Cognizant Technology Solutions (NASDAQ: CTSH – Get Rating) Zacks Investment Research was upgraded from a “sell” rating to a “hold” rating in a research report released Monday, Zacks.com reports. The brokerage price is currently $79.00 per share of the IT service provider. Zacks Investment Research price target indicates a potential upside of 2.80% from the stock’s previous close.
According to Zacks, “Cognizant reported strong results for the first quarter of 2022, which reflected strong performance across sectors, including healthcare, products and resources as well as communications, media and technology. Moreover, the acquisitions boosted the company’s digital capabilities and international prospects. It Experiencing strength in high-quality, low-cost technology services, including cloud and digital architecture, and increased demand for interactive solutions, Internet of Things and analytics.The company raised revenue guidance for 2022. Cognizant expects operating margin to expand sequentially in the second and third quarters and be lower than guidance Expected for the full year in the fourth quarter. However, the continued intense competition in the IT services market is a major concern. Cognizant shares have outperformed year-over-year in the industry thus far.”
A number of other brokerages have also affected CTSH. Barclays raised its price target on Cognizant Technology Solutions from $78.00 to $85.00 and gave the stock an “underweight” rating in a research note on Monday, February 7th. Citigroup lowered its price target for Cognizant Technology Solutions shares from $95.00 to $88.00 in a research report on Thursday. UBS Group raised shares of Cognizant Technology Solutions from a “sell” rating to a “neutral” rating and increased their price target for the stock from $58.50 to $89.00 in a research report on Thursday, January 20th. Quinn cut his price target for Cognizant Technology Solutions shares from $98.00 to $95.00 in a report on Monday. Finally, BMO Capital Markets raised its price target for Cognizant Technology Solutions shares from $92.00 to $100.00 in a research note on Thursday, February 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “buy” and a target price of $91.69.
Nasdaq: CTSH traded up $1.33 during midday on Monday, reaching $76.85. The company’s trading volume was 62,496 shares, compared to an average trading volume of 3,134,277. The company has a market capitalization of $40.31 billion, a price-earnings ratio of 18.43, a price-earnings ratio of 1.39 and a beta 1.10. The company has a trading ratio of 2.22, a quick ratio of 2.08 and a debt-to-equity ratio of 0.05. The 50 day simple moving average for the stock is $86.94 and its 200 day simple moving average is $85.03. Cognizant Technology Solutions recorded a 12-month low of $66.19 and a 12-month high of $93.47.
Cognizant Technology Solutions (NASDAQ: CTSH – Get Rating) released its latest quarterly earnings results on Wednesday, May 4. The IT services provider reported earnings of $1.08 per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. Cognizant Technology Solutions had a return on equity of 19.07% and a net margin of 11.59%. The company generated $4.83 billion in revenue for the quarter, compared to analysts’ expectations of $4.83 billion. During the same quarter last year, the company reported $0.97 in earnings per share. The company’s revenue for the quarter rose 9.7% year-over-year. As a group, sell-side analysts expect Cognizant Technology Solutions to post 4.51 earnings per share for the current year.
In other news for Cognizant Technology Solutions, insider Rajesh Nambiar sold 5,000 shares of the company’s stock in a transaction dated Friday, February 11th. The shares were sold at an average price of $90.50, for a total transaction of $452,500.00. The deal was disclosed in a file with the Securities and Exchange Commission, which is available through the Saudi Electricity Company’s website. Also, director Leo S. Jr. Mackay 4,778 shares of the company’s stock in a transaction dated Monday, March 7th. The shares sold at an average price of $88.52, bringing the total transaction to $42,948.56. The disclosure of this sale can be found here. In the last 90 days, insiders have sold 16,149 shares of company stock valued at $1,434,568. Company insiders own 0.31% of the company’s stock.
Many hedge funds have recently bought and sold shares of stock. GeoWealth Management LLC bought a new stake in shares of Cognizant Technology Solutions during the third quarter valued at approximately $26,000. MV Capital Management raised its stake in Cognizant Technology Solutions by 94.8% in the fourth quarter. MV Capital Management Inc. Now 302 shares of the IT services provider stock are valued at $27,000 after purchasing an additional 147 shares in the last quarter. Cornerstone Advisory LLC purchased a new position in Cognizant Technology Solutions in the fourth quarter valued at $27,000. Hardy Reed LLC purchased a new position in shares of Cognizant Technology Solutions during the first quarter worth $27,000. Finally, Fieldpoint Private Securities LLC increased its stake in shares of Cognizant Technology Solutions by 475.4% during the 4th quarter. Fieldpoint Private Securities LLC now owns 397 shares of the information technology services provider stock, valued at $35,000 after purchasing an additional 328 shares in the last quarter. Institutional investors own 90.73% of the company’s stock.
About Cognizant Technology Solutions (Get Rating)
Cognizant Technology Solutions Corporation, a professional services company, provides consulting, technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services. Healthcare; products and resources; Communications, Media and Technology.
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