Cognizant Technology Solutions (NASDAQ:CTSH) had its target price raised by Morgan Stanley from $77.00 to $84.00 in a note issued to investors on Monday. The brokerage presently has an “equal weight” rating on the information technology service provider’s stock. Morgan Stanley’s target price indicates a potential upside of 10.27% from the company’s previous close.
A number of other research firms also recently commented on CTSH. SunTrust Banks reiterated a “buy” rating and set a $85.00 price objective on shares of Cognizant Technology Solutions in a research note on Friday, November 3rd. Credit Suisse Group reiterated an “outperform” rating and set a $89.00 price objective (up from $80.00) on shares of Cognizant Technology Solutions in a research note on Thursday, November 2nd. Citigroup increased their price objective on shares of Cognizant Technology Solutions from $73.00 to $75.00 and gave the company a “neutral” rating in a research note on Tuesday, October 31st. Royal Bank of Canada reiterated a “buy” rating and set a $77.00 price objective on shares of Cognizant Technology Solutions in a research note on Sunday, October 8th. Finally, BidaskClub upgraded shares of Cognizant Technology Solutions from a “sell” rating to a “hold” rating in a research note on Friday, January 19th. Five analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $82.25.
Cognizant Technology Solutions (NASDAQ CTSH) traded up $0.46 during midday trading on Monday, reaching $76.18. 472,248 shares of the company’s stock were exchanged, compared to its average volume of 3,349,976. Cognizant Technology Solutions has a 12-month low of $52.44 and a 12-month high of $78.95. The company has a quick ratio of 3.29, a current ratio of 3.29 and a debt-to-equity ratio of 0.07. The company has a market cap of $44,647.92, a P/E ratio of 23.51, a price-to-earnings-growth ratio of 1.52 and a beta of 1.11.
In related news, insider Sumithra Gomatam sold 2,625 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $76.00, for a total value of $199,500.00. Following the sale, the insider now owns 40,979 shares of the company’s stock, valued at approximately $3,114,404. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Rajeev Mehta sold 42,563 shares of the stock in a transaction dated Monday, January 22nd. The stock was sold at an average price of $77.50, for a total transaction of $3,298,632.50. Following the completion of the sale, the president now directly owns 35,020 shares in the company, valued at approximately $2,714,050. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 975,311 shares of company stock worth $71,570,078. Insiders own 1.08% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the stock. Linscomb & Williams Inc. acquired a new stake in shares of Cognizant Technology Solutions in the 3rd quarter worth about $278,000. Robeco Institutional Asset Management B.V. increased its holdings in shares of Cognizant Technology Solutions by 45.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 143,385 shares of the information technology service provider’s stock worth $10,401,000 after acquiring an additional 44,982 shares during the period. Rothschild Asset Management Inc. acquired a new stake in shares of Cognizant Technology Solutions in the 3rd quarter worth about $12,538,000. Tandem Investment Advisors Inc. increased its holdings in shares of Cognizant Technology Solutions by 164.0% in the 4th quarter. Tandem Investment Advisors Inc. now owns 42,030 shares of the information technology service provider’s stock worth $2,985,000 after acquiring an additional 26,111 shares during the period. Finally, Aurora Investment Counsel acquired a new stake in shares of Cognizant Technology Solutions in the 4th quarter worth about $1,252,000. 86.95% of the stock is currently owned by institutional investors and hedge funds.
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Cognizant Technology Solutions Company Profile
Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.
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