Envestnet Asset Management Inc. grew its stake in shares of CGI Group Inc (NYSE:GIB) (TSE:GIB.A) by 10.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 179,288 shares of the technology company’s stock after acquiring an additional 17,426 shares during the period. Envestnet Asset Management Inc. owned about 0.06% of CGI Group worth $9,300,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Advisor Group Inc. raised its stake in shares of CGI Group by 21.2% during the second quarter. Advisor Group Inc. now owns 2,172 shares of the technology company’s stock valued at $111,000 after acquiring an additional 380 shares in the last quarter. Letko Brosseau & Associates Inc. bought a new stake in shares of CGI Group during the second quarter valued at approximately $203,000. Marshall Wace North America L.P. bought a new stake in shares of CGI Group during the second quarter valued at approximately $214,000. Intercontinental Wealth Advisors LLC bought a new stake in shares of CGI Group during the second quarter valued at approximately $217,000. Finally, Checchi Capital Advisers LLC bought a new position in CGI Group in the second quarter worth approximately $221,000. 57.46% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts recently commented on the stock. Zacks Investment Research downgraded shares of CGI Group from a “buy” rating to a “hold” rating in a research note on Friday, November 3rd. Scotiabank boosted their price objective on shares of CGI Group from $71.00 to $72.00 and gave the stock an “outperform” rating in a research note on Thursday, November 9th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 price objective (up previously from $75.00) on shares of CGI Group in a research note on Thursday, November 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $68.75.
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About CGI Group
CGI Group Inc (CGI), directly or through its subsidiaries, manages information technology (IT) services, as well as business process services (BPS). The Company’s services include the management of IT and business functions (outsourcing), systems integration and consulting, as well as the sale of software solutions.
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