TD Cowen Raises Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $76.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective boosted by equities researchers at TD Cowen from $75.00 to $76.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the information technology service provider’s stock. TD Cowen’s price objective suggests a potential upside of 1.86% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Royal Bank of Canada increased their target price on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 28th. Bank of America upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday. StockNews.com downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Barclays increased their price objective on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, twenty have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Cognizant Technology Solutions has an average rating of “Hold” and a consensus target price of $77.70.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock opened at $74.61 on Thursday. The firm’s 50 day moving average price is $76.36 and its 200-day moving average price is $71.99. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. Cognizant Technology Solutions has a one year low of $62.14 and a one year high of $80.27. The firm has a market cap of $36.98 billion, a P/E ratio of 16.51, a P/E/G ratio of 2.09 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, topping the consensus estimate of $1.14 by $0.11. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.37%. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.99 billion. During the same period in the prior year, the business posted $1.16 EPS. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities research analysts predict that Cognizant Technology Solutions will post 4.62 EPS for the current year.

Insider Buying and Selling

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is owned by company insiders.

Institutional Trading of Cognizant Technology Solutions

Several hedge funds have recently made changes to their positions in CTSH. Vanguard Group Inc. lifted its stake in shares of Cognizant Technology Solutions by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock worth $4,254,178,000 after acquiring an additional 6,933,908 shares during the period. Cibc World Market Inc. lifted its stake in shares of Cognizant Technology Solutions by 19,850.5% in the second quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock valued at $205,096,000 after purchasing an additional 3,000,996 shares during the period. Pzena Investment Management LLC lifted its stake in shares of Cognizant Technology Solutions by 11.7% in the second quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock valued at $1,265,473,000 after purchasing an additional 1,943,127 shares during the period. Bank of Montreal Can lifted its stake in shares of Cognizant Technology Solutions by 152.8% in the second quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock valued at $146,132,000 after purchasing an additional 1,281,236 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Cognizant Technology Solutions by 276.9% in the third quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock valued at $122,603,000 after purchasing an additional 1,167,033 shares during the period. Institutional investors and hedge funds own 92.44% 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 in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.