Royal Bank of Canada Boosts Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $81.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target lifted by Royal Bank of Canada from $77.00 to $81.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has a sector perform rating on the information technology service provider’s stock.

A number of other research analysts have also weighed in on the company. The Goldman Sachs Group assumed coverage on Cognizant Technology Solutions in a report on Monday, June 24th. They issued a neutral rating and a $72.00 price objective on the stock. Barclays increased their price objective on Cognizant Technology Solutions from $75.00 to $80.00 and gave the company an equal weight rating in a report on Tuesday, July 23rd. StockNews.com lowered Cognizant Technology Solutions from a buy rating to a hold rating in a report on Thursday, May 2nd. BMO Capital Markets cut their price objective on Cognizant Technology Solutions from $85.00 to $77.00 and set a market perform rating on the stock in a report on Tuesday, April 30th. Finally, Mizuho reissued a neutral rating and issued a $82.00 price objective on shares of Cognizant Technology Solutions in a report on Tuesday, June 11th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Cognizant Technology Solutions has an average rating of Hold and an average price target of $76.12.

Cognizant Technology Solutions Trading Down 3.0 %

Shares of NASDAQ:CTSH opened at $74.00 on Thursday. The business’s 50-day moving average is $69.35 and its 200 day moving average is $71.85. Cognizant Technology Solutions has a 1 year low of $62.14 and a 1 year high of $80.27. The firm has a market capitalization of $36.79 billion, a P/E ratio of 17.79, a P/E/G ratio of 2.26 and a beta of 1.05. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.46 and a quick ratio of 2.35.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its earnings results on Wednesday, July 31st. The information technology service provider reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.05. Cognizant Technology Solutions had a return on equity of 17.31% and a net margin of 11.39%. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.80 billion. During the same period in the prior year, the company posted $1.10 EPS. The firm’s quarterly revenue was down .7% compared to the same quarter last year. On average, research analysts predict that Cognizant Technology Solutions will post 4.65 earnings per share for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 28th. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.20 dividend on an annualized basis and a yield of 1.62%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Hedge Funds Weigh In On Cognizant Technology Solutions

Hedge funds have recently bought and sold shares of the business. 1620 Investment Advisors Inc. purchased a new position in shares of Cognizant Technology Solutions in the second quarter valued at approximately $25,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $26,000. LRI Investments LLC purchased a new position in shares of Cognizant Technology Solutions in the first quarter valued at approximately $28,000. Spire Wealth Management lifted its position in shares of Cognizant Technology Solutions by 79.1% in the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after acquiring an additional 193 shares in the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of Cognizant Technology Solutions in the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 92.44% 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 in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.