Morgan Stanley Forecasts Strong Price Appreciation for Cognizant Technology Solutions (NASDAQ:CTSH) Stock

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective raised by analysts at Morgan Stanley from $75.00 to $80.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the information technology service provider’s stock. Morgan Stanley’s target price indicates a potential downside of 3.33% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. TD Cowen upped their target price on shares of Cognizant Technology Solutions from $75.00 to $76.00 and gave the company a “hold” rating in a research note on Thursday, October 31st. StockNews.com downgraded shares of Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft increased their price target on Cognizant Technology Solutions from $70.00 to $80.00 and gave the company a “hold” rating in a research note on Tuesday, October 22nd. Barclays raised Cognizant Technology Solutions from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $80.00 to $95.00 in a research note on Tuesday, December 17th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday, October 31st. Sixteen analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $81.12.

Cognizant Technology Solutions Stock Performance

NASDAQ:CTSH opened at $82.76 on Friday. The firm’s fifty day simple moving average is $79.10 and its 200 day simple moving average is $77.18. Cognizant Technology Solutions has a 1 year low of $63.79 and a 1 year high of $83.47. The firm has a market capitalization of $41.03 billion, a PE ratio of 18.31, a PEG ratio of 2.17 and a beta of 1.07. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.08.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.10. The business had revenue of $5.04 billion during the quarter, compared to analyst estimates of $4.99 billion. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.08%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.16 earnings per share. On average, sell-side analysts anticipate that Cognizant Technology Solutions will post 4.66 EPS for the current year.

Insider Activity at Cognizant Technology Solutions

In related news, CAO John Sunshin Kim sold 5,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $80.11, for a total value of $400,550.00. Following the completion of the sale, the chief accounting officer now directly owns 39,022 shares in the company, valued at $3,126,052.42. The trade was a 11.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Several institutional investors and hedge funds have recently modified their holdings of the business. Addison Advisors LLC grew its holdings in shares of Cognizant Technology Solutions by 127.7% during the 3rd quarter. Addison Advisors LLC now owns 337 shares of the information technology service provider’s stock worth $26,000 after purchasing an additional 189 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of Cognizant Technology Solutions in the 3rd quarter valued at $30,000. Trust Co. of Vermont grew its holdings in Cognizant Technology Solutions by 188.4% during the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock worth $34,000 after acquiring an additional 292 shares during the last quarter. Pinnacle Bancorp Inc. raised its position in shares of Cognizant Technology Solutions by 47.4% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock worth $35,000 after acquiring an additional 146 shares in the last quarter. Finally, Eastern Bank bought a new position in shares of Cognizant Technology Solutions during the 3rd quarter worth approximately $37,000. 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.