Royal Bank of Canada Reaffirms “Sector Perform” Rating for Cognizant Technology Solutions (NASDAQ:CTSH)

Cognizant Technology Solutions (NASDAQ:CTSH)‘s stock had its “sector perform” rating reissued by analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $93.00 price objective on the information technology service provider’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 19.88% from the company’s previous close.

Several other analysts have also commented on CTSH. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. UBS Group dropped their price objective on shares of Cognizant Technology Solutions from $93.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, March 17th. StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, February 6th. BMO Capital Markets increased their price target on shares of Cognizant Technology Solutions from $88.00 to $94.00 and gave the stock a “market perform” rating in a report on Thursday, February 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cognizant Technology Solutions in a report on Thursday, February 6th. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $84.56.

Cognizant Technology Solutions Trading Down 0.3 %

Cognizant Technology Solutions stock opened at $77.58 on Wednesday. Cognizant Technology Solutions has a 52 week low of $63.79 and a 52 week high of $90.82. The stock has a 50-day moving average price of $82.72 and a 200 day moving average price of $79.47. The company has a quick ratio of 2.09, a current ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $38.37 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. Sell-side analysts anticipate that Cognizant Technology Solutions will post 4.98 EPS for the current year.

Cognizant Technology Solutions declared that its board has authorized a stock repurchase plan on Tuesday, March 25th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information technology service provider to purchase up to 5.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Cognizant Technology Solutions

Several institutional investors have recently made changes to their positions in CTSH. Duncker Streett & Co. Inc. acquired a new position in shares of Cognizant Technology Solutions in the 4th quarter valued at $28,000. Trust Co. of Vermont raised its holdings in Cognizant Technology Solutions by 188.4% in the 4th quarter. Trust Co. of Vermont now owns 447 shares of the information technology service provider’s stock valued at $34,000 after buying an additional 292 shares during the period. SBI Securities Co. Ltd. purchased a new position in Cognizant Technology Solutions during the fourth quarter worth about $36,000. Park Square Financial Group LLC acquired a new stake in shares of Cognizant Technology Solutions during the fourth quarter valued at about $36,000. Finally, Spire Wealth Management raised its stake in shares of Cognizant Technology Solutions by 74.7% in the 4th quarter. Spire Wealth Management now owns 477 shares of the information technology service provider’s stock valued at $37,000 after acquiring an additional 204 shares during the period. 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.