Cognizant Technology Solutions Corp. (CTSH) Receives “Outperform” Rating from Sanford C. Bernstein
Cognizant Technology Solutions Corp. (NASDAQ:CTSH)‘s stock had its “outperform” rating reiterated by analysts at Sanford C. Bernstein in a report released on Thursday. They currently have a $75.00 price target on the information technology service provider’s stock. Sanford C. Bernstein’s target price suggests a potential upside of 36.09% from the company’s previous close.
Other analysts have also recently issued reports about the company. Cantor Fitzgerald set a $68.00 price target on Cognizant Technology Solutions Corp. and gave the company a “buy” rating in a research note on Friday, August 5th. JPMorgan Chase & Co. reaffirmed a “buy” rating and issued a $62.00 price target on shares of Cognizant Technology Solutions Corp. in a research note on Wednesday, August 3rd. Needham & Company LLC lowered their price target on Cognizant Technology Solutions Corp. from $70.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, August 8th. Vetr cut Cognizant Technology Solutions Corp. from a “strong-buy” rating to a “buy” rating and set a $65.33 target price for the company. in a research note on Monday, September 5th. Finally, Societe Generale began coverage on Cognizant Technology Solutions Corp. in a research note on Monday, September 26th. They set a “buy” rating and a $68.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $65.32.
Shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) opened at 55.08 on Thursday. The firm has a 50-day moving average of $52.33 and a 200-day moving average of $56.43. The firm has a market capitalization of $33.42 billion, a PE ratio of 21.52 and a beta of 1.34. Cognizant Technology Solutions Corp. has a 1-year low of $45.44 and a 1-year high of $65.25.
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last announced its quarterly earnings data on Monday, November 7th. The information technology service provider reported $0.86 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $0.02. The firm earned $3.45 billion during the quarter, compared to analysts’ expectations of $3.46 billion. Cognizant Technology Solutions Corp. had a return on equity of 19.42% and a net margin of 11.78%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.76 EPS. On average, equities research analysts anticipate that Cognizant Technology Solutions Corp. will post $3.37 EPS for the current fiscal year.
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In other news, CFO Karen Mcloughlin sold 10,000 shares of Cognizant Technology Solutions Corp. stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $51.27, for a total transaction of $512,700.00. Following the sale, the chief financial officer now directly owns 52,614 shares of the company’s stock, valued at $2,697,519.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Malcolm Frank sold 1,248 shares of Cognizant Technology Solutions Corp. stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $58.50, for a total value of $73,008.00. Following the completion of the transaction, the vice president now directly owns 3,945 shares in the company, valued at $230,782.50. The disclosure for this sale can be found here. Insiders own 0.81% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Washington Trust Bank raised its position in Cognizant Technology Solutions Corp. by 6.8% in the second quarter. Washington Trust Bank now owns 1,789 shares of the information technology service provider’s stock worth $102,000 after buying an additional 114 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in Cognizant Technology Solutions Corp. during the second quarter worth approximately $123,000. Exane Derivatives raised its position in Cognizant Technology Solutions Corp. by 22.3% in the second quarter. Exane Derivatives now owns 2,278 shares of the information technology service provider’s stock worth $130,000 after buying an additional 416 shares in the last quarter. Virtus Investment Advisers Inc. bought a new position in Cognizant Technology Solutions Corp. during the third quarter worth approximately $132,000. Finally, SRB Corp bought a new position in Cognizant Technology Solutions Corp. during the third quarter worth approximately $136,000. 84.02% 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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