Nomura upgraded shares of Cognizant Technology Solutions (NASDAQ:CTSH) from a neutral rating to a buy rating in a report released on Wednesday morning, The Fly reports. They currently have $79.00 target price on the information technology service provider’s stock.
A number of other brokerages have also recently weighed in on CTSH. Moffett Nathanson started coverage on shares of Cognizant Technology Solutions in a report on Thursday, October 4th. They issued a neutral rating and a $85.00 price objective for the company. Cowen restated a buy rating and issued a $87.00 price objective on shares of Cognizant Technology Solutions in a report on Friday, August 3rd. BMO Capital Markets restated a buy rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a report on Tuesday. Bank of America cut shares of Cognizant Technology Solutions from a buy rating to an underperform rating and dropped their price objective for the company from $91.00 to $81.00 in a report on Tuesday, September 4th. Finally, JPMorgan Chase & Co. cut shares of Cognizant Technology Solutions from an overweight rating to a neutral rating and set a $66.00 price objective for the company. in a report on Tuesday, August 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $84.53.
Shares of CTSH stock traded down $0.23 during trading on Wednesday, reaching $68.80. The company’s stock had a trading volume of 4,289,769 shares, compared to its average volume of 3,882,738. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.27 and a current ratio of 3.24. The stock has a market capitalization of $38.60 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 1.22 and a beta of 0.90. Cognizant Technology Solutions has a 1-year low of $65.14 and a 1-year high of $85.10.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 30th. Investors of record on Tuesday, November 20th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, November 19th. This represents a $0.80 dividend on an annualized basis and a yield of 1.16%. Cognizant Technology Solutions’s dividend payout ratio is currently 22.66%.
In other news, SVP Robert Telesmanic sold 17,986 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $77.62, for a total transaction of $1,396,073.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Gajakarnan Vibushanan Kandiah sold 665 shares of the business’s stock in a transaction that occurred on Tuesday, September 25th. The stock was sold at an average price of $77.60, for a total transaction of $51,604.00. Following the sale, the insider now owns 14,683 shares of the company’s stock, valued at approximately $1,139,400.80. 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. 0.60% of the stock is owned by insiders.
Several large investors have recently modified their holdings of CTSH. Kaizen Advisory LLC lifted its position in shares of Cognizant Technology Solutions by 149.4% during the 2nd quarter. Kaizen Advisory LLC now owns 1,429 shares of the information technology service provider’s stock worth $113,000 after buying an additional 856 shares during the last quarter. Fort L.P. purchased a new stake in shares of Cognizant Technology Solutions during the 2nd quarter worth approximately $123,000. San Francisco Sentry Investment Group CA lifted its position in shares of Cognizant Technology Solutions by 170.0% during the 2nd quarter. San Francisco Sentry Investment Group CA now owns 1,909 shares of the information technology service provider’s stock worth $151,000 after buying an additional 1,202 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Cognizant Technology Solutions by 65.5% during the 2nd quarter. Parallel Advisors LLC now owns 2,226 shares of the information technology service provider’s stock worth $175,000 after buying an additional 881 shares during the last quarter. Finally, Cerebellum GP LLC purchased a new stake in shares of Cognizant Technology Solutions during the 3rd quarter worth approximately $180,000. Institutional investors and hedge funds own 88.04% of the company’s stock.
About Cognizant Technology Solutions
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.
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