William Blair Downgrades Cognizant Technology Solutions Corp. (CTSH) to Market Perform
Several other equities research analysts have also commented on the stock. Bank of America Corp. lowered shares of Cognizant Technology Solutions Corp. from a buy rating to an underperform rating in a report on Tuesday, November 22nd. Vetr upgraded shares of Cognizant Technology Solutions Corp. from a buy rating to a strong-buy rating and set a $61.76 price target for the company in a report on Monday, November 21st. Zacks Investment Research upgraded shares of Cognizant Technology Solutions Corp. from a sell rating to a hold rating in a report on Friday, November 11th. Deutsche Bank AG restated a buy rating on shares of Cognizant Technology Solutions Corp. in a report on Tuesday, November 8th. Finally, Cantor Fitzgerald restated a buy rating and issued a $68.00 price target on shares of Cognizant Technology Solutions Corp. in a report on Tuesday, November 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $64.97.
Shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) opened at 56.95 on Wednesday. The company has a 50-day moving average of $52.33 and a 200 day moving average of $56.43. Cognizant Technology Solutions Corp. has a one year low of $45.44 and a one year high of $65.43. The stock has a market cap of $34.55 billion, a PE ratio of 22.25 and a beta of 1.34.
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last posted its quarterly earnings results on Monday, November 7th. The information technology service provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.84 by $0.02. Cognizant Technology Solutions Corp. had a net margin of 11.78% and a return on equity of 19.42%. The business earned $3.45 billion during the quarter, compared to analyst estimates of $3.46 billion. During the same quarter in the previous year, the business posted $0.76 EPS. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, analysts predict that Cognizant Technology Solutions Corp. will post $3.37 earnings per share for the current year.
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In other news, VP Malcolm Frank sold 1,248 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $58.50, for a total value of $73,008.00. Following the completion of the sale, the vice president now directly owns 3,945 shares in the company, valued at $230,782.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Karen Mcloughlin sold 10,000 shares of the stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $51.27, for a total transaction of $512,700.00. Following the completion of the sale, the chief financial officer now owns 52,614 shares of the company’s stock, valued at $2,697,519.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the stock. Washington Trust Bank boosted its stake 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 valued at $102,000 after buying an additional 114 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Cognizant Technology Solutions Corp. during the second quarter valued at about $123,000. Exane Derivatives boosted its stake 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 valued at $130,000 after buying an additional 416 shares during the last quarter. Virtus Investment Advisers Inc. purchased a new stake in Cognizant Technology Solutions Corp. during the third quarter valued at about $132,000. Finally, SRB Corp purchased a new stake in Cognizant Technology Solutions Corp. during the third quarter valued at about $136,000. Institutional investors and hedge funds own 84.02% of the company’s stock.
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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