Cognizant Technology Solutions Corporation (NASDAQ:CTSH) was upgraded by equities research analysts at Loop Capital from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, August 4th, MarketBeat reports. The firm currently has a $83.00 price objective on the information technology service provider’s stock, up from their previous price objective of $63.00. Loop Capital’s target price points to a potential upside of 15.81% from the stock’s previous close.
A number of other brokerages also recently weighed in on CTSH. Cowen and Company reiterated a “buy” rating and issued a $75.00 price target on shares of Cognizant Technology Solutions Corporation in a report on Friday, July 28th. Vetr upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $71.62 price objective for the company in a research note on Wednesday, August 2nd. BidaskClub upgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 22nd. Societe Generale downgraded Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating and upped their price objective for the stock from $68.00 to $74.00 in a research note on Monday, June 5th. Finally, Pacific Crest restated an “overweight” rating and set a $75.00 price objective (up from $73.00) on shares of Cognizant Technology Solutions Corporation in a research note on Thursday, June 1st. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $70.02.
Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 71.67 on Friday. The stock’s 50 day moving average is $68.92 and its 200-day moving average is $62.98. Cognizant Technology Solutions Corporation has a 12 month low of $45.44 and a 12 month high of $71.91. The stock has a market capitalization of $42.33 billion, a price-to-earnings ratio of 22.99 and a beta of 1.17.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its quarterly earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the previous year, the business earned $0.87 EPS. The business’s quarterly revenue was up 8.9% on a year-over-year basis. On average, equities research analysts expect that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current year.
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In other Cognizant Technology Solutions Corporation news, insider Venkat Krishnaswamy sold 8,151 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $70.93, for a total value of $578,150.43. Following the transaction, the insider now directly owns 9,429 shares of the company’s stock, valued at approximately $668,798.97. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Srinivasan Veeraraghavachary sold 2,500 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $71.00, for a total value of $177,500.00. Following the completion of the transaction, the chief operating officer now directly owns 27,165 shares in the company, valued at $1,928,715. The disclosure for this sale can be found here. Insiders have sold 81,162 shares of company stock worth $5,593,461 over the last three months. 1.08% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Cognizant Technology Solutions Corporation by 3,470.1% in the first quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock worth $2,425,316,000 after buying an additional 39,606,526 shares in the last quarter. FMR LLC raised its position in shares of Cognizant Technology Solutions Corporation by 81.6% in the second quarter. FMR LLC now owns 25,065,752 shares of the information technology service provider’s stock worth $1,664,366,000 after buying an additional 11,262,360 shares in the last quarter. Comgest Global Investors S.A.S. bought a new position in shares of Cognizant Technology Solutions Corporation during the first quarter worth approximately $224,748,000. Thrivent Financial For Lutherans raised its position in shares of Cognizant Technology Solutions Corporation by 11,666.2% in the first quarter. Thrivent Financial For Lutherans now owns 2,468,550 shares of the information technology service provider’s stock worth $146,928,000 after buying an additional 2,447,570 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Cognizant Technology Solutions Corporation by 112.5% in the first quarter. Alliancebernstein L.P. now owns 4,487,749 shares of the information technology service provider’s stock worth $267,111,000 after buying an additional 2,375,626 shares in the last quarter. 88.68% of the stock is currently owned by institutional investors and hedge funds.
About Cognizant Technology Solutions Corporation
Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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