Cognizant Technology Solutions Corporation (CTSH) Rating Reiterated by Needham & Company LLC

Cognizant Technology Solutions Corporation (NASDAQ:CTSH)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Wednesday, August 9th. They presently have a $78.00 target price on the information technology service provider’s stock, up from their previous target price of $72.00. Needham & Company LLC’s price target indicates a potential upside of 11.32% from the company’s previous close.

A number of other research firms have also recently weighed in on CTSH. Vetr cut Cognizant Technology Solutions Corporation from a “strong-buy” rating to a “buy” rating and set a $67.50 price target for the company. in a report on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $79.00 price target on shares of Cognizant Technology Solutions Corporation in a report on Wednesday, May 31st. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $67.00 price target on shares of Cognizant Technology Solutions Corporation in a report on Monday, May 15th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $80.00 price target (up previously from $66.00) on shares of Cognizant Technology Solutions Corporation in a report on Thursday, June 15th. Finally, Robert W. Baird upped their price target on Cognizant Technology Solutions Corporation from $70.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, May 8th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $70.02.

Cognizant Technology Solutions Corporation (NASDAQ CTSH) traded down 0.24% on Wednesday, hitting $70.07. The stock had a trading volume of 2,636,572 shares. Cognizant Technology Solutions Corporation has a 52-week low of $45.44 and a 52-week high of $72.07. The company has a 50 day moving average price of $69.29 and a 200-day moving average price of $63.21. The company has a market cap of $41.38 billion, a price-to-earnings ratio of 22.48 and a beta of 1.17.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last issued its quarterly earnings data on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.11. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.65 billion. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 EPS. On average, equities research analysts predict that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current year.

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In related news, COO Srinivasan Veeraraghavachary sold 2,500 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $71.00, for a total value of $177,500.00. Following the completion of the transaction, the chief operating officer now directly owns 27,165 shares in the company, valued at $1,928,715. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Maureen Breakiron-Evans sold 12,368 shares of the stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $69.70, for a total value of $862,049.60. Following the completion of the transaction, the director now owns 1,075 shares of the company’s stock, valued at $74,927.50. The disclosure for this sale can be found here. Insiders sold 91,222 shares of company stock valued at $6,326,183 over the last quarter. 1.08% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTSH. CENTRAL TRUST Co boosted its position in Cognizant Technology Solutions Corporation by 13.8% in the first quarter. CENTRAL TRUST Co now owns 6,368 shares of the information technology service provider’s stock worth $379,000 after buying an additional 770 shares during the period. Raymond James Trust N.A. boosted its position in Cognizant Technology Solutions Corporation by 10.2% in the first quarter. Raymond James Trust N.A. now owns 10,996 shares of the information technology service provider’s stock worth $655,000 after buying an additional 1,016 shares during the period. Gulf International Bank UK Ltd boosted its position in Cognizant Technology Solutions Corporation by 1.9% in the first quarter. Gulf International Bank UK Ltd now owns 186,615 shares of the information technology service provider’s stock worth $11,107,000 after buying an additional 3,500 shares during the period. Koshinski Asset Management Inc. boosted its position in Cognizant Technology Solutions Corporation by 3.4% in the first quarter. Koshinski Asset Management Inc. now owns 3,930 shares of the information technology service provider’s stock worth $234,000 after buying an additional 130 shares during the period. Finally, National Pension Service boosted its position in Cognizant Technology Solutions Corporation by 7.0% in the first quarter. National Pension Service now owns 480,168 shares of the information technology service provider’s stock worth $28,445,000 after buying an additional 31,575 shares during the period. Institutional investors own 88.68% of the company’s stock.

About Cognizant Technology Solutions Corporation

Cognizant Technology Solutions Corporation is a professional services company. The Company operates through four segments: Financial Services, Healthcare, Manufacturing/Retail/Logistics, and Other. The Financial Services segment includes customers providing banking/transaction processing, capital markets and insurance services.

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