Cognizant Technology Solutions’ (CTSH) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Cognizant Technology Solutions (NASDAQ:CTSH) in a research note published on Wednesday morning, Benzinga reports.

Several other equities research analysts also recently commented on CTSH. JPMorgan Chase & Co. reduced their price target on shares of Cognizant Technology Solutions from $81.00 to $74.00 and set a neutral rating for the company in a research report on Thursday, May 2nd. StockNews.com upgraded Cognizant Technology Solutions from a hold rating to a buy rating in a report on Thursday, August 22nd. Susquehanna lowered their price target on Cognizant Technology Solutions from $80.00 to $78.00 and set a neutral rating on the stock in a report on Thursday, May 2nd. Bank of America raised Cognizant Technology Solutions from an underperform rating to a neutral rating and increased their price objective for the stock from $73.00 to $75.00 in a research note on Wednesday, August 7th. Finally, Robert W. Baird lifted their target price on Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a neutral rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $76.61.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ CTSH opened at $77.77 on Wednesday. Cognizant Technology Solutions has a 52-week low of $62.14 and a 52-week high of $80.27. The stock has a market capitalization of $38.67 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 2.26 and a beta of 1.05. The company has a quick ratio of 2.35, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. The stock’s fifty day simple moving average is $72.79 and its 200 day simple moving average is $71.59.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same quarter last year, the business posted $1.10 EPS. Cognizant Technology Solutions’s revenue was down .7% on a year-over-year basis. As a group, sell-side analysts forecast that Cognizant Technology Solutions will post 4.65 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.54%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Insider Activity at Cognizant Technology Solutions

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the transaction, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at approximately $3,419,812.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CTSH. Brandes Investment Partners LP boosted its holdings in Cognizant Technology Solutions by 56.1% during the second quarter. Brandes Investment Partners LP now owns 2,191,388 shares of the information technology service provider’s stock valued at $148,975,000 after acquiring an additional 787,808 shares during the period. Kimelman & Baird LLC bought a new position in Cognizant Technology Solutions in the 2nd quarter worth approximately $48,000. Sunbelt Securities Inc. lifted its holdings in shares of Cognizant Technology Solutions by 2.1% during the second quarter. Sunbelt Securities Inc. now owns 11,462 shares of the information technology service provider’s stock worth $779,000 after buying an additional 240 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cognizant Technology Solutions by 43.5% in the second 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 during the period. Finally, Creative Planning grew its stake in shares of Cognizant Technology Solutions by 5.6% in the second quarter. Creative Planning now owns 40,905 shares of the information technology service provider’s stock worth $2,782,000 after acquiring an additional 2,181 shares during the last quarter. 92.44% of the stock is currently owned by institutional investors and hedge funds.

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.