Cornerstone Investment Partners LLC Grows Position in Alight, Inc. (NYSE:ALIT)

Cornerstone Investment Partners LLC increased its position in shares of Alight, Inc. (NYSE:ALIT) by 53.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,509 shares of the company’s stock after buying an additional 12,070 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Alight were worth $294,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ALIT. Fidelity National Financial Inc. lifted its position in Alight by 33.3% during the 3rd quarter. Fidelity National Financial Inc. now owns 20,000,000 shares of the company’s stock worth $141,800,000 after acquiring an additional 5,000,000 shares during the period. State Street Corp lifted its position in Alight by 616.8% during the 2nd quarter. State Street Corp now owns 5,799,562 shares of the company’s stock worth $39,147,000 after acquiring an additional 4,990,518 shares during the period. Goldman Sachs Group Inc. lifted its position in Alight by 500.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 5,138,530 shares of the company’s stock worth $34,685,000 after acquiring an additional 4,282,526 shares during the period. BlackRock Inc. lifted its position in Alight by 15.6% during the 1st quarter. BlackRock Inc. now owns 24,688,658 shares of the company’s stock worth $227,383,000 after acquiring an additional 3,329,661 shares during the period. Finally, Bank of America Corp DE lifted its position in Alight by 460.2% during the 4th quarter. Bank of America Corp DE now owns 3,907,792 shares of the company’s stock worth $32,669,000 after acquiring an additional 3,210,216 shares during the period. 96.74% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently commented on the company. Canaccord Genuity Group raised their price target on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Citigroup reissued a “buy” rating and issued a $12.00 price target on shares of Alight in a report on Friday, January 5th. Needham & Company LLC raised their price target on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Wedbush raised their price target on Alight from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Thursday, March 21st. Finally, UBS Group raised their price target on Alight from $12.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, March 21st. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $12.71.

Alight Price Performance

ALIT stock traded up $0.09 during midday trading on Friday, hitting $9.10. 1,177,965 shares of the stock were exchanged, compared to its average volume of 6,722,261. The stock’s 50-day moving average price is $9.32 and its 200-day moving average price is $8.34. Alight, Inc. has a fifty-two week low of $6.33 and a fifty-two week high of $10.38. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.27 and a current ratio of 1.27.

Alight (NYSE:ALIT) last released its quarterly earnings results on Wednesday, February 21st. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.06. The company had revenue of $960.00 million during the quarter, compared to the consensus estimate of $1.03 billion. Alight had a positive return on equity of 5.09% and a negative net margin of 7.80%. As a group, research analysts forecast that Alight, Inc. will post 0.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alight news, CEO Stephan Scholl sold 83,016 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $95.10, for a total transaction of $7,894,821.60. Following the completion of the transaction, the chief executive officer now owns 8,115,183 shares of the company’s stock, valued at $771,753,903.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Katie J. Rooney sold 26,164 shares of Alight stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $8.95, for a total value of $234,167.80. Following the completion of the sale, the insider now owns 2,963,694 shares of the company’s stock, valued at $26,525,061.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Stephan Scholl sold 83,016 shares of Alight stock in a transaction on Monday, April 8th. The shares were sold at an average price of $95.10, for a total value of $7,894,821.60. Following the completion of the sale, the chief executive officer now directly owns 8,115,183 shares of the company’s stock, valued at approximately $771,753,903.30. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 550,129 shares of company stock valued at $12,449,117. Corporate insiders own 3.96% of the company’s stock.

Alight Company Profile

Alight, Inc provides cloud-based integrated digital human capital and business solutions worldwide. The company operates through two segments, Employer Solutions and Professional Services. The Employer Solutions segment offers employee wellbeing, integrated benefits administration, healthcare navigation, financial wellbeing, leave of absence management, retiree healthcare and payroll; and operates AI-led capabilities software.