Morgan Stanley Boosts Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $64.00

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Cognizant Technology Solutions (NASDAQ:CTSH) had its price target lifted by Morgan Stanley from $51.00 to $64.00 in a report published on Tuesday, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the information technology service provider’s stock.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. lifted their price objective on Cognizant Technology Solutions from $59.00 to $62.00 and gave the company an underweight rating in a report on Friday, May 8th. Bank of America raised Cognizant Technology Solutions from an underperform rating to a neutral rating and lifted their price objective for the company from $49.00 to $60.00 in a report on Wednesday, June 10th. Wedbush raised Cognizant Technology Solutions from a neutral rating to an outperform rating and lifted their price objective for the company from $70.00 to $75.00 in a report on Thursday, July 16th. BMO Capital Markets raised Cognizant Technology Solutions from a market perform rating to an outperform rating and lifted their price objective for the company from $64.00 to $70.00 in a report on Wednesday, July 15th. Finally, Deutsche Bank reduced their target price on Cognizant Technology Solutions from $63.00 to $60.00 and set a hold rating on the stock in a report on Friday, May 8th. Five research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $66.67.

Shares of NASDAQ:CTSH opened at $68.32 on Tuesday. The company has a market cap of $37.40 billion, a P/E ratio of 17.60, a P/E/G ratio of 1.78 and a beta of 1.15. The stock’s 50-day moving average is $57.51 and its 200-day moving average is $56.95. Cognizant Technology Solutions has a 52-week low of $40.01 and a 52-week high of $71.48. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.90 and a current ratio of 2.66.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings results on Wednesday, July 29th. The information technology service provider reported $0.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.14. Cognizant Technology Solutions had a return on equity of 19.87% and a net margin of 9.67%. The company had revenue of $4 billion for the quarter, compared to the consensus estimate of $3.84 billion. During the same period last year, the business posted $0.94 earnings per share. The firm’s revenue was down 3.4% compared to the same quarter last year. As a group, equities analysts predict that Cognizant Technology Solutions will post 3.54 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, August 21st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Thursday, August 20th. Cognizant Technology Solutions’s dividend payout ratio is 22.06%.

In related news, General Counsel Matthew W. Friedrich sold 459 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $54.62, for a total value of $25,070.58. Following the transaction, the general counsel now owns 1,072 shares in the company, valued at $58,552.64. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Malcolm Frank sold 1,492 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $54.83, for a total value of $81,806.36. Following the completion of the transaction, the insider now owns 32,924 shares in the company, valued at approximately $1,805,222.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,794 shares of company stock worth $318,107. 0.31% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Creative Financial Designs Inc. ADV lifted its holdings in shares of Cognizant Technology Solutions by 1,818.9% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 1,017 shares of the information technology service provider’s stock valued at $47,000 after purchasing an additional 964 shares in the last quarter. Procyon Private Wealth Partners LLC acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at approximately $52,000. Pathstone Family Office LLC raised its position in Cognizant Technology Solutions by 246.9% in the 1st quarter. Pathstone Family Office LLC now owns 1,561 shares of the information technology service provider’s stock valued at $73,000 after buying an additional 1,111 shares during the last quarter. Cornerstone Advisors Inc. raised its position in Cognizant Technology Solutions by 20.5% in the 1st quarter. Cornerstone Advisors Inc. now owns 1,638 shares of the information technology service provider’s stock valued at $76,000 after buying an additional 279 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. acquired a new stake in Cognizant Technology Solutions in the 4th quarter valued at approximately $88,000. Hedge funds and other institutional investors own 90.22% 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 analytics and artificial intelligence, digital engineering, intelligent process automation, interactive, and hybrid cloud services and solutions; and application development, systems integration, application testing and maintenance, infrastructure, and business process services.

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Analyst Recommendations for Cognizant Technology Solutions (NASDAQ:CTSH)

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