Cognizant Technology Solutions (NASDAQ:CTSH) Given New $69.00 Price Target at Citigroup

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Cognizant Technology Solutions (NASDAQ:CTSH) had its target price reduced by Citigroup from $76.00 to $69.00 in a research note issued to investors on Monday morning, AnalystRatings.com reports. They currently have a buy rating on the information technology service provider’s stock.

Several other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Cognizant Technology Solutions from a buy rating to a hold rating and set a $66.00 price target on the stock. in a research report on Thursday, September 5th. ValuEngine raised shares of Cognizant Technology Solutions from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Barclays assumed coverage on shares of Cognizant Technology Solutions in a research report on Friday, September 20th. They set an underweight rating and a $64.00 price target on the stock. BidaskClub cut shares of Cognizant Technology Solutions from a hold rating to a sell rating in a research report on Friday. Finally, UBS Group cut shares of Cognizant Technology Solutions from a neutral rating to a sell rating and lowered their price target for the company from $62.00 to $60.00 in a research report on Friday, August 2nd. Six research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company’s stock. Cognizant Technology Solutions presently has an average rating of Hold and a consensus target price of $72.50.

Shares of NASDAQ:CTSH traded up $0.90 during trading on Monday, hitting $61.28. 33,432 shares of the stock traded hands, compared to its average volume of 3,340,504. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.13. The company has a market cap of $33.47 billion, a price-to-earnings ratio of 15.23, a P/E/G ratio of 1.39 and a beta of 1.07. The company has a fifty day moving average price of $61.50 and a two-hundred day moving average price of $64.25. Cognizant Technology Solutions has a 52-week low of $56.73 and a 52-week high of $74.85.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, July 31st. The information technology service provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.01. Cognizant Technology Solutions had a net margin of 12.61% and a return on equity of 20.52%. The firm had revenue of $4.14 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period in the previous year, the firm earned $1.05 EPS. The business’s quarterly revenue was up 3.4% on a year-over-year basis. On average, equities research analysts predict that Cognizant Technology Solutions will post 3.96 EPS for the current fiscal year.

In related news, General Counsel Matthew W. Friedrich sold 3,104 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $62.23, for a total value of $193,161.92. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Allen Shaheen sold 975 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $64.30, for a total transaction of $62,692.50. Following the completion of the transaction, the executive vice president now directly owns 2,010 shares in the company, valued at approximately $129,243. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,823 shares of company stock worth $1,169,337. 0.56% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of CTSH. North Star Investment Management Corp. bought a new stake in shares of Cognizant Technology Solutions in the 3rd quarter valued at about $25,000. Field & Main Bank boosted its holdings in shares of Cognizant Technology Solutions by 350.0% in the 2nd quarter. Field & Main Bank now owns 450 shares of the information technology service provider’s stock valued at $29,000 after buying an additional 350 shares in the last quarter. Berman Capital Advisors LLC boosted its holdings in shares of Cognizant Technology Solutions by 137.7% in the 2nd quarter. Berman Capital Advisors LLC now owns 637 shares of the information technology service provider’s stock valued at $40,000 after buying an additional 369 shares in the last quarter. Citizens Financial Group Inc RI boosted its holdings in shares of Cognizant Technology Solutions by 35.3% in the 2nd quarter. Citizens Financial Group Inc RI now owns 716 shares of the information technology service provider’s stock valued at $46,000 after buying an additional 187 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC boosted its holdings in shares of Cognizant Technology Solutions by 52.7% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 892 shares of the information technology service provider’s stock valued at $57,000 after buying an additional 308 shares in the last quarter. 91.64% of the stock is currently owned by institutional investors.

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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