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

Cognizant Technology Solutions (NASDAQ:CTSH) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

Several other analysts also recently commented on the company. Robert W. Baird raised their target price on Cognizant Technology Solutions from $75.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Royal Bank of Canada raised their price objective on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. Mizuho reaffirmed a “neutral” rating and set a $82.00 target price on shares of Cognizant Technology Solutions in a research report on Tuesday, June 11th. Bank of America raised shares of Cognizant Technology Solutions from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $73.00 to $75.00 in a research report on Wednesday, August 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, eighteen have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Cognizant Technology Solutions presently has an average rating of “Hold” and an average target price of $77.44.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock opened at $75.84 on Thursday. The stock has a market capitalization of $37.71 billion, a price-to-earnings ratio of 18.23, a PEG ratio of 2.21 and a beta of 1.05. Cognizant Technology Solutions has a 52-week low of $62.14 and a 52-week high of $80.27. 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 stock’s 50 day moving average price is $73.84 and its two-hundred day moving average price is $71.60.

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, topping the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. Cognizant Technology Solutions’s revenue was down .7% on a year-over-year basis. On average, equities analysts predict that Cognizant Technology Solutions will post 4.62 earnings per share for the current year.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’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 transaction, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Cognizant Technology Solutions

A number of hedge funds have recently made changes to their positions in CTSH. 1620 Investment Advisors Inc. bought a new position in Cognizant Technology Solutions during the second quarter valued at about $25,000. LRI Investments LLC purchased a new position in Cognizant Technology Solutions in the first quarter valued at about $28,000. Spire Wealth Management boosted its stake in 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 acquiring an additional 193 shares during the last quarter. Benjamin Edwards Inc. grew its position in shares of Cognizant Technology Solutions by 42.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock valued at $36,000 after acquiring an additional 158 shares during the period. Finally, Neo Ivy Capital Management purchased a new stake in shares of Cognizant Technology Solutions during the 4th quarter worth approximately $40,000. 92.44% of the stock is currently owned by 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.