Cognizant Technology Solutions (NASDAQ:CTSH) Downgraded by StockNews.com

StockNews.com cut shares of Cognizant Technology Solutions (NASDAQ:CTSH) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

A number of other research firms have also recently commented on CTSH. Barclays increased their target price on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 23rd. Royal Bank of Canada raised their price objective on Cognizant Technology Solutions from $81.00 to $82.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 28th. Jefferies Financial Group assumed coverage on Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Cognizant Technology Solutions from $82.00 to $89.00 and gave the company a “neutral” rating in a research note on Friday, September 6th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $76.00 price objective on shares of Cognizant Technology Solutions in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, nineteen have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and an average target price of $77.58.

Cognizant Technology Solutions Trading Down 0.1 %

NASDAQ:CTSH opened at $74.82 on Wednesday. The company has a market cap of $37.20 billion, a P/E ratio of 17.99, a P/E/G ratio of 2.16 and a beta of 1.05. Cognizant Technology Solutions has a 1 year low of $62.14 and a 1 year high of $80.27. The stock’s fifty day moving average price is $76.50 and its two-hundred day moving average price is $71.82. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.46.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.05. The firm had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.10 earnings per share. As a group, analysts expect that Cognizant Technology Solutions will post 4.62 EPS for the current year.

Cognizant Technology Solutions Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 28th. Investors of record on Tuesday, August 20th were issued a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a yield of 1.60%. Cognizant Technology Solutions’s payout ratio is currently 28.85%.

Insider Buying and Selling

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the transaction, the chief executive officer now directly owns 46,427 shares in the company, valued at $3,419,812.82. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is owned by company insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Hedge funds have recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. purchased a new position in Cognizant Technology Solutions in the 2nd quarter worth approximately $25,000. LRI Investments LLC purchased a new stake in Cognizant Technology Solutions during the 1st quarter valued at $28,000. Pinnacle Bancorp Inc. raised its stake in Cognizant Technology Solutions by 47.4% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 454 shares of the information technology service provider’s stock valued at $35,000 after buying an additional 146 shares during the last quarter. Eastern Bank purchased a new stake in Cognizant Technology Solutions during the 3rd quarter valued at $37,000. Finally, Benjamin Edwards Inc. raised its stake in Cognizant Technology Solutions by 42.1% during the 2nd quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock valued at $36,000 after buying an additional 158 shares during the last quarter. 92.44% of the stock is currently 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.