Cowen downgraded shares of Cognizant Technology Solutions (NASDAQ:CTSH) from an outperform rating to a market perform rating in a research report report published on Sunday. The firm currently has $67.98 price objective on the information technology service provider’s stock.
CTSH has been the subject of several other research reports. HSBC upgraded shares of Cognizant Technology Solutions from a hold rating to a buy rating in a report on Tuesday, September 18th. Bank of America reduced their target price on shares of Cognizant Technology Solutions from $81.00 to $68.00 and set an underperform rating for the company in a report on Friday, November 2nd. BMO Capital Markets cut shares of Cognizant Technology Solutions from an outperform rating to a market perform rating and set a $74.00 target price for the company. in a report on Wednesday, October 31st. KeyCorp reduced their target price on shares of Cognizant Technology Solutions from $89.00 to $79.00 and set an overweight rating for the company in a report on Wednesday, October 31st. Finally, Citigroup reduced their target price on shares of Cognizant Technology Solutions from $90.00 to $87.00 and set a buy rating for the company in a report on Wednesday, October 31st. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $82.34.
Shares of CTSH opened at $70.02 on Friday. Cognizant Technology Solutions has a 12 month low of $65.14 and a 12 month high of $85.10. The firm has a market cap of $41.24 billion, a P/E ratio of 19.84, a price-to-earnings-growth ratio of 1.55 and a beta of 0.95. The company has a quick ratio of 3.24, a current ratio of 3.24 and a debt-to-equity ratio of 0.06.
Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Tuesday, October 30th. The information technology service provider reported $1.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.06. Cognizant Technology Solutions had a net margin of 9.07% and a return on equity of 22.54%. The business had revenue of $4.08 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. The firm’s revenue was up 8.3% on a year-over-year basis. As a group, equities research analysts predict that Cognizant Technology Solutions will post 4.18 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, November 30th. Shareholders of record on Tuesday, November 20th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Monday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is currently 22.66%.
In other news, SVP Robert Telesmanic sold 834 shares of the firm’s stock in a transaction dated Tuesday, October 2nd. The shares were sold at an average price of $77.15, for a total transaction of $64,343.10. Following the completion of the sale, the senior vice president now owns 18,823 shares in the company, valued at approximately $1,452,194.45. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Gajakarnan Vibushanan Kandiah sold 665 shares of the firm’s stock in a transaction dated Tuesday, September 25th. The stock was sold at an average price of $77.60, for a total transaction of $51,604.00. Following the sale, the insider now owns 14,683 shares of the company’s stock, valued at approximately $1,139,400.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,191 shares of company stock valued at $584,802. Corporate insiders own 0.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Redwood Investments LLC bought a new position in Cognizant Technology Solutions during the second quarter worth about $917,000. Madison Investment Holdings Inc. bought a new position in Cognizant Technology Solutions during the second quarter worth about $50,081,000. Natixis bought a new position in Cognizant Technology Solutions during the second quarter worth about $8,902,000. Andra AP fonden increased its position in Cognizant Technology Solutions by 15.7% during the second quarter. Andra AP fonden now owns 134,600 shares of the information technology service provider’s stock worth $10,632,000 after acquiring an additional 18,300 shares during the period. Finally, Wells Fargo & Company MN increased its position in Cognizant Technology Solutions by 0.9% during the third quarter. Wells Fargo & Company MN now owns 5,408,653 shares of the information technology service provider’s stock worth $417,279,000 after acquiring an additional 49,725 shares during the period. Institutional investors own 86.37% of the company’s stock.
Cognizant Technology Solutions Company Profile
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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