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In a recent transaction reported to the Securities and Exchange Commission, Piyush Mehta, Senior Vice President and Chief Human Resources Officer at Genpact Ltd (NYSE:G), sold 12,000 common shares of the company. The shares were sold at a price of $42.83 each, totaling approximately $513,960. The $7.8 billion professional services company, which according to InvestingPro analysis trades at an attractive P/E ratio of 12, has shown strong financial health with management actively buying back shares.
Following this transaction, Mehta holds 151,182 shares in the company. The shares sold were withheld for tax payments related to the vesting of restricted share units and performance share units under the Genpact Limited 2017 Omnibus Incentive Compensation Plan. Additionally, this transaction reflects shares acquired through the Genpact Employee Stock Purchase Plan, with Mehta currently holding 9,822 shares under this plan. InvestingPro analysis suggests the stock is currently undervalued, with 10+ additional exclusive insights available to subscribers through their comprehensive Pro Research Report.
In other recent news, Genpact, a global professional services firm, has reported a 7% increase in its third-quarter revenues, reaching $1.21 billion. This growth was driven by a 9% rise in Data-Tech-AI and a 5% increase in Digital Operations. Consequently, Genpact raised its full-year revenue forecast to approximately $4.740 billion to $4.751 billion and adjusted its EPS to $3.24.
In analyst updates, TD Cowen maintained a Hold rating on Genpact shares amid internal changes being implemented by the company's new CEO. Meanwhile, Mizuho (NYSE:MFG) increased its stock price target for Genpact to $45.00, up from $40.00, reflecting a more optimistic view of the company's financial performance.
Additionally, Genpact announced a multi-year Strategic Collaboration Agreement with Amazon (NASDAQ:AMZN) Web Services (AWS) to promote the adoption of artificial intelligence (AI) across various business functions. The partnership aims to integrate AI technology into diverse business lines, offering industry-specific solutions and fostering innovation.
In other company developments, Genpact appointed Jinsook Han as its new Chief Strategy and Corporate Development Officer. Han, with her rich experience in data, analytics, AI, and M&A, will be in charge of the company's strategic planning and growth initiatives. These are the recent developments at Genpact.
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