Cognizant Technology Solutions (CTSH) Lowered to “Market Perform” at BMO Capital Markets

Share on StockTwits

BMO Capital Markets lowered shares of Cognizant Technology Solutions (NASDAQ:CTSH) from an outperform rating to a market perform rating in a research report sent to investors on Wednesday morning, The Fly reports. The brokerage currently has $74.00 price objective on the information technology service provider’s stock.

Several other brokerages also recently commented on CTSH. BidaskClub raised shares of Cognizant Technology Solutions from a hold rating to a buy rating in a research report on Friday, July 13th. Wolfe Research began coverage on shares of Cognizant Technology Solutions in a research report on Tuesday, July 17th. They set a market perform rating for the company. Zacks Investment Research downgraded shares of Cognizant Technology Solutions from a hold rating to a sell rating in a research report on Monday, July 9th. Bank of America downgraded shares of Cognizant Technology Solutions from a buy rating to an underperform rating and reduced their price objective for the stock from $91.00 to $81.00 in a research report on Tuesday, September 4th. Finally, HSBC raised shares of Cognizant Technology Solutions from a hold rating to a buy rating in a research report on Tuesday, September 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $84.53.

NASDAQ:CTSH traded down $0.56 on Wednesday, reaching $68.48. 3,269,973 shares of the stock traded hands, compared to its average volume of 3,882,738. The company has a market capitalization of $38.60 billion, a PE ratio of 19.40, a P/E/G ratio of 1.22 and a beta of 0.90. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.27 and a current ratio of 3.24. Cognizant Technology Solutions has a 1-year low of $65.14 and a 1-year high of $85.10.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Tuesday, October 30th. The information technology service provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.06. The business had revenue of $4.08 billion during the quarter, compared to the consensus estimate of $4.08 billion. Cognizant Technology Solutions had a net margin of 9.07% and a return on equity of 22.54%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.98 EPS. Research analysts predict that Cognizant Technology Solutions will post 4.18 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 30th. Shareholders of record on Tuesday, November 20th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, November 19th. This represents a $0.80 annualized dividend and a yield of 1.17%. Cognizant Technology Solutions’s payout ratio is currently 22.66%.

In other Cognizant Technology Solutions news, EVP James Patrick Lennox sold 842 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $75.20, for a total value of $63,318.40. Following the completion of the sale, the executive vice president now owns 5,555 shares in the company, valued at $417,736. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Allen Shaheen sold 352 shares of the business’s stock in a transaction that occurred on Tuesday, August 21st. The shares were sold at an average price of $74.89, for a total value of $26,361.28. The disclosure for this sale can be found here. Insiders sold 48,288 shares of company stock valued at $3,694,551 in the last quarter. Corporate insiders own 0.60% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Kaizen Advisory LLC grew its stake in Cognizant Technology Solutions by 149.4% in the second quarter. Kaizen Advisory LLC now owns 1,429 shares of the information technology service provider’s stock worth $113,000 after purchasing an additional 856 shares during the period. Fort L.P. bought a new stake in Cognizant Technology Solutions in the second quarter worth $123,000. San Francisco Sentry Investment Group CA boosted its holdings in Cognizant Technology Solutions by 170.0% in the second quarter. San Francisco Sentry Investment Group CA now owns 1,909 shares of the information technology service provider’s stock worth $151,000 after acquiring an additional 1,202 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Cognizant Technology Solutions by 65.5% in the second quarter. Parallel Advisors LLC now owns 2,226 shares of the information technology service provider’s stock worth $175,000 after acquiring an additional 881 shares in the last quarter. Finally, Cerebellum GP LLC bought a new stake in Cognizant Technology Solutions in the third quarter worth $180,000. 88.04% of the stock is currently owned by hedge funds and other institutional investors.

Cognizant Technology Solutions Company Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services worldwide. The company operates through four segments: Financial Services; Healthcare; Products and Resources; and Communications, Media and Technology. It offers business, process, operations, and technology consulting services; application design and development, and systems integration services; application testing, consulting, and engineering services; and enterprise information management services.

See Also: Should you buy a closed-end mutual fund?

The Fly

Analyst Recommendations for Cognizant Technology Solutions (NASDAQ:CTSH)

Receive News & Ratings for Cognizant Technology Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cognizant Technology Solutions and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply