BMO Capital Markets Lowers Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $77.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target lowered by BMO Capital Markets from $85.00 to $77.00 in a report issued on Tuesday, Benzinga reports. BMO Capital Markets currently has a market perform rating on the information technology service provider’s stock.

A number of other equities analysts have also recently issued reports on CTSH. Evercore ISI upped their price target on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the stock an in-line rating in a research note on Tuesday, March 26th. Guggenheim initiated coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, March 19th. They issued a neutral rating and a $80.00 target price on the stock. Wolfe Research raised shares of Cognizant Technology Solutions from an underperform rating to a peer perform rating in a research report on Thursday, January 4th. Societe Generale reaffirmed a sell rating and issued a $67.00 price objective on shares of Cognizant Technology Solutions in a research report on Friday, January 5th. Finally, Susquehanna reiterated a neutral rating and set a $80.00 target price (down from $87.00) on shares of Cognizant Technology Solutions in a research note on Monday, April 1st. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $75.63.

Cognizant Technology Solutions Price Performance

Shares of CTSH opened at $66.25 on Tuesday. Cognizant Technology Solutions has a fifty-two week low of $60.26 and a fifty-two week high of $80.09. The firm’s 50-day simple moving average is $72.58 and its two-hundred day simple moving average is $72.47. The stock has a market cap of $32.98 billion, a PE ratio of 15.93, a price-to-earnings-growth ratio of 1.49 and a beta of 1.08. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.25 and a current ratio of 2.25.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.01. The company had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.72 billion. Cognizant Technology Solutions had a return on equity of 17.64% and a net margin of 10.84%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.11 EPS. Analysts anticipate that Cognizant Technology Solutions will post 4.59 earnings per share for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Monday, May 20th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $1.20 dividend on an annualized basis and a yield of 1.81%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Insider Transactions at Cognizant Technology Solutions

In other news, EVP Kathryn Diaz sold 900 shares of the company’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $77.06, for a total value of $69,354.00. Following the completion of the sale, the executive vice president now directly owns 8,312 shares in the company, valued at approximately $640,522.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.27% of the company’s stock.

Institutional Investors Weigh In On Cognizant Technology Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFG Advisory LLC increased its stake in shares of Cognizant Technology Solutions by 45.1% in the fourth quarter. IFG Advisory LLC now owns 67,119 shares of the information technology service provider’s stock worth $5,070,000 after purchasing an additional 20,874 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of Cognizant Technology Solutions by 36.0% in the third quarter. Qube Research & Technologies Ltd now owns 1,227,411 shares of the information technology service provider’s stock worth $83,145,000 after acquiring an additional 324,638 shares during the period. PGGM Investments grew its position in shares of Cognizant Technology Solutions by 53.8% during the third quarter. PGGM Investments now owns 74,411 shares of the information technology service provider’s stock worth $5,041,000 after purchasing an additional 26,035 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in Cognizant Technology Solutions by 110.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,344,587 shares of the information technology service provider’s stock valued at $91,082,000 after purchasing an additional 704,932 shares during the period. Finally, Perigon Wealth Management LLC boosted its stake in Cognizant Technology Solutions by 4.4% in the 4th quarter. Perigon Wealth Management LLC now owns 4,743 shares of the information technology service provider’s stock worth $358,000 after purchasing an additional 199 shares during the period. 92.44% of the stock is owned by hedge funds and other 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.