Stifel Canada Has Bearish Estimate for CGI FY2024 Earnings

CGI Inc. (NYSE:GIB - Free Report) TSE: GIB.A - Investment analysts at Stifel Canada lowered their FY2024 EPS estimates for CGI in a research note issued on Wednesday, October 30th. Stifel Canada analyst S. Sukumar now expects that the technology company will post earnings of $5.58 per share for the year, down from their previous forecast of $5.62. The consensus estimate for CGI's current full-year earnings is $5.55 per share. Stifel Canada also issued estimates for CGI's Q4 2024 earnings at $1.40 EPS.

CGI (NYSE:GIB - Get Free Report) TSE: GIB.A last posted its quarterly earnings results on Wednesday, July 31st. The technology company reported $1.40 earnings per share for the quarter, hitting analysts' consensus estimates of $1.40. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.67 billion. CGI had a net margin of 11.51% and a return on equity of 20.21%.

Several other brokerages also recently weighed in on GIB. Jefferies Financial Group increased their target price on shares of CGI from $120.00 to $121.00 and gave the company a "buy" rating in a research note on Tuesday, July 16th. CIBC raised shares of CGI from a "neutral" rating to an "outperformer" rating and increased their target price for the company from $155.00 to $178.00 in a research note on Tuesday, October 15th. Sanford C. Bernstein raised shares of CGI to a "strong-buy" rating in a research note on Thursday, August 1st. UBS Group initiated coverage on shares of CGI in a research note on Friday, July 19th. They issued a "neutral" rating and a $112.00 price target on the stock. Finally, Cibc World Mkts raised shares of CGI from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $137.00.

CGI Price Performance

CGI stock traded up $0.80 during mid-day trading on Friday, reaching $111.51. 110,405 shares of the company's stock traded hands, compared to its average volume of 148,254. The company has a market cap of $25.41 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 2.38 and a beta of 0.95. The stock has a 50 day moving average of $113.82 and a two-hundred day moving average of $107.32. The company has a quick ratio of 0.86, a current ratio of 1.16 and a debt-to-equity ratio of 0.22. CGI has a 12-month low of $96.92 and a 12-month high of $118.89.

Hedge Funds Weigh In On CGI

A number of institutional investors have recently bought and sold shares of the business. Crestwood Advisors Group LLC increased its holdings in shares of CGI by 2.4% during the 3rd quarter. Crestwood Advisors Group LLC now owns 4,222 shares of the technology company's stock valued at $485,000 after purchasing an additional 97 shares in the last quarter. First Affirmative Financial Network boosted its stake in CGI by 4.0% during the 2nd quarter. First Affirmative Financial Network now owns 2,841 shares of the technology company's stock worth $284,000 after purchasing an additional 109 shares during the last quarter. Cigna Investments Inc. New boosted its position in shares of CGI by 3.8% during the 2nd quarter. Cigna Investments Inc. New now owns 3,948 shares of the technology company's stock valued at $394,000 after acquiring an additional 146 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of CGI by 0.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 30,933 shares of the technology company's stock valued at $3,418,000 after acquiring an additional 149 shares during the last quarter. Finally, JCIC Asset Management Inc. boosted its position in shares of CGI by 0.5% during the 1st quarter. JCIC Asset Management Inc. now owns 32,860 shares of the technology company's stock valued at $3,627,000 after acquiring an additional 160 shares during the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

About CGI

CGI Inc, together with its subsidiaries, provides information technology (IT) and business process services. Its services include the business and strategic IT consulting, systems integration, and software solutions. The company also provides application development, modernization and maintenance, holistic enterprise digitization, automation, hybrid and cloud management, and business process services; intellectual property-based solutions; business consulting; managed IT services; and IT infrastructure services.