Cognizant Technology Solutions (NASDAQ: CTSH) Sets New 12-Month Record After Analysts Upgrade
Shares of Cognizant Technology Solutions Co. (NASDAQ: CTSH) hit a new 52-week high during Friday’s mid-day session after BMO Capital Markets raised its share price target to 86, $ 00 to $ 92.00. BMO Capital Markets is currently rated higher than the stock. Cognizant Technology Solutions traded as high as $ 82.83 and last traded at $ 82.75, with a volume of 67,055 shares traded. The stock had previously closed at $ 81.04.
The CTSH has been the subject of a number of other research reports. Wedbush reaffirmed an âoutperformanceâ rating on Cognizant Technology Solutions shares in a report released Thursday, July 29. Societe Generale upgraded Cognizant Technology Solutions shares from a âholdâ rating to a âbuyâ rating and set a target price of $ 92.00 on the stock in a report released Thursday, July 29. Barclays raised its price target for Cognizant Technology Solutions stock from $ 73.00 to $ 78.00 and rated the stock “underweight” in a report released on Friday, October 29. Royal Bank of Canada raised its target price on Cognizant Technology Solutions shares from $ 90.00 to $ 91.00 and rated the stock as “outperforming” in a report released Friday. Finally, JPMorgan Chase & Co. raised its price target for Cognizant Technology Solutions shares from $ 83.00 to $ 90.00 and assigned the stock an “overweight” rating in a report released on Tuesday 17th. August. Two equity research analysts rated the stock with a sell rating, four assigned a conservation rating, and thirteen assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of âBuyâ and a consensus target price of $ 85.13.
In other news, EVP Becky schmitt sold 2,696 shares of the company in a transaction that took place on Friday, October 1. The shares were sold at an average price of $ 74.63, for a total trade of $ 201,202.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.31% of the company’s shares.
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Hedge funds have recently changed their holdings in the company. Iowa State Bank increased its stake in Cognizant Technology Solutions shares by 26.6% during the 3rd quarter. Iowa State Bank now owns 25,001 shares of the IT service provider valued at $ 1,855,000 after purchasing 5,246 more shares in the last quarter. Aigen Investment Management LP purchased a new position in Cognizant Technology Solutions in the second quarter for a value of approximately $ 3,165,000. Envestnet Asset Management Inc. increased its holdings in Cognizant Technology Solutions by 4.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 999,939 shares of the IT service provider valued at $ 69,256,000 after purchasing an additional 45,414 shares during the period. Newfound Research LLC purchased a new position in Cognizant Technology Solutions in the second quarter for a value of approximately $ 51,000. Finally, Pensionfund Sabic increased its stake in Cognizant Technology Solutions by 17.9% in the 3rd quarter. The Sabic pension fund now owns 33,000 shares of the IT service provider valued at $ 2,449,000 after purchasing an additional 5,000 shares during the period. Institutional investors hold 88.99% of the company’s shares.
The company’s fifty-day moving average is $ 77.70 and its 200-day moving average is $ 74.29. The company has a market cap of $ 43.40 billion, a P / E ratio of 22.87, a P / E / G ratio of 1.83 and a beta of 1.13. The company has a current ratio of 2.11, a rapid ratio of 2.11, and a debt ratio of 0.06.
Cognizant Technology Solutions (NASDAQ: CTSH) last released its quarterly earnings data on Tuesday, October 26. The IT services provider reported EPS of $ 1.06 for the quarter, beating Thomson Reuters consensus estimate of $ 1.05 by $ 0.01. The company posted revenue of $ 4.74 billion in the quarter, compared to a consensus estimate of $ 4.73 billion. Cognizant Technology Solutions had a net margin of 10.48% and a return on equity of 17.55%. Cognizant Technology Solutions revenue for the quarter increased 11.8% year-over-year. During the same period last year, the company earned $ 0.97 per share. Equity research analysts predict that Cognizant Technology Solutions Co. will post 4.06 EPS for the current year.
The company also recently unveiled a quarterly dividend, which will be paid on Tuesday, November 30. Investors of record on Friday, November 19 will receive a dividend of $ 0.24. This represents an annualized dividend of $ 0.96 and a return of 1.16%. The ex-date of this dividend is Thursday, November 18. Cognizant Technology Solutions’ dividend payout ratio (DPR) is currently 27.12%.
Cognizant Technology Solutions Company Profile (NASDAQ: CTSH)
Cognizant Technology Solutions Corp. provides IT, consulting and business process outsourcing services. It operates through the following business sectors: Financial services; Health care; Products and resources; and communications, media and technology. The Financial Services segment comprises banking and insurance services.
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