Zacks Investment Research upgraded shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) from a sell rating to a hold rating in a research note published on Thursday morning.

According to Zacks, “Cognizant's business has been affected because of persisting macroeconomic headwinds and sluggish spending levels in its healthcare and financial sector, which are its biggest markets. The company had even lowered its revenue outlook for 2016 given these factors. Intense competition in the IT service industry, rising wages and customer concentration are other challenges. Nonetheless, the company is expected to benefit from strong demand for high quality, lower cost technology services. In addition, it has placed itself well to benefit from the ongoing digitization of businesses. Also, acquisitions will continue to play an important role in boosting revenues. “

Several other brokerages also recently commented on CTSH. Nomura downgraded Cognizant Technology Solutions Corp. from a buy rating to a neutral rating and reduced their target price for the stock from $65.00 to $62.00 in a report on Monday, August 8th. Wedbush started coverage on Cognizant Technology Solutions Corp. in a report on Thursday, September 8th. They set a neutral rating and a $65.00 price objective on the stock. Needham & Company LLC reduced their price objective on Cognizant Technology Solutions Corp. from $70.00 to $68.00 and set a buy rating on the stock in a report on Monday, August 8th. JPMorgan Chase & Co. reaffirmed a buy rating and set a $62.00 price objective on shares of Cognizant Technology Solutions Corp. in a report on Wednesday, August 3rd. Finally, Barclays PLC cut their price target on Cognizant Technology Solutions Corp. from $70.00 to $66.00 and set an overweight rating on the stock in a research note on Thursday, July 7th. One analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $66.87.

Shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) opened at 53.33 on Thursday. The firm has a market capitalization of $32.37 billion, a P/E ratio of 21.50 and a beta of 1.28. Cognizant Technology Solutions Corp. has a 12 month low of $51.22 and a 12 month high of $69.80. The company’s 50 day moving average price is $57.17 and its 200-day moving average price is $59.01.

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last announced its earnings results on Friday, August 5th. The information technology service provider reported $0.87 EPS for the quarter, topping the consensus estimate of $0.82 by $0.05. The business had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $3.37 billion. Cognizant Technology Solutions Corp. had a return on equity of 19.31% and a net margin of 11.65%. Cognizant Technology Solutions Corp.’s revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.79 EPS. On average, equities analysts predict that Cognizant Technology Solutions Corp. will post $3.37 earnings per share for the current fiscal year.

In other news, CEO Francisco Dsouza sold 200,000 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $57.69, for a total transaction of $11,538,000.00. Following the transaction, the chief executive officer now directly owns 422,602 shares of the company’s stock, valued at $24,379,909.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Karen Mcloughlin sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the transaction, the chief financial officer now directly owns 60,741 shares in the company, valued at $3,644,460. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in CTSH. Vanguard Group Inc. boosted its position in shares of Cognizant Technology Solutions Corp. by 1.4% in the second quarter. Vanguard Group Inc. now owns 37,394,147 shares of the information technology service provider’s stock valued at $2,140,441,000 after buying an additional 504,392 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Cognizant Technology Solutions Corp. by 45.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 25,864,040 shares of the information technology service provider’s stock valued at $1,480,458,000 after buying an additional 8,041,798 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Cognizant Technology Solutions Corp. by 21.1% in the second quarter. Artisan Partners Limited Partnership now owns 13,571,012 shares of the information technology service provider’s stock valued at $776,805,000 after buying an additional 2,362,461 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Cognizant Technology Solutions Corp. by 149.0% in the second quarter. Nordea Investment Management AB now owns 8,694,123 shares of the information technology service provider’s stock valued at $497,652,000 after buying an additional 5,203,100 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Cognizant Technology Solutions Corp. by 5.5% in the first quarter. Wellington Management Group LLP now owns 8,331,127 shares of the information technology service provider’s stock valued at $522,361,000 after buying an additional 436,001 shares in the last quarter. 86.86% of the stock is currently owned by institutional investors.

About Cognizant Technology Solutions Corp.

Cognizant Technology Solutions Corporation is a provider of information technology (IT), consulting and business process services. The Company operates through four segments: Financial Services, which includes customers providing banking/transaction processing, capital markets and insurance services; Healthcare, which includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies; Manufacturing, Retail and Logistics, which includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services, and Other, which includes communications, manufacturing/retail/logistics, and high technology.

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