Analysts at Zacks Investment Research downgraded shares of Cognizant Technology Solutions Corp. (NASDAQ: CTSH) from Hold to Sell in a research note to investors today. The company currently has a rating of Sell on the shares. A number of other analysts have commented on the company recently, and Cognizant Technology Solutions Corp. has secured a consensus one-year price target of $67.15, higher than the opening price of $52.98. Cognizant Technology Solutions Corp. stock has a 52-week high of $69.80. Important and major digressions in the company’s actions, future direction or industry can cause downgrades as the analysts feel that the future prospects for the security have diminished from the original recommendation.
The Fed stood pat on interest rates on Wednesday, helping stocks to mostly higher levels but Chairwoman Janet Yellen indicated an interest rate hike is likely by year’s end
On Wednesday, the S&P 500 SPX, +1.09% ended 1.1% higher, while the Dow DJIA, +0.90% jumped by 0.9%, or 164 points, as each exchange finished in positive territory for a second consecutive day.
The tech-heavy Nasdaq Composite COMP, +1.03% tacked on 1% and scored a record closing high.
S&P 500 futures ESZ6, +0.36% were up 6.55 points, or 0.3%, to 2,162.75 early Thursday, while Dow Jones Industrial Average futures YMZ6, +0.37% rose 58 points, or 0.3%, to 18,276. Nasdaq-100 futures NQZ6, +0.39% gained 16.25 points, or 0.3%, to 4,866.25.
Yesterday Cognizant Technology Solutions Corp. (NASDAQ: CTSH) shares last traded at $53.45, which is a jump of $0.49 compared to the previous closing price. Opening at $52.98, they varied from $52.92 and $53.49 throughout the day.
Cognizant Technology Solutions Corp. (NASDAQ: CTSH) currently has a market cap of 32.44B.
The stock’s average daily volume is 4,354,930 shares out of a total float 603,489,000 and some 3,942,092 shares traded hands yesterday, below the norm. Swing traders often use swings in trading volume to pinpoint large volume growth or distribution by institutional investors, so look for trading volume to pick up in the coming days.
While higher trading for short periods will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks expresses a positive indicator to market traders that institutions may be moving in, so institutional sponsorship is critical.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors retain teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
Trades for Cognizant Technology Solutions Corp. (NASDAQ: CTSH) have ranged from $51.22 – 69.80, and the stock now has a 50-day MA of $56.89 and 200-day MA of $58.94. Today’s last price is 0.23% under the 52 week high of $69.80.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings at least 25% or more for the past 3 years.
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