Needham & Company LLC Increases Alight (NYSE:ALIT) Price Target to $11.00

Alight (NYSE:ALIT) had its price target upped by Needham & Company LLC from $9.00 to $11.00 in a research note released on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Several other research firms also recently issued reports on ALIT. JPMorgan Chase & Co. downgraded Alight from an “overweight” rating to a “neutral” rating and set a $8.00 price target for the company. in a research note on Tuesday, August 20th. Wedbush decreased their target price on Alight from $12.00 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, Citigroup dropped their price target on shares of Alight from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Thursday, August 29th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Alight has an average rating of “Moderate Buy” and an average target price of $10.95.

Alight Trading Down 2.0 %

NYSE:ALIT opened at $7.73 on Wednesday. The company has a market capitalization of $4.22 billion, a P/E ratio of -16.10 and a beta of 0.87. The stock’s 50 day moving average price is $7.28 and its 200 day moving average price is $7.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.37 and a current ratio of 1.30. Alight has a 52 week low of $6.15 and a 52 week high of $10.38.

Alight (NYSE:ALIT) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. Alight had a negative net margin of 7.95% and a positive return on equity of 5.61%. The company had revenue of $555.00 million for the quarter, compared to analyst estimates of $538.39 million. During the same quarter in the prior year, the business posted $0.07 EPS. Alight’s quarterly revenue was down .4% on a year-over-year basis. On average, research analysts forecast that Alight will post 0.42 EPS for the current fiscal year.

Alight Announces Dividend

The business also recently declared a — dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.04 dividend. The ex-dividend date is Monday, December 2nd.

Insider Activity

In related news, Director William P. Foley II sold 5,000,000 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $8.25, for a total value of $41,250,000.00. Following the completion of the transaction, the director now directly owns 883,323 shares in the company, valued at approximately $7,287,414.75. This represents a 84.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Alight

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rubric Capital Management LP acquired a new position in Alight in the second quarter worth about $62,162,000. Dimensional Fund Advisors LP raised its holdings in shares of Alight by 18.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 21,066,092 shares of the company’s stock worth $155,463,000 after buying an additional 3,342,413 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Alight by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 38,041,368 shares of the company’s stock worth $374,707,000 after buying an additional 2,842,454 shares during the period. Wolf Hill Capital Management LP boosted its stake in Alight by 28.4% in the 1st quarter. Wolf Hill Capital Management LP now owns 11,097,311 shares of the company’s stock valued at $109,309,000 after buying an additional 2,454,870 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Alight by 100.9% in the second quarter. Bank of New York Mellon Corp now owns 3,575,167 shares of the company’s stock valued at $26,385,000 after acquiring an additional 1,795,830 shares during the period. Institutional investors own 96.74% 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.