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Cognizant Technology Solutions (NASDAQ:CTSH) Price Target Cut to $76.00

kopsource · Sep 26, 2022 02:11

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) had its target price cut by Robert W. Baird from $78.00 to $76.00 in a research note released on Thursday morning, The Fly reports. They currently have an outperform rating on the information technology service provider's stock.

A number of other analysts have also commented on the stock. UBS Group decreased their price target on shares of Cognizant Technology Solutions from $89.00 to $76.00 and set a neutral rating for the company in a research note on Thursday, July 28th. Barclays decreased their price target on shares of Cognizant Technology Solutions from $80.00 to $55.00 and set an underweight rating for the company in a research note on Tuesday, July 19th. Jefferies Financial Group decreased their price target on shares of Cognizant Technology Solutions from $78.00 to $72.00 and set a hold rating for the company in a research note on Wednesday, September 14th. Morgan Stanley decreased their price target on shares of Cognizant Technology Solutions from $75.00 to $65.00 and set an equal weight rating for the company in a research note on Thursday, July 28th. Finally, Cowen restated a downgrade rating on shares of Cognizant Technology Solutions in a research note on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $83.13.

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Cognizant Technology Solutions Stock Down 1.6 %

Cognizant Technology Solutions stock opened at $58.85 on Thursday. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.05. Cognizant Technology Solutions has a 12-month low of $58.13 and a 12-month high of $93.47. The firm's fifty day moving average is $65.95 and its 200 day moving average is $73.61. The company has a market capitalization of $30.47 billion, a PE ratio of 13.65, a PEG ratio of 1.18 and a beta of 1.06.

Cognizant Technology Solutions (NASDAQ:CTSH – Get Rating) last released its earnings results on Wednesday, July 27th. The information technology service provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.05. Cognizant Technology Solutions had a net margin of 11.74% and a return on equity of 19.36%. The company had revenue of $4.91 billion for the quarter, compared to the consensus estimate of $4.92 billion. During the same quarter in the previous year, the company earned $0.99 EPS. Cognizant Technology Solutions's quarterly revenue was up 7.0% compared to the same quarter last year. As a group, sell-side analysts predict that Cognizant Technology Solutions will post 4.55 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 30th. Investors of record on Friday, August 19th were given a dividend of $0.27 per share. The ex-dividend date of this dividend was Thursday, August 18th. This represents a $1.08 annualized dividend and a yield of 1.84%. Cognizant Technology Solutions's payout ratio is currently 25.06%.

Insider Activity at Cognizant Technology Solutions

In related news, Director Zein Abdalla sold 4,368 shares of the stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $65.44, for a total transaction of $285,841.92. Following the completion of the transaction, the director now owns 13,556 shares in the company, valued at $887,104.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.34% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Institutional investors have recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC lifted its holdings in Cognizant Technology Solutions by 118.2% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 7,485 shares of the information technology service provider's stock valued at $664,000 after purchasing an additional 4,054 shares during the last quarter. Schroder Investment Management Group lifted its holdings in Cognizant Technology Solutions by 3.0% during the fourth quarter. Schroder Investment Management Group now owns 392,206 shares of the information technology service provider's stock valued at $34,797,000 after purchasing an additional 11,348 shares during the last quarter. Gotham Asset Management LLC lifted its holdings in Cognizant Technology Solutions by 27.9% during the fourth quarter. Gotham Asset Management LLC now owns 5,495 shares of the information technology service provider's stock valued at $488,000 after purchasing an additional 1,200 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in Cognizant Technology Solutions by 4.0% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 73,231 shares of the information technology service provider's stock valued at $6,497,000 after purchasing an additional 2,790 shares during the last quarter. Finally, Blair William & Co. IL lifted its holdings in Cognizant Technology Solutions by 81.3% during the fourth quarter. Blair William & Co. IL now owns 18,597 shares of the information technology service provider's stock valued at $1,650,000 after purchasing an additional 8,339 shares during the last quarter. Institutional investors own 90.67% of the company's stock.

About Cognizant Technology Solutions

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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; Healthcare; Products and Resources; and Communications, Media and Technology.