Cognizant Technology Solutions (NASDAQ:CTSH) Downgraded to “Hold” at StockNews.com

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

A number of other research firms also recently commented on CTSH. Robert W. Baird increased their price objective on Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a neutral rating in a report on Thursday, August 1st. Mizuho restated a neutral rating and set a $82.00 price target on shares of Cognizant Technology Solutions in a research note on Tuesday, June 11th. Royal Bank of Canada raised their price target on Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a sector perform rating in a research note on Wednesday, August 28th. Needham & Company LLC restated a hold rating on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. Finally, Barclays raised their price target on Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an equal weight rating in a research note on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $77.44.

Cognizant Technology Solutions Trading Down 1.2 %

CTSH opened at $75.84 on Thursday. Cognizant Technology Solutions has a one year low of $62.14 and a one year high of $80.27. The company has a market cap of $37.71 billion, a P/E ratio of 18.23, a PEG ratio of 2.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. The business’s 50-day simple moving average is $73.84 and its 200-day simple moving average is $71.52.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.05. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The business had revenue of $4.85 billion for the quarter, compared to the consensus estimate of $4.80 billion. During the same quarter in the prior year, the business posted $1.10 EPS. The business’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities research analysts expect that Cognizant Technology Solutions will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were issued a $0.30 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $1.20 annualized dividend and a dividend yield of 1.58%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Insider Activity

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now directly owns 46,427 shares of the company’s stock, valued at approximately $3,419,812.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.26% of the company’s stock.

Institutional Trading of Cognizant Technology Solutions

Several hedge funds have recently modified their holdings of CTSH. 1620 Investment Advisors Inc. acquired a new position in Cognizant Technology Solutions during the second quarter worth $25,000. LRI Investments LLC acquired a new position in Cognizant Technology Solutions during the first quarter worth $28,000. Spire Wealth Management raised its holdings in Cognizant Technology Solutions by 79.1% during the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock worth $34,000 after purchasing an additional 193 shares during the last quarter. Neo Ivy Capital Management acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $40,000. Finally, Benjamin Edwards Inc. raised its holdings in Cognizant Technology Solutions by 42.1% during the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock worth $36,000 after purchasing an additional 158 shares during the last quarter. 92.44% of the stock is owned by institutional investors and hedge funds.

About Cognizant Technology Solutions

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.