Cognizant Technology Solutions (NASDAQ:CTSH) Cut to Hold at StockNews.com

StockNews.com lowered shares of Cognizant Technology Solutions (NASDAQ:CTSH) from a buy rating to a hold rating in a report released on Thursday.

Other equities analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft lifted their target price 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. Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Tuesday, August 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a research report on Wednesday, August 28th. They set a “buy” rating and a $90.00 price target on the stock. Finally, Royal Bank of Canada upped their target price on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 28th. One analyst has rated the stock with a sell rating, twenty have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $77.60.

Cognizant Technology Solutions Stock Up 0.3 %

Shares of NASDAQ CTSH opened at $74.59 on Thursday. The stock has a 50 day moving average price of $76.40 and a 200 day moving average price of $71.94. The firm has a market capitalization of $36.97 billion, a price-to-earnings ratio of 16.50, a PEG ratio of 2.09 and a beta of 1.05. Cognizant Technology Solutions has a 52-week low of $62.14 and a 52-week high of $80.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Cognizant Technology Solutions had a return on equity of 17.37% and a net margin of 11.60%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the prior year, the company earned $1.16 EPS. The business’s revenue was up 3.0% compared to the same quarter last year. Sell-side analysts expect that Cognizant Technology Solutions will post 4.62 earnings per share for the current year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Tuesday, November 19th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. Cognizant Technology Solutions’s dividend payout ratio is presently 26.55%.

Insider Activity at Cognizant Technology Solutions

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Cognizant Technology Solutions

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Cognizant Technology Solutions by 13.6% during the first quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock valued at $4,254,178,000 after acquiring an additional 6,933,908 shares in the last quarter. Cibc World Market Inc. lifted its position in shares of Cognizant Technology Solutions by 19,850.5% in the 2nd quarter. Cibc World Market Inc. now owns 3,016,114 shares of the information technology service provider’s stock worth $205,096,000 after buying an additional 3,000,996 shares during the last quarter. Pzena Investment Management LLC grew its position in shares of Cognizant Technology Solutions by 11.7% during the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock valued at $1,265,473,000 after buying an additional 1,943,127 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Cognizant Technology Solutions by 152.8% during the second quarter. Bank of Montreal Can now owns 2,120,012 shares of the information technology service provider’s stock valued at $146,132,000 after purchasing an additional 1,281,236 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in Cognizant Technology Solutions by 276.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,588,528 shares of the information technology service provider’s stock valued at $122,603,000 after purchasing an additional 1,167,033 shares during the period. Hedge funds and other 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.