Cognizant Technology Solutions (NASDAQ:CTSH) Given New $80.00 Price Target at Morgan Stanley

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target cut by Morgan Stanley from $85.00 to $80.00 in a research note released on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the information technology service provider’s stock.

A number of other equities research analysts also recently weighed in on the stock. Royal Bank of Canada upped their price target on shares of Cognizant Technology Solutions from $82.00 to $93.00 and gave the company a “sector perform” rating in a report on Thursday, February 6th. Barclays upped their price target on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 10th. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, February 6th. BMO Capital Markets raised their target price on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a report on Thursday, February 6th. Finally, UBS Group raised their target price on shares of Cognizant Technology Solutions from $83.00 to $86.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Sixteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $83.39.

Cognizant Technology Solutions Stock Performance

CTSH stock opened at $79.50 on Wednesday. The company has a market capitalization of $39.32 billion, a P/E ratio of 17.63, a PEG ratio of 2.11 and a beta of 1.12. The company has a 50-day simple moving average of $82.28 and a 200 day simple moving average of $79.38. Cognizant Technology Solutions has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Sell-side analysts predict that Cognizant Technology Solutions will post 4.98 earnings per share for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 1.56%. The ex-dividend date was Tuesday, February 18th. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Hedge Funds Weigh In On Cognizant Technology Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTSH. Norges Bank bought a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $527,719,000. National Bank of Canada FI raised its position in Cognizant Technology Solutions by 54.6% during the fourth quarter. National Bank of Canada FI now owns 5,633,987 shares of the information technology service provider’s stock valued at $433,254,000 after acquiring an additional 1,990,515 shares in the last quarter. AE Industrial Partners LP bought a new position in Cognizant Technology Solutions during the fourth quarter valued at approximately $113,088,000. Capital Research Global Investors raised its position in Cognizant Technology Solutions by 98.9% during the fourth quarter. Capital Research Global Investors now owns 2,742,442 shares of the information technology service provider’s stock valued at $210,894,000 after acquiring an additional 1,363,570 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in Cognizant Technology Solutions by 47.8% during the fourth quarter. Deutsche Bank AG now owns 3,303,355 shares of the information technology service provider’s stock valued at $254,028,000 after purchasing an additional 1,068,420 shares during the last quarter. Institutional investors 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.