Bank of America reaffirmed their underperform rating on shares of Cognizant Technology Solutions (NASDAQ:CTSH) in a research report report published on Monday, Briefing.com Automated Import reports. The brokerage currently has a $57.00 price objective on the information technology service provider’s stock, down from their prior price objective of $71.00.
A number of other equities analysts have also recently issued reports on CTSH. Zacks Investment Research raised Cognizant Technology Solutions from a sell rating to a hold rating in a report on Friday, January 11th. BidaskClub raised Cognizant Technology Solutions from a hold rating to a buy rating in a report on Tuesday, January 22nd. Sanford C. Bernstein raised Cognizant Technology Solutions from a market perform rating to an outperform rating and set a $80.00 target price for the company in a report on Friday, January 25th. BMO Capital Markets raised their price target on Cognizant Technology Solutions to $80.00 and gave the company a market perform rating in a report on Monday, February 4th. Finally, KeyCorp raised their price target on Cognizant Technology Solutions from $79.00 to $84.00 and gave the company an overweight rating in a report on Thursday, February 7th. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $75.55.
Shares of CTSH opened at $59.10 on Monday. Cognizant Technology Solutions has a 1 year low of $57.47 and a 1 year high of $83.35. The company has a quick ratio of 3.12, a current ratio of 2.90 and a debt-to-equity ratio of 0.12. The company has a market capitalization of $33.65 billion, a PE ratio of 14.70, a P/E/G ratio of 1.33 and a beta of 0.95.
Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Thursday, May 2nd. The information technology service provider reported $0.91 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.03 by ($0.12). Cognizant Technology Solutions had a return on equity of 21.50% and a net margin of 12.39%. The company had revenue of $4.11 billion during the quarter, compared to analyst estimates of $4.16 billion. During the same period in the previous year, the company posted $0.94 earnings per share. The company’s quarterly revenue was up 5.1% on a year-over-year basis. As a group, equities research analysts expect that Cognizant Technology Solutions will post 4.43 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Wednesday, May 22nd will be given a $0.20 dividend. The ex-dividend date is Tuesday, May 21st. This represents a $0.80 dividend on an annualized basis and a yield of 1.35%. Cognizant Technology Solutions’s payout ratio is 19.90%.
In other Cognizant Technology Solutions news, COO Srinivasan Veeraraghavachary sold 2,000 shares of the stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $74.00, for a total value of $148,000.00. Following the transaction, the chief operating officer now directly owns 38,992 shares in the company, valued at approximately $2,885,408. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Allen Shaheen sold 396 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $73.80, for a total value of $29,224.80. The disclosure for this sale can be found here. Insiders sold a total of 47,954 shares of company stock worth $3,456,742 over the last quarter. Corporate insiders own 0.56% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in CTSH. Acima Private Wealth LLC bought a new position in shares of Cognizant Technology Solutions in the 4th quarter worth $29,000. Sontag Advisory LLC bought a new position in shares of Cognizant Technology Solutions in the 4th quarter worth $30,000. Somerset Trust Co boosted its position in shares of Cognizant Technology Solutions by 152.0% in the 1st quarter. Somerset Trust Co now owns 494 shares of the information technology service provider’s stock worth $36,000 after purchasing an additional 298 shares during the last quarter. Penserra Capital Management LLC bought a new position in shares of Cognizant Technology Solutions in the 1st quarter worth $37,000. Finally, Citizens Financial Group Inc RI boosted its position in shares of Cognizant Technology Solutions by 176.5% in the 4th quarter. Citizens Financial Group Inc RI now owns 611 shares of the information technology service provider’s stock worth $39,000 after purchasing an additional 390 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.
About Cognizant Technology Solutions
Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.
Further Reading: Institutional Investors