Tobam Sells 1,660 Shares of CGI Inc. (NYSE:GIB)

Tobam lowered its stake in shares of CGI Inc. (NYSE:GIB) (TSE:GIB.A) by 31.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,659 shares of the technology company’s stock after selling 1,660 shares during the quarter. Tobam’s holdings in CGI were worth $365,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. First Affirmative Financial Network raised its holdings in shares of CGI by 4.0% during the 2nd quarter. First Affirmative Financial Network now owns 2,841 shares of the technology company’s stock valued at $284,000 after buying an additional 109 shares during the period. Cigna Investments Inc. New increased its stake in CGI by 3.8% in the 2nd quarter. Cigna Investments Inc. New now owns 3,948 shares of the technology company’s stock valued at $394,000 after buying an additional 146 shares during the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of CGI by 0.5% in the first 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 period. JCIC Asset Management Inc. raised its stake in shares of CGI by 0.5% during the first 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. Finally, CWM LLC grew its holdings in shares of CGI by 19.1% during the first quarter. CWM LLC now owns 1,185 shares of the technology company’s stock valued at $131,000 after buying an additional 190 shares during the last quarter. 66.68% of the stock is owned by hedge funds and other institutional investors.

CGI Trading Down 0.4 %

NYSE GIB traded down $0.41 during trading hours on Friday, reaching $111.02. The company had a trading volume of 53,021 shares, compared to its average volume of 154,655. CGI Inc. has a 1-year low of $93.07 and a 1-year high of $118.89. The company has a current ratio of 1.16, a quick ratio of 0.86 and a debt-to-equity ratio of 0.22. The stock has a 50-day moving average of $105.83 and a 200 day moving average of $106.89. The stock has a market capitalization of $25.62 billion, a P/E ratio of 21.47, a price-to-earnings-growth ratio of 2.59 and a beta of 0.95.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on GIB. Jefferies Financial Group upped their price target on shares of CGI from $120.00 to $121.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. TD Securities upgraded CGI from a “hold” rating to a “buy” rating in a research report on Thursday, May 2nd. CIBC downgraded CGI from a “sector outperform” rating to a “neutral” rating in a research note on Friday, June 21st. Sanford C. Bernstein raised CGI to a “strong-buy” rating in a research report on Thursday, August 1st. Finally, UBS Group assumed coverage on CGI in a research report on Friday, July 19th. They set a “neutral” rating and a $112.00 price target on the stock. Three equities 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 company’s stock. According to MarketBeat.com, CGI has a consensus rating of “Moderate Buy” and an average target price of $132.67.

CGI Company Profile

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.