Susquehanna Trims Cognizant Technology Solutions (NASDAQ:CTSH) Target Price to $78.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its target price decreased by Susquehanna from $80.00 to $78.00 in a report published on Thursday morning, Benzinga reports. Susquehanna currently has a neutral rating on the information technology service provider’s stock.

Several other brokerages have also recently issued reports on CTSH. Jefferies Financial Group upgraded shares of Cognizant Technology Solutions from a hold rating to a buy rating and boosted their price target for the company from $70.00 to $85.00 in a research report on Thursday, January 11th. Royal Bank of Canada increased their target price on shares of Cognizant Technology Solutions from $74.00 to $77.00 and gave the company a sector perform rating in a research report on Wednesday, February 7th. BMO Capital Markets cut their price target on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a market perform rating on the stock in a report on Tuesday, April 30th. Evercore ISI increased their price objective on Cognizant Technology Solutions from $65.00 to $70.00 and gave the company an in-line rating in a report on Tuesday, March 26th. Finally, Wolfe Research upgraded Cognizant Technology Solutions from an underperform rating to a peer perform rating in a research note on Thursday, January 4th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Cognizant Technology Solutions has a consensus rating of Hold and an average price target of $75.67.

Cognizant Technology Solutions Price Performance

Shares of NASDAQ CTSH traded down $0.02 during mid-day trading on Thursday, reaching $66.25. 7,399,746 shares of the company were exchanged, compared to its average volume of 3,943,487. Cognizant Technology Solutions has a 52 week low of $60.26 and a 52 week high of $80.09. The company has a quick ratio of 2.25, a current ratio of 2.35 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $32.98 billion, a PE ratio of 15.93, a PEG ratio of 1.51 and a beta of 1.08. The company’s 50 day moving average price is $72.31 and its 200 day moving average price is $72.46.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.01. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The business had revenue of $4.76 billion during the quarter, compared to the consensus estimate of $4.72 billion. During the same period in the previous year, the firm posted $1.11 earnings per share. The firm’s revenue for the quarter was down 1.1% on a year-over-year basis. Sell-side analysts forecast that Cognizant Technology Solutions will post 4.6 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Monday, May 20th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.20 dividend on an annualized basis and a yield of 1.81%. Cognizant Technology Solutions’s dividend payout ratio is presently 28.85%.

Insider Buying and Selling at Cognizant Technology Solutions

In other news, EVP Kathryn Diaz sold 900 shares of the business’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $77.06, for a total value of $69,354.00. Following the completion of the transaction, the executive vice president now owns 8,312 shares of the company’s stock, valued at approximately $640,522.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.27% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Several institutional investors have recently made changes to their positions in CTSH. Mediolanum International Funds Ltd purchased a new position in Cognizant Technology Solutions in the first quarter valued at $1,252,000. BI Asset Management Fondsmaeglerselskab A S grew its position in shares of Cognizant Technology Solutions by 10.4% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 55,746 shares of the information technology service provider’s stock valued at $4,086,000 after acquiring an additional 5,253 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of Cognizant Technology Solutions in the 1st quarter valued at about $549,000. Whittier Trust Co. of Nevada Inc. raised its holdings in Cognizant Technology Solutions by 20.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 3,827 shares of the information technology service provider’s stock worth $280,000 after purchasing an additional 648 shares during the period. Finally, Daiwa Securities Group Inc. boosted its position in Cognizant Technology Solutions by 5.5% during the first quarter. Daiwa Securities Group Inc. now owns 83,368 shares of the information technology service provider’s stock worth $6,110,000 after purchasing an additional 4,338 shares in 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.