Insider Buying: Conduent (NASDAQ:CNDT) CEO Purchases 117,099 Shares of Stock

Conduent Inc. (NASDAQ:CNDT) CEO Harshavardhan Agadi bought 117,099 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The shares were purchased at an average cost of $1.56 per share, with a total value of $182,674.44. Following the purchase, the chief executive officer directly owned 337,099 shares of the company’s stock, valued at approximately $525,874.44. This represents a 53.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Conduent Price Performance

NASDAQ:CNDT traded down $0.08 during mid-day trading on Monday, reaching $1.51. 2,357,856 shares of the stock were exchanged, compared to its average volume of 1,531,456. The company has a current ratio of 1.57, a quick ratio of 1.57 and a debt-to-equity ratio of 0.97. The business has a fifty day moving average price of $1.76 and a 200 day moving average price of $2.20. Conduent Inc. has a 1-year low of $1.18 and a 1-year high of $3.79. The firm has a market capitalization of $233.61 million, a PE ratio of -1.35 and a beta of 1.32.

Conduent (NASDAQ:CNDT) last released its earnings results on Thursday, February 12th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The business had revenue of $770.00 million for the quarter, compared to analyst estimates of $790.50 million. Conduent had a negative net margin of 5.59% and a negative return on equity of 8.03%. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.15) earnings per share. Research analysts expect that Conduent Inc. will post -0.34 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on CNDT shares. Wall Street Zen raised Conduent from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reissued a “sell (d)” rating on shares of Conduent in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Conduent presently has an average rating of “Moderate Buy”.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CNDT. AQR Capital Management LLC lifted its stake in Conduent by 106.7% in the 1st quarter. AQR Capital Management LLC now owns 740,375 shares of the company’s stock worth $1,999,000 after acquiring an additional 382,191 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Conduent by 0.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,962,919 shares of the company’s stock valued at $5,300,000 after purchasing an additional 11,428 shares during the period. Caxton Associates LLP purchased a new stake in shares of Conduent in the first quarter worth approximately $249,000. Empowered Funds LLC grew its position in Conduent by 3.0% during the first quarter. Empowered Funds LLC now owns 864,190 shares of the company’s stock valued at $2,333,000 after purchasing an additional 25,515 shares in the last quarter. Finally, Jane Street Group LLC grew its position in Conduent by 20.9% during the first quarter. Jane Street Group LLC now owns 397,856 shares of the company’s stock valued at $1,074,000 after purchasing an additional 68,860 shares in the last quarter. Hedge funds and other institutional investors own 77.28% of the company’s stock.

About Conduent

Conduent Incorporated is a global provider of diversified business process services with a focus on delivering digital platforms and automation solutions. The company serves clients across a variety of industries including healthcare, transportation, public sector, financial services and human resources. By combining technology-enabled services with data analytics and artificial intelligence, Conduent helps organizations streamline operations, enhance customer experiences and improve overall efficiency.

Key offerings from Conduent encompass customer engagement and transaction processing, digital payment solutions, eligibility and enrollment services for health and welfare programs, and workforce management tools.