Cognizant Technology Solutions (NASDAQ:CTSH) PT Lowered to $74.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective trimmed by JPMorgan Chase & Co. from $81.00 to $74.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a neutral rating on the information technology service provider’s stock.

Several other research firms have also recently issued reports on CTSH. Citigroup cut their price objective on Cognizant Technology Solutions from $90.00 to $82.00 and set a buy rating for the company in a research report on Monday, April 22nd. Evercore ISI increased their price objective on Cognizant Technology Solutions from $65.00 to $70.00 and gave the stock an in-line rating in a research report on Tuesday, March 26th. Wolfe Research upgraded Cognizant Technology Solutions from an underperform rating to a peer perform rating in a research report on Thursday, January 4th. Societe Generale reiterated a sell rating and issued a $67.00 price objective on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Finally, Royal Bank of Canada upped their target price on Cognizant Technology Solutions from $74.00 to $77.00 and gave the company a sector perform rating in a report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $75.67.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock traded down $0.02 during trading hours on Thursday, hitting $66.25. 7,399,746 shares of the company were exchanged, compared to its average volume of 3,943,487. Cognizant Technology Solutions has a 1 year low of $60.26 and a 1 year high of $80.09. The company has a current ratio of 2.35, a quick ratio of 2.25 and a debt-to-equity ratio of 0.04. The business has a 50-day moving average of $72.31 and a 200-day moving average of $72.46. The stock has a market capitalization of $32.98 billion, a price-to-earnings ratio of 15.93, a P/E/G ratio of 1.51 and a beta of 1.08.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, topping the consensus estimate 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 quarter in the prior year, the business earned $1.11 earnings per share. The company’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, analysts expect that Cognizant Technology Solutions will post 4.6 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm 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 $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Friday, May 17th. 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 that occurred on Tuesday, March 12th. The stock was sold at an average price of $77.06, for a total value of $69,354.00. Following the transaction, the executive vice president now directly owns 8,312 shares of the company’s stock, valued at approximately $640,522.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.27% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

A number of institutional investors have recently made changes to their positions in the business. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $26,000. NBC Securities Inc. bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter valued at approximately $27,000. Spire Wealth Management increased its holdings in shares of Cognizant Technology Solutions by 79.1% in the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after acquiring an additional 193 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $40,000. Finally, Quarry LP bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $43,000. 92.44% of the stock is owned by institutional investors and hedge funds.

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.