Cognizant Technology Solutions (NASDAQ:CTSH) Cut to Hold at StockNews.com

StockNews.com cut shares of Cognizant Technology Solutions (NASDAQ:CTSH) from a buy rating to a hold rating in a report released on Saturday.

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of Cognizant Technology Solutions from $82.00 to $89.00 and gave the stock a neutral rating in a research note on Friday, September 6th. Daiwa America upgraded Cognizant Technology Solutions to a hold rating in a report on Tuesday, August 27th. Jefferies Financial Group started coverage on Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a buy rating and a $90.00 target price for the company. Needham & Company LLC reaffirmed a hold rating on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. Finally, Bank of America raised Cognizant Technology Solutions from an underperform rating to a neutral rating and raised their price objective for the stock from $73.00 to $75.00 in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eighteen have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $77.44.

Cognizant Technology Solutions Trading Up 0.6 %

Shares of Cognizant Technology Solutions stock opened at $75.64 on Friday. Cognizant Technology Solutions has a 1-year low of $62.14 and a 1-year high of $80.27. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46. The stock has a market cap of $37.61 billion, a P/E ratio of 18.18, a P/E/G ratio of 2.14 and a beta of 1.05. The stock’s 50 day simple moving average is $75.40 and its 200-day simple moving average is $71.38.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.80 billion. During the same period in the prior year, the business earned $1.10 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. Analysts predict that Cognizant Technology Solutions will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Stockholders of record on Tuesday, August 20th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.59%. The ex-dividend date of this dividend was Tuesday, August 20th. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Insider Activity at Cognizant Technology Solutions

In other Cognizant Technology Solutions news, CEO Ravi Kumar Singisetti sold 6,728 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $73.66, for a total value of $495,584.48. Following the sale, the chief executive officer now owns 46,427 shares of the company’s stock, valued at approximately $3,419,812.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Cognizant Technology Solutions

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Cognizant Technology Solutions by 13.6% during the first quarter. Vanguard Group Inc. now owns 58,045,823 shares of the information technology service provider’s stock worth $4,254,178,000 after purchasing an additional 6,933,908 shares in the last quarter. Pzena Investment Management LLC boosted its position in shares of Cognizant Technology Solutions by 11.7% during the 2nd quarter. Pzena Investment Management LLC now owns 18,609,898 shares of the information technology service provider’s stock worth $1,265,473,000 after acquiring an additional 1,943,127 shares in the last quarter. Boston Partners increased its holdings in shares of Cognizant Technology Solutions by 1.3% in the 1st quarter. Boston Partners now owns 7,781,273 shares of the information technology service provider’s stock valued at $569,175,000 after acquiring an additional 101,078 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cognizant Technology Solutions by 1.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 5,565,974 shares of the information technology service provider’s stock worth $378,483,000 after acquiring an additional 94,209 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Cognizant Technology Solutions by 2.7% during the second quarter. Legal & General Group Plc now owns 5,340,480 shares of the information technology service provider’s stock worth $363,153,000 after purchasing an additional 142,225 shares during the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

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.