Cognizant Technology Solutions (NASDAQ:CTSH) Stock Rating Reaffirmed by Wedbush

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating)‘s stock had its “outperform” rating reissued by research analysts at Wedbush in a report released on Monday, Benzinga reports. They currently have a $75.00 target price on the information technology service provider’s stock. Wedbush’s price objective suggests a potential upside of 28.34% from the company’s current price. Wedbush also issued estimates for Cognizant Technology Solutions’ Q1 2023 earnings at $1.08 EPS, Q2 2023 earnings at $1.10 EPS, Q3 2023 earnings at $1.11 EPS, Q4 2023 earnings at $1.12 EPS and FY2024 earnings at $5.02 EPS.

CTSH has been the subject of a number of other research reports. Moffett Nathanson downgraded Cognizant Technology Solutions from a “market perform” rating to an “underperform” rating and dropped their price target for the company from $70.00 to $60.00 in a research report on Thursday, January 19th. Robert W. Baird cut Cognizant Technology Solutions from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $66.00 to $68.00 in a report on Friday, February 3rd. Bank of America cut Cognizant Technology Solutions from a “neutral” rating to an “underperform” rating and set a $57.00 price objective on the stock. in a report on Monday, January 9th. TheStreet raised Cognizant Technology Solutions from a “c+” rating to a “b-” rating in a report on Tuesday, January 31st. Finally, UBS Group raised their price objective on Cognizant Technology Solutions from $62.00 to $68.00 in a report on Sunday, January 15th. Five equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $69.90.

Cognizant Technology Solutions Stock Up 0.8 %

Shares of NASDAQ CTSH opened at $58.44 on Monday. The company has a market cap of $29.76 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.22 and a beta of 1.10. The company has a quick ratio of 2.17, a current ratio of 2.17 and a debt-to-equity ratio of 0.05. The business has a 50-day simple moving average of $63.81 and a two-hundred day simple moving average of $61.01. Cognizant Technology Solutions has a 52 week low of $51.33 and a 52 week high of $93.47.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The information technology service provider reported $1.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.01. The firm had revenue of $4.84 billion during the quarter, compared to the consensus estimate of $4.78 billion. Cognizant Technology Solutions had a return on equity of 18.92% and a net margin of 11.79%. The company’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the company posted $1.10 EPS. Research analysts anticipate that Cognizant Technology Solutions will post 4.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cognizant Technology Solutions

Hedge funds have recently made changes to their positions in the company. Neo Ivy Capital Management boosted its position in shares of Cognizant Technology Solutions by 75.6% during the third quarter. Neo Ivy Capital Management now owns 504 shares of the information technology service provider’s stock valued at $29,000 after purchasing an additional 217 shares in the last quarter. Voya Investment Management LLC boosted its position in shares of Cognizant Technology Solutions by 16.6% during the second quarter. Voya Investment Management LLC now owns 311,589 shares of the information technology service provider’s stock valued at $21,029,000 after purchasing an additional 44,329 shares in the last quarter. Itau Unibanco Holding S.A. bought a new stake in shares of Cognizant Technology Solutions during the third quarter valued at approximately $83,000. Donoghue Forlines LLC bought a new stake in shares of Cognizant Technology Solutions during the third quarter valued at approximately $424,000. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Cognizant Technology Solutions during the second quarter valued at approximately $4,050,000. 90.12% of the stock is currently owned by institutional investors.

About Cognizant Technology Solutions

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Cognizant Technology Solutions Corp. engages in the provision of information technology, consulting, and business process outsourcing services. It operates through the following business segments: Financial Services, Healthcare, Products and Resources, and Communications, Media, and Technology. The Financial Services segment consists of banking and insurance services.