Cognizant Technology Solutions (NASDAQ:CTSH) Downgraded by StockNews.com

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

A number of other equities research analysts have also issued reports on the company. Evercore ISI increased their price target on Cognizant Technology Solutions from $65.00 to $70.00 and gave the company an in-line rating in a research report on Tuesday, March 26th. Barclays reduced their price target on Cognizant Technology Solutions from $80.00 to $75.00 and set an equal weight rating on the stock in a research report on Friday, April 26th. BMO Capital Markets reduced their price target on Cognizant Technology Solutions from $85.00 to $77.00 and set a market perform rating on the stock in a research report on Tuesday, April 30th. Citigroup reduced their price target on Cognizant Technology Solutions from $90.00 to $82.00 and set a buy rating on the stock in a research report on Monday, April 22nd. Finally, Royal Bank of Canada raised their target price on Cognizant Technology Solutions from $74.00 to $77.00 and gave the stock a sector perform rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Hold and an average price target of $75.67.

Cognizant Technology Solutions Stock Performance

NASDAQ CTSH opened at $66.25 on Thursday. The stock has a market cap of $32.98 billion, a PE ratio of 15.93, a P/E/G ratio of 1.51 and a beta of 1.08. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions has a twelve month low of $60.26 and a twelve month high of $80.09. The stock has a fifty day simple moving average of $72.31 and a 200-day simple moving average of $72.55.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.01. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The business had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the prior year, the business posted $1.11 EPS. The company’s revenue was down 1.1% compared to the same quarter last year. Equities analysts anticipate that Cognizant Technology Solutions will post 4.6 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, May 17th. This represents a $1.20 dividend on an annualized basis and a yield of 1.81%. Cognizant Technology Solutions’s payout ratio is 28.85%.

Insider Buying and Selling at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, EVP Kathryn Diaz sold 900 shares of the company’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the sale, the executive vice president now owns 8,312 shares of the company’s stock, valued at $640,522.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Large investors have recently added to or reduced their stakes in the business. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter worth about $26,000. NBC Securities Inc. acquired a new stake in Cognizant Technology Solutions during the third quarter worth about $27,000. Spire Wealth Management increased its stake in Cognizant Technology Solutions by 79.1% during the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock worth $34,000 after acquiring an additional 193 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Cognizant Technology Solutions during the fourth quarter worth about $40,000. Finally, Quarry LP acquired a new stake in Cognizant Technology Solutions during the fourth quarter worth about $43,000. 92.44% of the stock is currently owned by hedge funds and other 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.