Cognizant Technology Solutions (NASDAQ:CTSH) Lifted to “Neutral” at Bank of America

Bank of America upgraded shares of Cognizant Technology Solutions (NASDAQ:CTSH) from an underperform rating to a neutral rating in a report issued on Wednesday morning, Marketbeat reports. Bank of America currently has $75.00 price target on the information technology service provider’s stock, up from their previous price target of $73.00.

A number of other equities analysts have also issued reports on CTSH. BMO Capital Markets dropped their target price on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a market perform rating on the stock in a research report on Tuesday, April 30th. Barclays boosted their target price on shares of Cognizant Technology Solutions from $75.00 to $80.00 and gave the stock an equal weight rating in a research report on Tuesday, July 23rd. Needham & Company LLC reaffirmed a hold rating on shares of Cognizant Technology Solutions in a research report on Monday, June 10th. The Goldman Sachs Group started coverage on shares of Cognizant Technology Solutions in a research note on Monday, June 24th. They set a neutral rating and a $72.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Cognizant Technology Solutions from $81.00 to $74.00 and set a neutral rating on the stock in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Cognizant Technology Solutions currently has an average rating of Hold and a consensus target price of $76.06.

Cognizant Technology Solutions Stock Performance

Shares of NASDAQ:CTSH traded up $0.69 during trading on Wednesday, reaching $74.42. The stock had a trading volume of 7,783,353 shares, compared to its average volume of 4,174,245. Cognizant Technology Solutions has a 52 week low of $62.14 and a 52 week high of $80.27. The firm has a market capitalization of $37.00 billion, a price-to-earnings ratio of 17.89, a P/E/G ratio of 2.26 and a beta of 1.05. The company has a quick ratio of 2.35, a current ratio of 2.46 and a debt-to-equity ratio of 0.04. The stock has a fifty day simple moving average of $70.02 and a two-hundred day simple moving average of $71.77.

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

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 28th. Investors 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 annualized dividend and a yield of 1.61%. Cognizant Technology Solutions’s dividend payout ratio (DPR) is 28.85%.

Insider Buying and Selling

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the transaction, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.26% of the stock is owned by corporate insiders.

Institutional Trading of Cognizant Technology Solutions

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. 1620 Investment Advisors Inc. bought a new stake in Cognizant Technology Solutions during the 2nd quarter worth about $25,000. Turtle Creek Wealth Advisors LLC bought a new stake in Cognizant Technology Solutions during the 4th quarter worth about $26,000. LRI Investments LLC bought a new stake in Cognizant Technology Solutions during the 1st quarter worth about $28,000. Spire Wealth Management raised its holdings in Cognizant Technology Solutions by 79.1% during the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock worth $34,000 after purchasing an additional 193 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Cognizant Technology Solutions during the 4th quarter worth about $40,000. 92.44% of the stock is owned by institutional investors.

About Cognizant Technology Solutions

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.