Cognizant Technology Solutions (NASDAQ:CTSH) Earns Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Cognizant Technology Solutions (NASDAQ:CTSH) in a research report report published on Thursday, Benzinga reports. Wedbush currently has a $85.00 price objective on the information technology service provider’s stock.

A number of other equities research analysts have also recently weighed in on the company. Evercore ISI increased their price target on Cognizant Technology Solutions from $65.00 to $70.00 and gave the company an in-line rating in a research note on Tuesday, March 26th. BMO Capital Markets cut their target price on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a market perform rating for the company in a research note on Tuesday. Royal Bank of Canada upped their price target on shares of Cognizant Technology Solutions from $74.00 to $77.00 and gave the company a sector perform rating in a research note on Wednesday, February 7th. Societe Generale reaffirmed a sell rating and issued a $67.00 target price on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Finally, Susquehanna decreased their price objective on Cognizant Technology Solutions from $80.00 to $78.00 and set a neutral rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average price target of $75.63.

Cognizant Technology Solutions Stock Performance

CTSH stock traded down $0.02 during trading hours on Thursday, reaching $66.25. The stock had a trading volume of 7,399,746 shares, compared to its average volume of 3,943,487. The stock has a market capitalization of $32.98 billion, a PE ratio of 15.93, a price-to-earnings-growth ratio of 1.51 and a beta of 1.08. The stock has a 50-day simple moving average of $72.31 and a 200 day simple moving average of $72.46. Cognizant Technology Solutions has a fifty-two week low of $60.26 and a fifty-two week high of $80.09. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.35 and a quick ratio of 2.25.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.01. The business had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.72 billion. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. Cognizant Technology Solutions’s revenue was down 1.1% on a year-over-year basis. During the same period last year, the business posted $1.11 EPS. Analysts predict that Cognizant Technology Solutions will post 4.59 EPS for the current fiscal 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 paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Friday, May 17th. Cognizant Technology Solutions’s payout ratio is presently 28.85%.

Insider Activity

In related news, EVP Kathryn Diaz sold 900 shares of the company’s stock in a transaction 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 sale, 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 filing with the SEC, which is available through this link. Corporate insiders own 0.27% of the company’s stock.

Hedge Funds Weigh In On Cognizant Technology Solutions

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Exchange Traded Concepts LLC grew its position in Cognizant Technology Solutions by 26.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 773 shares of the information technology service provider’s stock worth $52,000 after acquiring an additional 162 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in Cognizant Technology Solutions by 8.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 198,317 shares of the information technology service provider’s stock worth $13,434,000 after acquiring an additional 15,441 shares during the last quarter. Xponance Inc. raised its stake in shares of Cognizant Technology Solutions by 2.4% during the third quarter. Xponance Inc. now owns 64,251 shares of the information technology service provider’s stock valued at $4,352,000 after acquiring an additional 1,499 shares during the last quarter. Raymond James & Associates grew its stake in shares of Cognizant Technology Solutions by 1.0% in the third quarter. Raymond James & Associates now owns 434,244 shares of the information technology service provider’s stock worth $29,416,000 after purchasing an additional 4,092 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its position in Cognizant Technology Solutions by 8.6% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 38,932 shares of the information technology service provider’s stock worth $2,637,000 after purchasing an additional 3,088 shares during the last quarter. 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.