Cognizant Technology Solutions (NASDAQ:CTSH) Price Target Raised to $64.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target increased by analysts at Morgan Stanley from $51.00 to $64.00 in a research note issued on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an “equal weight” rating on the information technology service provider’s stock. Morgan Stanley’s target price points to a potential upside of 0.90% from the company’s current price.

CTSH has been the subject of several other research reports. BidaskClub upgraded Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research note on Tuesday. Royal Bank of Canada lifted their price target on Cognizant Technology Solutions from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Wells Fargo & Co lifted their price target on Cognizant Technology Solutions from $62.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, July 21st. Bank of America upgraded Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $49.00 to $60.00 in a research report on Wednesday, June 10th. Finally, BMO Capital Markets upgraded Cognizant Technology Solutions from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $64.00 to $70.00 in a research report on Wednesday, July 15th. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have given a buy rating to the stock. Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus target price of $64.95.

Shares of NASDAQ CTSH opened at $63.43 on Tuesday. Cognizant Technology Solutions has a 52 week low of $40.01 and a 52 week high of $71.48. The business has a 50-day simple moving average of $56.93 and a two-hundred day simple moving average of $56.86. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 0.30. The company has a market cap of $33.41 billion, a P/E ratio of 19.88, a P/E/G ratio of 1.69 and a beta of 1.15.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Thursday, May 7th. The information technology service provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.93 by $0.03. Cognizant Technology Solutions had a return on equity of 20.90% and a net margin of 10.46%. The business had revenue of $4.23 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same quarter last year, the company earned $0.91 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. Equities research analysts anticipate that Cognizant Technology Solutions will post 3.32 EPS for the current year.

In other Cognizant Technology Solutions news, insider Malcolm Frank sold 1,492 shares of Cognizant Technology Solutions stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $54.83, for a total value of $81,806.36. Following the transaction, the insider now directly owns 32,924 shares of the company’s stock, valued at approximately $1,805,222.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Matthew W. Friedrich sold 3,153 shares of Cognizant Technology Solutions stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $54.83, for a total value of $172,878.99. The disclosure for this sale can be found here. Insiders sold a total of 5,794 shares of company stock worth $318,107 over the last ninety days. Insiders own 0.31% of the company’s stock.

Several hedge funds have recently modified their holdings of CTSH. Norges Bank bought a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth approximately $364,997,000. Invesco Ltd. raised its stake in shares of Cognizant Technology Solutions by 24.3% in the first quarter. Invesco Ltd. now owns 13,116,889 shares of the information technology service provider’s stock worth $609,542,000 after purchasing an additional 2,568,186 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of Cognizant Technology Solutions by 124.3% in the first quarter. Diamond Hill Capital Management Inc. now owns 3,377,773 shares of the information technology service provider’s stock worth $156,965,000 after purchasing an additional 1,871,967 shares during the last quarter. Mawer Investment Management Ltd. purchased a new position in shares of Cognizant Technology Solutions in the first quarter worth $79,631,000. Finally, Yacktman Asset Management LP raised its stake in shares of Cognizant Technology Solutions by 58.6% in the first quarter. Yacktman Asset Management LP now owns 4,292,640 shares of the information technology service provider’s stock worth $199,479,000 after purchasing an additional 1,586,618 shares during the last quarter. Hedge funds and other institutional investors own 90.22% 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 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.

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Analyst Recommendations for Cognizant Technology Solutions (NASDAQ:CTSH)

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