Cognizant Technology Solutions (NASDAQ:CTSH) Hits New 52-Week High – Still a Buy?

Cognizant Technology Solutions Co. (NASDAQ:CTSH)’s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $82.95 and last traded at $82.52, with a volume of 150498 shares. The stock had previously closed at $81.19.

Wall Street Analysts Forecast Growth

CTSH has been the subject of several research reports. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research report on Tuesday, October 22nd. Barclays upgraded shares of Cognizant Technology Solutions from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $80.00 to $95.00 in a report on Tuesday, December 17th. Morgan Stanley upped their price target on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a report on Friday. Mizuho raised their price objective on Cognizant Technology Solutions from $83.00 to $84.00 and gave the stock a “neutral” rating in a research note on Friday, November 1st. Finally, TD Cowen boosted their target price on Cognizant Technology Solutions from $75.00 to $76.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. Sixteen research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $81.12.

Cognizant Technology Solutions Trading Down 0.2 %

The company’s 50 day simple moving average is $79.16 and its two-hundred day simple moving average is $77.25. The stock has a market cap of $40.96 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 2.17 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.23 and a current ratio of 2.23.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.10. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period in the prior year, the business posted $1.16 earnings per share. Cognizant Technology Solutions’s revenue for the quarter was up 3.0% compared to the same quarter last year. Research analysts expect that Cognizant Technology Solutions Co. will post 4.66 EPS for the current fiscal year.

Insider Transactions at Cognizant Technology Solutions

In related news, CAO John Sunshin Kim sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $80.11, for a total transaction of $400,550.00. Following the transaction, the chief accounting officer now owns 39,022 shares of the company’s stock, valued at approximately $3,126,052.42. This trade represents a 11.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Creative Planning raised its holdings in Cognizant Technology Solutions by 5.6% during the second quarter. Creative Planning now owns 40,905 shares of the information technology service provider’s stock valued at $2,782,000 after buying an additional 2,181 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cognizant Technology Solutions by 43.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 22,555 shares of the information technology service provider’s stock valued at $1,534,000 after acquiring an additional 6,838 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Cognizant Technology Solutions in the 2nd quarter worth approximately $4,714,000. Massmutual Trust Co. FSB ADV boosted its position in Cognizant Technology Solutions by 18.1% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,787 shares of the information technology service provider’s stock worth $138,000 after purchasing an additional 274 shares during the period. Finally, Czech National Bank grew its holdings in Cognizant Technology Solutions by 6.6% during the third quarter. Czech National Bank now owns 100,970 shares of the information technology service provider’s stock valued at $7,793,000 after purchasing an additional 6,223 shares during the last quarter. Institutional investors and hedge funds own 92.44% 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, Health Sciences, Products and Resources, and Communications, Media and Technology.