Cognizant Technology Solutions (NASDAQ:CTSH) Price Target Raised to $73.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective hoisted by Morgan Stanley from $69.00 to $73.00 in a research note released on Thursday, Analyst Ratings Network reports. Morgan Stanley currently has an equal weight rating on the information technology service provider’s stock.

Several other equities analysts also recently weighed in on CTSH. Bank of America raised Cognizant Technology Solutions from a neutral rating to a buy rating and boosted their target price for the company from $67.00 to $76.00 in a research report on Friday, September 11th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Cognizant Technology Solutions from $60.00 to $68.00 and gave the stock a hold rating in a research note on Thursday, July 30th. 140166 raised shares of Cognizant Technology Solutions from a neutral rating to a positive rating and set a $87.00 price objective on the stock in a research report on Tuesday, October 13th. Wedbush upgraded Cognizant Technology Solutions from an underweight rating to an underperform rating and set a $68.00 target price for the company in a research report on Thursday, July 30th. Finally, BMO Capital Markets raised Cognizant Technology Solutions from a market perform rating to an outperform rating and raised their price target for the stock from $64.00 to $70.00 in a research note on Wednesday, July 15th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $69.19.

CTSH stock opened at $74.12 on Thursday. The firm has a fifty day moving average price of $69.87 and a 200 day moving average price of $61.05. Cognizant Technology Solutions has a fifty-two week low of $40.01 and a fifty-two week high of $75.32. The firm has a market cap of $40.19 billion, a PE ratio of 25.04, a price-to-earnings-growth ratio of 1.85 and a beta of 1.17. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.66 and a current ratio of 2.66.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, July 29th. The information technology service provider reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.14. Cognizant Technology Solutions had a net margin of 9.67% and a return on equity of 19.87%. The firm had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period in the previous year, the firm posted $0.94 EPS. The business’s quarterly revenue was down 3.4% on a year-over-year basis. On average, equities analysts predict that Cognizant Technology Solutions will post 3.55 EPS for the current year.

In other Cognizant Technology Solutions news, SVP Robert Telesmanic sold 812 shares of Cognizant Technology Solutions stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $67.50, for a total value of $54,810.00. Following the transaction, the senior vice president now directly owns 9,684 shares of the company’s stock, valued at $653,670. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Malcolm Frank sold 448 shares of the company’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $69.16, for a total value of $30,983.68. Following the transaction, the insider now directly owns 37,975 shares in the company, valued at $2,626,351. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,037 shares of company stock worth $4,644,959. 0.31% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in CTSH. Macquarie Group Ltd. boosted its holdings in Cognizant Technology Solutions by 15,034.7% in the second quarter. Macquarie Group Ltd. now owns 11,817,666 shares of the information technology service provider’s stock worth $671,480,000 after acquiring an additional 11,739,583 shares in the last quarter. Nordea Investment Management AB grew its position in Cognizant Technology Solutions by 94.1% during the 2nd quarter. Nordea Investment Management AB now owns 17,199,972 shares of the information technology service provider’s stock worth $985,042,000 after purchasing an additional 8,336,747 shares during the last quarter. BlackRock Inc. increased its stake in Cognizant Technology Solutions by 4.2% during the 2nd quarter. BlackRock Inc. now owns 54,466,896 shares of the information technology service provider’s stock valued at $3,094,810,000 after purchasing an additional 2,189,245 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Cognizant Technology Solutions by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 21,926,978 shares of the information technology service provider’s stock worth $1,245,892,000 after buying an additional 1,789,430 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Cognizant Technology Solutions by 39.9% in the second quarter. Goldman Sachs Group Inc. now owns 4,429,613 shares of the information technology service provider’s stock worth $251,691,000 after buying an additional 1,262,365 shares during the last quarter. 89.68% of the stock is currently owned by 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. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology.

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Analyst Recommendations for Cognizant Technology Solutions (NASDAQ:CTSH)

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