JPMorgan Chase & Co. Trims Cognizant Technology Solutions (NASDAQ:CTSH) Target Price to $74.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target lowered by equities researchers at JPMorgan Chase & Co. from $81.00 to $74.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the information technology service provider’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 11.78% from the stock’s current price.

A number of other research analysts have also weighed in on CTSH. Wedbush restated an “outperform” rating and set a $85.00 price objective on shares of Cognizant Technology Solutions in a research report on Thursday. BMO Capital Markets decreased their price objective on Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating on the stock in a report on Tuesday. Wolfe Research upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “peer perform” rating in a research report on Thursday, January 4th. Mizuho started coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, January 30th. They set a “neutral” rating and a $82.00 price objective for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday. One analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $75.63.

Cognizant Technology Solutions Stock Performance

Shares of CTSH stock traded up $0.83 during mid-day trading on Thursday, reaching $66.20. 2,797,521 shares of the company’s stock traded hands, compared to its average volume of 4,273,951. The firm has a market capitalization of $32.96 billion, a PE ratio of 15.77, a price-to-earnings-growth ratio of 1.50 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.25 and a current ratio of 2.25. The firm has a 50 day moving average price of $72.84 and a two-hundred day moving average price of $72.51. Cognizant Technology Solutions has a 12 month low of $58.81 and a 12 month high of $80.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.01. Cognizant Technology Solutions had a return on equity of 17.83% and a net margin of 10.98%. The firm had revenue of $4.76 billion for the quarter, compared to analysts’ expectations of $4.72 billion. During the same period in the previous year, the firm earned $1.11 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis. On average, research analysts forecast that Cognizant Technology Solutions will post 4.59 EPS for the current year.

Insider Transactions at Cognizant Technology Solutions

In related 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 sale, the executive vice president now owns 8,312 shares in the company, valued at $640,522.72. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Cognizant Technology Solutions

Hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC grew its holdings in Cognizant Technology Solutions by 26.5% during the third quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider’s stock worth $52,000 after acquiring an additional 162 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in shares of Cognizant Technology Solutions by 8.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 198,317 shares of the information technology service provider’s stock worth $13,434,000 after purchasing an additional 15,441 shares during the period. Xponance Inc. boosted its holdings in Cognizant Technology Solutions by 2.4% during the third quarter. Xponance Inc. now owns 64,251 shares of the information technology service provider’s stock worth $4,352,000 after buying an additional 1,499 shares in the last quarter. Raymond James & Associates grew its position in Cognizant Technology Solutions by 1.0% during the third quarter. Raymond James & Associates now owns 434,244 shares of the information technology service provider’s stock valued at $29,416,000 after buying an additional 4,092 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Cognizant Technology Solutions by 8.6% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 38,932 shares of the information technology service provider’s stock valued at $2,637,000 after buying an additional 3,088 shares in the last quarter. 92.44% of the stock is owned by hedge funds and other 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. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.