Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) had its price target reduced by investment analysts at Deutsche Bank Aktiengesellschaft from $76.00 to $65.00 in a research note issued on Wednesday, The Fly reports. Deutsche Bank Aktiengesellschaft’s target price indicates a potential upside of 5.73% from the stock’s current price.
Several other research analysts have also recently weighed in on CTSH. Jefferies Financial Group reduced their price target on Cognizant Technology Solutions from $78.00 to $72.00 and set a “hold” rating for the company in a research report on Wednesday, September 14th. Cowen restated a “downgrade” rating on shares of Cognizant Technology Solutions in a research report on Thursday, July 28th. Citigroup cut their price objective on Cognizant Technology Solutions from $88.00 to $77.00 in a research report on Thursday, July 28th. Cowen cut Cognizant Technology Solutions to a “market perform” rating and cut their price objective for the company from $86.00 to $75.00 in a research report on Thursday, July 28th. Finally, HSBC cut Cognizant Technology Solutions from a “buy” rating to a “hold” rating and cut their price objective for the company from $90.00 to $79.00 in a research report on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $79.59.
Cognizant Technology Solutions Stock Up 1.2 %
Shares of CTSH stock opened at $61.48 on Wednesday. The stock has a 50 day moving average of $61.90 and a 200 day moving average of $68.83. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.05. The stock has a market cap of $31.83 billion, a P/E ratio of 14.26, a P/E/G ratio of 1.21 and a beta of 1.05. Cognizant Technology Solutions has a twelve month low of $55.40 and a twelve month high of $93.47.
Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last announced its quarterly earnings results on Wednesday, July 27th. The information technology service provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.05. The company had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.92 billion. Cognizant Technology Solutions had a return on equity of 19.36% and a net margin of 11.74%. Cognizant Technology Solutions’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the business earned $0.99 earnings per share. As a group, sell-side analysts expect that Cognizant Technology Solutions will post 4.54 EPS for the current year.
In other news, Director Zein Abdalla sold 4,368 shares of the company’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $65.44, for a total value of $285,841.92. Following the transaction, the director now owns 13,556 shares of the company’s stock, valued at approximately $887,104.64. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.34% of the company’s stock.
Hedge Funds Weigh In On Cognizant Technology Solutions
Hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC lifted its stake in Cognizant Technology Solutions by 29.4% during the 1st quarter. Park Avenue Securities LLC now owns 6,911 shares of the information technology service provider’s stock worth $620,000 after acquiring an additional 1,572 shares in the last quarter. JJJ Advisors Inc. increased its holdings in Cognizant Technology Solutions by 7.2% during the 1st quarter. JJJ Advisors Inc. now owns 3,783 shares of the information technology service provider’s stock worth $340,000 after purchasing an additional 254 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Cognizant Technology Solutions by 8.3% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 297,136 shares of the information technology service provider’s stock worth $26,644,000 after purchasing an additional 22,738 shares during the period. Clark Capital Management Group Inc. purchased a new stake in Cognizant Technology Solutions during the 1st quarter worth about $24,202,000. Finally, Wedge Capital Management L L P NC increased its holdings in Cognizant Technology Solutions by 9.8% during the 2nd quarter. Wedge Capital Management L L P NC now owns 636,808 shares of the information technology service provider’s stock worth $42,978,000 after purchasing an additional 57,030 shares during the period. Institutional investors and hedge funds own 90.67% of the company’s stock.
About Cognizant Technology Solutions
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology.
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