Cognizant Technology Solutions (NASDAQ:CTSH) Earns “Hold” Rating from Needham & Company LLC

Cognizant Technology Solutions (NASDAQ:CTSH)‘s stock had its “hold” rating reissued by Needham & Company LLC in a research report issued on Thursday,Benzinga reports.

Several other equities research analysts have also recently issued reports on the company. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a report on Wednesday. StockNews.com raised Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. 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 research note on Monday, February 10th. Finally, BMO Capital Markets lifted their price objective on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a research note on Thursday, February 6th. Fourteen analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Cognizant Technology Solutions presently has a consensus rating of “Hold” and a consensus target price of $84.56.

Cognizant Technology Solutions Stock Down 1.2 %

NASDAQ CTSH opened at $77.85 on Thursday. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. Cognizant Technology Solutions has a 12 month low of $63.79 and a 12 month high of $90.82. The stock’s 50 day moving average is $82.72 and its 200 day moving average is $79.48. The stock has a market cap of $38.51 billion, a PE ratio of 17.26, a P/E/G ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS 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%. Research analysts predict that Cognizant Technology Solutions will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions announced that its Board of Directors has authorized a share repurchase plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Cognizant Technology Solutions

Hedge funds have recently added to or reduced their stakes in the stock. Retirement Systems of Alabama grew its stake in Cognizant Technology Solutions by 3.5% in the third quarter. Retirement Systems of Alabama now owns 1,187,850 shares of the information technology service provider’s stock worth $91,678,000 after purchasing an additional 40,226 shares in the last quarter. CGN Advisors LLC purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth $1,294,000. ICICI Prudential Asset Management Co Ltd grew its position in shares of Cognizant Technology Solutions by 50.7% during the 4th quarter. ICICI Prudential Asset Management Co Ltd now owns 429,660 shares of the information technology service provider’s stock worth $33,041,000 after buying an additional 144,535 shares in the last quarter. Todd Asset Management LLC increased its stake in shares of Cognizant Technology Solutions by 24.4% during the fourth quarter. Todd Asset Management LLC now owns 436,509 shares of the information technology service provider’s stock valued at $33,568,000 after buying an additional 85,539 shares during the period. Finally, Matthews International Capital Management LLC raised its holdings in shares of Cognizant Technology Solutions by 52.0% in the fourth quarter. Matthews International Capital Management LLC now owns 50,108 shares of the information technology service provider’s stock valued at $3,853,000 after acquiring an additional 17,134 shares in the last quarter. 92.44% of the stock is currently owned by institutional investors.

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.