Cognizant Technology Solutions (NASDAQ:CTSH) Coverage Initiated at Berenberg Bank

Berenberg Bank began coverage on shares of Cognizant Technology Solutions (NASDAQ:CTSH) in a report published on Tuesday morning, BenzingaRatingsTable reports. The brokerage issued a hold rating and a $63.00 price objective on the information technology service provider’s stock.

CTSH has been the topic of a number of other reports. ValuEngine upgraded Cognizant Technology Solutions from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Credit Suisse Group cut their price objective on Cognizant Technology Solutions from $83.00 to $81.00 and set an outperform rating on the stock in a research report on Monday, September 23rd. Wolfe Research lowered Cognizant Technology Solutions from a peer perform rating to an underperform rating and set a $65.00 price objective on the stock. in a research report on Monday, January 6th. Needham & Company LLC lowered Cognizant Technology Solutions from a hold rating to an underperform rating in a research report on Friday, November 22nd. Finally, Citigroup dropped their price target on Cognizant Technology Solutions from $76.00 to $69.00 and set a buy rating on the stock in a research report on Monday, October 14th. Eight research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and nine have issued a buy rating to the company. Cognizant Technology Solutions has a consensus rating of Hold and an average price target of $70.40.

Cognizant Technology Solutions stock traded down $0.75 during trading hours on Tuesday, reaching $62.04. The company had a trading volume of 113,787 shares, compared to its average volume of 2,501,057. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.53 and a quick ratio of 2.53. The company has a 50-day moving average price of $61.92 and a 200 day moving average price of $62.37. The firm has a market cap of $34.05 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 1.37 and a beta of 1.02. Cognizant Technology Solutions has a 12-month low of $56.73 and a 12-month high of $74.85.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.08 EPS for the quarter, topping the Zacks’ consensus estimate of $1.05 by $0.03. The business had revenue of $4.25 billion for the quarter, compared to analysts’ expectations of $4.21 billion. Cognizant Technology Solutions had a return on equity of 20.23% and a net margin of 12.60%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.05 EPS. As a group, research analysts expect that Cognizant Technology Solutions will post 3.97 earnings per share for the current year.

In other news, Director Francisco Dsouza sold 62,177 shares of the business’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $60.87, for a total value of $3,784,713.99. Following the completion of the transaction, the director now owns 289,564 shares in the company, valued at $17,625,760.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Karen Mcloughlin sold 18,396 shares of the business’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $62.02, for a total value of $1,140,919.92. Following the completion of the transaction, the chief financial officer now owns 68,026 shares of the company’s stock, valued at approximately $4,218,972.52. The disclosure for this sale can be found here. Insiders have sold 250,287 shares of company stock valued at $15,533,272 in the last quarter. 0.56% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Cognizant Technology Solutions by 3.7% in the second quarter. BlackRock Inc. now owns 48,909,575 shares of the information technology service provider’s stock worth $3,100,379,000 after purchasing an additional 1,756,108 shares during the last quarter. Generation Investment Management LLP raised its stake in shares of Cognizant Technology Solutions by 24.8% in the third quarter. Generation Investment Management LLP now owns 13,055,572 shares of the information technology service provider’s stock worth $786,794,000 after purchasing an additional 2,597,844 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Cognizant Technology Solutions by 354.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 10,652,397 shares of the information technology service provider’s stock worth $675,256,000 after purchasing an additional 8,307,253 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of Cognizant Technology Solutions by 7.8% in the third quarter. California Public Employees Retirement System now owns 3,972,744 shares of the information technology service provider’s stock worth $239,417,000 after purchasing an additional 285,994 shares during the last quarter. Finally, Genesis Investment Management LLP purchased a new position in shares of Cognizant Technology Solutions in the third quarter worth $187,097,000. Hedge funds and other institutional investors own 90.65% of the company’s stock.

Cognizant Technology Solutions Company Profile

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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