TD Cowen Issues Positive Forecast for Cognizant Technology Solutions (NASDAQ:CTSH) Stock Price

Cognizant Technology Solutions (NASDAQ:CTSH) had its target price lifted by equities researchers at TD Cowen from $75.00 to $76.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “hold” rating on the information technology service provider’s stock. TD Cowen’s price target suggests a potential upside of 0.16% from the company’s previous close.

Several other research firms have also recently issued reports on CTSH. Bank of America raised shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $73.00 to $75.00 in a report on Wednesday, August 7th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday. Jefferies Financial Group started coverage on shares of Cognizant Technology Solutions in a report on Wednesday, August 28th. They set a “buy” rating and a $90.00 price target for the company. Robert W. Baird increased their price target on shares of Cognizant Technology Solutions from $78.00 to $80.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective 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. One analyst has rated the stock with a sell rating, twenty have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $77.60.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded up $1.53 on Thursday, reaching $75.88. The company’s stock had a trading volume of 2,965,702 shares, compared to its average volume of 3,811,050. The stock’s 50-day moving average is $76.43 and its two-hundred day moving average is $71.93. 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 current ratio of 2.46 and a quick ratio of 2.46. The stock has a market capitalization of $37.61 billion, a P/E ratio of 17.22, a PEG ratio of 2.16 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.11. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business had revenue of $5.04 billion during the quarter, compared to analysts’ expectations of $4.99 billion. During the same period in the prior year, the company earned $1.16 earnings per share. The business’s revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Cognizant Technology Solutions will post 4.62 EPS for the current year.

Insider Activity at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the sale, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at approximately $3,419,812.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Cognizant Technology Solutions

Hedge funds have recently made changes to their positions in the stock. Blair William & Co. IL raised its position in shares of Cognizant Technology Solutions by 2.5% in the 1st quarter. Blair William & Co. IL now owns 16,795 shares of the information technology service provider’s stock worth $1,231,000 after buying an additional 412 shares during the period. Duality Advisers LP acquired a new position in shares of Cognizant Technology Solutions in the 1st quarter valued at about $1,687,000. Norden Group LLC purchased a new stake in shares of Cognizant Technology Solutions during the 1st quarter worth about $233,000. State Board of Administration of Florida Retirement System increased its position in Cognizant Technology Solutions by 8.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 650,385 shares of the information technology service provider’s stock worth $47,667,000 after purchasing an additional 53,061 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in Cognizant Technology Solutions by 135.4% during the 1st quarter. Cetera Investment Advisers now owns 33,305 shares of the information technology service provider’s stock worth $2,441,000 after purchasing an additional 19,157 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.