating of "Strong Buy".

Conduent Stock Performance

Shares of CNDT traded down $0.08 on Friday, reaching $2.82. 748,150 shares of the company's stock traded hands, compared to its average volume of 1,132,443. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.81. The stock has a market cap of $445.48 million, a PE ratio of 70.52 and a beta of 1.35. The stock's 50 day simple moving average is $2.68 and its two-hundred day simple moving average is $2.61. Conduent Inc. has a 52-week low of $1.90 and a 52-week high of $4.90.

Conduent (NASDAQ:CNDT - Get Free Report) last issued 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. The company had revenue of $754.00 million during the quarter, compared to the consensus estimate of $777.00 million. Conduent had a negative return on equity of 9.88% and a net margin of 0.64%.Conduent's revenue was down 7.0% on a year-over-year basis. During the same period last year, the business posted ($0.14) earnings per share. On average, analysts forecast that Conduent Inc. will post -0.34 earnings per share for the current fiscal year.

About Conduent

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.