Cognizant Technology Solutions (NASDAQ:CTSH) Downgraded by StockNews.com

StockNews.com cut shares of Cognizant Technology Solutions (NASDAQ:CTSH) from a buy rating to a hold rating in a research note published on Thursday.

Several other brokerages have also recently issued reports on CTSH. Barclays dropped their price objective on shares of Cognizant Technology Solutions from $80.00 to $75.00 and set an equal weight rating on the stock in a research note on Friday, April 26th. Wedbush reissued an outperform rating and set a $85.00 price target on shares of Cognizant Technology Solutions in a report on Thursday. Royal Bank of Canada lifted their price objective on Cognizant Technology Solutions from $74.00 to $77.00 and gave the company a sector perform rating in a report on Wednesday, February 7th. Societe Generale reissued a sell rating and set a $67.00 target price on shares of Cognizant Technology Solutions in a research note on Friday, January 5th. Finally, JPMorgan Chase & Co. decreased their price target on Cognizant Technology Solutions from $81.00 to $74.00 and set a neutral rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $75.63.

Cognizant Technology Solutions Stock Performance

Shares of CTSH traded down $0.02 during mid-day trading on Thursday, hitting $66.25. 7,399,746 shares of the company’s stock were exchanged, compared to its average volume of 3,943,487. The firm has a market capitalization of $32.98 billion, a P/E ratio of 15.93, a P/E/G ratio of 1.51 and a beta of 1.08. Cognizant Technology Solutions has a fifty-two week low of $60.26 and a fifty-two week high of $80.09. The business’s 50 day moving average is $72.31 and its two-hundred day moving average is $72.46. The company has a current ratio of 2.35, a quick ratio of 2.25 and a debt-to-equity ratio of 0.04.

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, topping analysts’ consensus estimates of $1.11 by $0.01. The company had revenue of $4.76 billion during the quarter, compared to analysts’ expectations of $4.72 billion. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same period last year, the firm earned $1.11 EPS. On average, equities analysts expect that Cognizant Technology Solutions will post 4.59 earnings per share for the current year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date is Friday, May 17th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Insider Activity

In related news, EVP Kathryn Diaz sold 900 shares of Cognizant Technology Solutions stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $77.06, for a total transaction of $69,354.00. Following the completion of the transaction, the executive vice president now directly owns 8,312 shares in the company, valued at approximately $640,522.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Cognizant Technology Solutions

Hedge funds have recently bought and sold shares of the stock. Turtle Creek Wealth Advisors LLC purchased a new stake in Cognizant Technology Solutions during the 4th quarter worth about $26,000. NBC Securities Inc. purchased a new stake in shares of Cognizant Technology Solutions during the third quarter worth about $27,000. Spire Wealth Management raised its position in shares of Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 193 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Cognizant Technology Solutions during the fourth quarter valued at approximately $40,000. Finally, Quarry LP acquired a new stake in Cognizant Technology Solutions during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 92.44% 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 in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.