Jacobs Levy Equity Management Inc. Decreases Stake in 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 stake in Conduent Inc. (NASDAQ:CNDT - Free Report) by 9.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC raised its position in shares of Conduent by 106.7% in the 1st quarter. AQR Capital Management LLC now owns 740,375 shares of the company's stock valued at $1,999,000 after purchasing an additional 382,191 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in Conduent during the 1st quarter worth approximately $1,117,000. Graham Capital Management L.P. raised its position 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 last quarter. Truvestments Capital LLC purchased a new position in Conduent during the 1st quarter worth approximately $28,000. Finally, Aristides Capital LLC purchased a new position in Conduent during the 1st quarter worth approximately $106,000. 77.28% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Conduent

In other news, Director Harshavardhan V. Agadi bought 100,000 shares of the business's stock in a transaction dated 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 acquisition, the director directly owned 100,000 shares in the company, valued at $281,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.98% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

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

Conduent Stock Performance

Shares of NASDAQ:CNDT traded down $0.08 during trading on Friday, hitting $2.82. 748,150 shares of the stock traded hands, compared to its average volume of 790,657. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.81. The company has a market cap of $445.48 million, a price-to-earnings ratio of 70.52 and a beta of 1.35. The company has a fifty day moving average price of $2.68 and a two-hundred day moving average price of $2.59. 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 posted its earnings results on Wednesday, August 6th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.06. The firm had revenue of $754.00 million during the quarter, compared to analyst estimates of $777.00 million. Conduent had a net margin of 0.64% and a negative return on equity of 9.88%. The business's quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.14) EPS. As a group, equities analysts predict that Conduent Inc. will post -0.34 EPS for the current year.

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.