Cognizant Technology Solutions Corporation (CTSH) Given Buy Rating at KeyCorp

Cognizant Technology Solutions Corporation (NASDAQ:CTSH)‘s stock had its “buy” rating reaffirmed by equities researchers at KeyCorp in a research note issued to investors on Friday, September 8th. They currently have a $79.00 price objective on the information technology service provider’s stock. KeyCorp’s price objective points to a potential upside of 10.00% from the company’s previous close.

A number of other equities analysts also recently weighed in on the stock. BMO Capital Markets reaffirmed a “buy” rating and issued a $76.00 price target (up from $69.00) on shares of Cognizant Technology Solutions Corporation in a research note on Friday, August 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $78.00 price target (up from $72.00) on shares of Cognizant Technology Solutions Corporation in a research note on Wednesday, August 9th. Zacks Investment Research downgraded shares of Cognizant Technology Solutions Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, August 10th. Loop Capital raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and upped their price target for the stock from $63.00 to $83.00 in a research note on Friday, August 4th. Finally, Berenberg Bank raised shares of Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and upped their price target for the stock from $65.00 to $85.00 in a research note on Tuesday, August 8th. Seven analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. Cognizant Technology Solutions Corporation currently has a consensus rating of “Buy” and a consensus target price of $72.30.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) traded up 0.11% during trading on Friday, hitting $71.82. The stock had a trading volume of 3,927,830 shares. The firm’s 50-day moving average price is $70.58 and its 200-day moving average price is $65.16. The stock has a market cap of $42.42 billion, a PE ratio of 23.04 and a beta of 1.14. Cognizant Technology Solutions Corporation has a 1-year low of $45.44 and a 1-year high of $73.00.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last released its earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.11. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.65 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 earnings per share. On average, equities research analysts predict that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current fiscal year.

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In other Cognizant Technology Solutions Corporation news, EVP Allen Shaheen sold 442 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $70.58, for a total transaction of $31,196.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Srinivasan Veeraraghavachary sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $73.00, for a total transaction of $182,500.00. Following the transaction, the chief operating officer now owns 24,459 shares of the company’s stock, valued at approximately $1,785,507. The disclosure for this sale can be found here. In the last quarter, insiders sold 282,267 shares of company stock valued at $20,127,629. 1.08% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in CTSH. Acadian Asset Management LLC lifted its stake in Cognizant Technology Solutions Corporation by 253.9% during the first quarter. Acadian Asset Management LLC now owns 3,231 shares of the information technology service provider’s stock worth $192,000 after purchasing an additional 2,318 shares during the period. IFP Advisors Inc lifted its stake in Cognizant Technology Solutions Corporation by 40.8% during the first quarter. IFP Advisors Inc now owns 2,696 shares of the information technology service provider’s stock worth $160,000 after purchasing an additional 781 shares during the period. Webster Bank N. A. lifted its stake in Cognizant Technology Solutions Corporation by 4.0% during the first quarter. Webster Bank N. A. now owns 52,620 shares of the information technology service provider’s stock worth $3,132,000 after purchasing an additional 2,022 shares during the period. Eads & Heald Investment Counsel lifted its stake in Cognizant Technology Solutions Corporation by 2.7% during the first quarter. Eads & Heald Investment Counsel now owns 34,306 shares of the information technology service provider’s stock worth $2,042,000 after purchasing an additional 895 shares during the period. Finally, Parnassus Investments CA bought a new position in Cognizant Technology Solutions Corporation during the first quarter worth about $23,868,000. Hedge funds and other institutional investors own 87.64% of the company’s stock.

Cognizant Technology Solutions Corporation 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.

Analyst Recommendations for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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