Cognizant Technology Solutions (NASDAQ:CTSH) Earns Sector Perform Rating from Royal Bank of Canada

Cognizant Technology Solutions (NASDAQ:CTSH)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They presently have a $93.00 price target on the information technology service provider’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 18.37% from the company’s current price.

Several other equities analysts also recently weighed in on CTSH. BMO Capital Markets lifted their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the company a “market perform” rating in a report on Thursday, February 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, February 6th. Morgan Stanley decreased their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. UBS Group dropped their price objective on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Finally, Mizuho raised Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. Fifteen research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $83.71.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded down $0.26 during midday trading on Wednesday, hitting $78.57. The company had a trading volume of 618,030 shares, compared to its average volume of 3,376,645. Cognizant Technology Solutions has a 12-month low of $63.79 and a 12-month high of $90.82. The company has a fifty day moving average of $82.72 and a two-hundred day moving average of $79.50. The company has a market cap of $38.86 billion, a price-to-earnings ratio of 17.42, a PEG ratio of 2.11 and a beta of 1.12. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.09 and a quick ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. On average, equities research analysts expect that Cognizant Technology Solutions will post 4.98 EPS for the current fiscal year.

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

Institutional Trading of Cognizant Technology Solutions

Several hedge funds and other institutional investors have recently bought and sold shares of CTSH. California State Teachers Retirement System boosted its stake in shares of Cognizant Technology Solutions by 0.8% during the 4th quarter. California State Teachers Retirement System now owns 840,827 shares of the information technology service provider’s stock worth $64,660,000 after purchasing an additional 6,554 shares during the period. 111 Capital purchased a new position in Cognizant Technology Solutions during the 4th quarter valued at $1,011,000. Wealth Enhancement Advisory Services LLC increased its stake in Cognizant Technology Solutions by 257.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 164,857 shares of the information technology service provider’s stock worth $12,678,000 after purchasing an additional 118,723 shares during the period. NorthCrest Asset Manangement LLC lifted its position in shares of Cognizant Technology Solutions by 3.5% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 103,765 shares of the information technology service provider’s stock worth $7,980,000 after purchasing an additional 3,484 shares during the last quarter. Finally, Siemens Fonds Invest GmbH boosted its stake in shares of Cognizant Technology Solutions by 37.0% during the fourth quarter. Siemens Fonds Invest GmbH now owns 22,886 shares of the information technology service provider’s stock valued at $1,760,000 after purchasing an additional 6,184 shares during the period. Hedge funds and other institutional investors own 92.44% of the company’s stock.

About Cognizant Technology Solutions

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.