Alight (NYSE:ALIT) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Alight (NYSE:ALIT) in a report issued on Friday morning,Benzinga reports. Needham & Company LLC currently has a $9.00 target price on the stock.

Several other brokerages have also recently issued reports on ALIT. KeyCorp boosted their price target on shares of Alight from $10.00 to $11.00 and gave the company an “overweight” rating in a research report on Wednesday, November 13th. Canaccord Genuity Group increased their target price on Alight from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.61.

Alight Price Performance

Shares of NYSE:ALIT opened at $6.83 on Friday. The stock’s 50-day moving average price is $6.80 and its 200-day moving average price is $7.14. The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.46. Alight has a 12-month low of $6.15 and a 12-month high of $10.38.

Alight (NYSE:ALIT) last released its quarterly earnings data on Thursday, February 20th. The company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.04). The firm had revenue of $680.00 million during the quarter, compared to analysts’ expectations of $675.66 million. Alight had a negative net margin of 5.53% and a positive return on equity of 5.42%. Sell-side analysts expect that Alight will post 0.54 EPS for the current year.

Alight Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.04 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.34%.

Insider Buying and Selling

In related news, President Gregory R. Goff sold 250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $8.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the president now directly owns 852,694 shares of the company’s stock, valued at approximately $6,821,552. This trade represents a 22.67 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alight

Several institutional investors have recently made changes to their positions in the company. Starboard Value LP boosted its stake in Alight by 8.8% in the fourth quarter. Starboard Value LP now owns 47,228,000 shares of the company’s stock valued at $326,818,000 after acquiring an additional 3,833,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Alight by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 40,881,219 shares of the company’s stock worth $282,898,000 after buying an additional 292,911 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its position in Alight by 13.6% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 24,296,295 shares of the company’s stock valued at $168,130,000 after buying an additional 2,901,108 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Alight by 5.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 22,719,293 shares of the company’s stock valued at $157,215,000 after buying an additional 1,153,963 shares during the last quarter. Finally, Cooper Creek Partners Management LLC boosted its holdings in Alight by 23.1% in the fourth quarter. Cooper Creek Partners Management LLC now owns 17,704,322 shares of the company’s stock worth $122,514,000 after acquiring an additional 3,322,705 shares in the last quarter. Hedge funds and other 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.