Cognizant Technology Solutions (NASDAQ:CTSH) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Cognizant Technology Solutions (NASDAQ:CTSH) in a research report sent to investors on Thursday morning,Benzinga reports.

Several other research firms have also recently commented on CTSH. UBS Group cut their price target on Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. Mizuho upgraded Cognizant Technology Solutions to a “hold” rating in a research note on Wednesday, March 19th. Royal Bank of Canada restated a “sector perform” rating and issued a $93.00 price target on shares of Cognizant Technology Solutions in a research note on Wednesday. Morgan Stanley reduced their price objective on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 12th. Finally, BMO Capital Markets boosted 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 research report on Thursday, February 6th. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Cognizant Technology Solutions currently has a consensus rating of “Hold” and a consensus price target of $84.56.

Cognizant Technology Solutions Stock Down 0.3 %

NASDAQ CTSH opened at $77.58 on Thursday. 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 has a fifty-two week low of $63.79 and a fifty-two week high of $90.82. The business has a 50 day moving average price of $82.72 and a two-hundred day moving average price of $79.47. The stock has a market cap of $38.37 billion, a PE ratio of 17.20, a P/E/G ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 earnings per share for the quarter, beating 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%. As a group, sell-side analysts predict that Cognizant Technology Solutions will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions declared that its board has initiated a share repurchase plan on Tuesday, March 25th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Cognizant Technology Solutions Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Tuesday, February 18th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Tuesday, February 18th. This is a boost from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 27.49%.

Institutional Investors Weigh In On Cognizant Technology Solutions

Several large investors have recently made changes to their positions in the company. Duncker Streett & Co. Inc. bought a new position in Cognizant Technology Solutions in the 4th quarter worth approximately $28,000. Trust Co. of Vermont boosted its position 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 period. SBI Securities Co. Ltd. bought a new position in shares of Cognizant Technology Solutions in the fourth quarter worth $36,000. Park Square Financial Group LLC acquired a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at $36,000. Finally, Spire Wealth Management raised its stake in shares of Cognizant Technology Solutions by 74.7% during the fourth quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after purchasing an additional 204 shares in the last quarter. Institutional investors and hedge funds 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.