Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective dropped by stock analysts at Morgan Stanley from $87.00 to $80.00 in a note issued to investors on Wednesday. The firm presently has a “hold” rating on the information technology service provider’s stock. Morgan Stanley’s price objective would suggest a potential upside of 16.31% from the company’s previous close.
CTSH has been the subject of several other research reports. Wolfe Research began coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, July 17th. They set a “market perform” rating for the company. KeyCorp reduced their price objective on shares of Cognizant Technology Solutions from $91.00 to $89.00 and set an “overweight” rating for the company in a research note on Friday, August 3rd. HSBC raised shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Tuesday, September 18th. BMO Capital Markets cut shares of Cognizant Technology Solutions from an “outperform” rating to a “market perform” rating and set a $74.00 price objective for the company. in a research note on Wednesday. Finally, BidaskClub cut shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $85.11.
CTSH opened at $68.78 on Wednesday. The stock has a market capitalization of $38.60 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 1.22 and a beta of 0.90. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.24 and a quick ratio of 3.27. Cognizant Technology Solutions has a twelve month low of $65.14 and a twelve month high of $85.10.
Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Tuesday, October 30th. The information technology service provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.13 by $0.06. The firm had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.08 billion. Cognizant Technology Solutions had a net margin of 9.07% and a return on equity of 22.54%. The company’s revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the company earned $0.98 earnings per share. On average, equities research analysts anticipate that Cognizant Technology Solutions will post 4.18 EPS for the current fiscal year.
In other news, President Rajeev Mehta sold 22,239 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The shares were sold at an average price of $75.86, for a total value of $1,687,050.54. Following the completion of the sale, the president now directly owns 352 shares in the company, valued at approximately $26,702.72. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Robert Telesmanic sold 17,986 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $77.62, for a total transaction of $1,396,073.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,288 shares of company stock valued at $3,694,551. 0.60% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. Kaizen Advisory LLC lifted its holdings in shares of Cognizant Technology Solutions by 149.4% in the 2nd quarter. Kaizen Advisory LLC now owns 1,429 shares of the information technology service provider’s stock worth $113,000 after acquiring an additional 856 shares during the last quarter. Willingdon Wealth Management bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter worth approximately $120,000. Fort L.P. bought a new stake in shares of Cognizant Technology Solutions in the 2nd quarter worth approximately $123,000. San Francisco Sentry Investment Group CA lifted its holdings in shares of Cognizant Technology Solutions by 170.0% in the 2nd quarter. San Francisco Sentry Investment Group CA now owns 1,909 shares of the information technology service provider’s stock worth $151,000 after acquiring an additional 1,202 shares during the last quarter. Finally, Parallel Advisors LLC lifted its holdings in shares of Cognizant Technology Solutions by 65.5% in the 2nd quarter. Parallel Advisors LLC now owns 2,226 shares of the information technology service provider’s stock worth $175,000 after acquiring an additional 881 shares during the last quarter. Hedge funds and other institutional investors own 88.04% of the company’s stock.
About Cognizant Technology Solutions
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.
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