Short Interest in CGI Inc. (NYSE:GIB) Decreases By 6.1%

CGI Inc. (NYSE:GIB) (TSE:GIB.A) was the target of a large drop in short interest in the month of August. As of August 31st, there was short interest totalling 1,390,000 shares, a drop of 6.1% from the August 15th total of 1,480,000 shares. Approximately 0.7% of the shares of the company are sold short. Based on an average daily volume of 152,600 shares, the days-to-cover ratio is currently 9.1 days.

Institutional Investors Weigh In On CGI

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. increased its holdings in CGI by 6,175.4% in the 4th quarter. Assetmark Inc. now owns 3,577 shares of the technology company’s stock valued at $383,000 after purchasing an additional 3,520 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in CGI by 54.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 735,174 shares of the technology company’s stock valued at $78,818,000 after acquiring an additional 258,651 shares during the period. Trexquant Investment LP acquired a new stake in CGI during the 4th quarter worth approximately $954,000. Intech Investment Management LLC acquired a new position in shares of CGI in the first quarter worth $5,529,000. Finally, Henry James International Management Inc. increased its position in shares of CGI by 7.2% during the first quarter. Henry James International Management Inc. now owns 82,029 shares of the technology company’s stock worth $9,063,000 after acquiring an additional 5,517 shares during the period. Hedge funds and other institutional investors own 66.68% of the company’s stock.

CGI Price Performance

Shares of NYSE GIB traded down $1.19 during mid-day trading on Wednesday, reaching $113.46. The company’s stock had a trading volume of 23,420 shares, compared to its average volume of 153,771. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.86 and a current ratio of 1.16. CGI has a 1-year low of $93.07 and a 1-year high of $118.89. The stock has a 50-day moving average of $109.43 and a two-hundred day moving average of $106.75. The stock has a market capitalization of $26.18 billion, a P/E ratio of 22.09, a P/E/G ratio of 2.67 and a beta of 0.95.

CGI (NYSE:GIB) (TSE:GIB.A) last announced its quarterly earnings results on Wednesday, July 31st. The technology company reported $1.40 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.40. CGI had a net margin of 11.51% and a return on equity of 20.21%. The business had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.67 billion. On average, equities research analysts anticipate that CGI will post 5.52 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. CIBC cut shares of CGI from a “sector outperform” rating to a “neutral” rating in a research note on Friday, June 21st. Jefferies Financial Group increased their price target on CGI from $120.00 to $121.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. UBS Group assumed coverage on CGI in a research report on Friday, July 19th. They issued a “neutral” rating and a $112.00 price objective for the company. Finally, Sanford C. Bernstein raised shares of CGI to a “strong-buy” rating in a research note on Thursday, August 1st. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $132.67.

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.