Cognizant Technology Solutions Corporation (CTSH) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $82.00 target price on the information technology service provider’s stock.

According to Zacks, “Cognizant's strong growth can be attributed to its significant exposure to the fast-growing verticals like Financial Services and Healthcare. The company narrowed its top-line guidance for 2017, which reflects improved visibility. Moreover, the company raised its earnings guidance. We believe that the results and the guidance indicate the company’s ability in harnessing the ongoing digital transition. The company is significantly benefiting from accretive acquisitions. Cognizant has gained deep industry expertise and knowledge of the domains through partnerships with top firms like Microsoft and SAP.  Moreover, this strategy has enabled the company to deliver more value to clients and capitalize on new opportunities. However, stiff competition in the IT services market is a concern.”

Several other analysts also recently weighed in on CTSH. Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $80.00 target price (up previously from $66.00) on shares of Cognizant Technology Solutions Corporation in a report on Thursday, June 15th. BidaskClub upgraded shares of Cognizant Technology Solutions Corporation from a buy rating to a strong-buy rating in a report on Thursday, June 22nd. Cowen and Company reiterated a buy rating and issued a $75.00 target price on shares of Cognizant Technology Solutions Corporation in a report on Friday, July 28th. Vetr upgraded shares of Cognizant Technology Solutions Corporation from a hold rating to a buy rating and set a $71.62 target price for the company in a report on Wednesday, August 2nd. Finally, Loop Capital upgraded shares of Cognizant Technology Solutions Corporation from a hold rating to a buy rating and lifted their target price for the company from $63.00 to $83.00 in a report on Friday, August 4th. Four research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $73.66.

Cognizant Technology Solutions Corporation (CTSH) traded up 0.22% on Tuesday, hitting $74.25. The stock had a trading volume of 594,704 shares. The firm’s 50 day moving average price is $71.89 and its 200-day moving average price is $67.02. Cognizant Technology Solutions Corporation has a 12 month low of $49.35 and a 12 month high of $74.77. The stock has a market cap of $43.85 billion, a PE ratio of 23.82 and a beta of 1.12.

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

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In related news, insider Debashis Chatterjee sold 2,190 shares of the business’s stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $74.00, for a total transaction of $162,060.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gajakarnan Vibushanan Kandiah sold 4,999 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $69.50, for a total transaction of $347,430.50. Following the transaction, the insider now owns 10,515 shares of the company’s stock, valued at approximately $730,792.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 289,514 shares of company stock valued at $20,680,893. Insiders own 1.08% of the company’s stock.

Several hedge funds have recently modified their holdings of CTSH. Acrospire Investment Management LLC grew its stake in shares of Cognizant Technology Solutions Corporation by 92.6% during the second quarter. Acrospire Investment Management LLC now owns 1,664 shares of the information technology service provider’s stock worth $110,000 after purchasing an additional 800 shares in the last quarter. WFG Advisors LP lifted its position in Cognizant Technology Solutions Corporation by 46.4% in the second quarter. WFG Advisors LP now owns 1,958 shares of the information technology service provider’s stock valued at $130,000 after acquiring an additional 621 shares during the last quarter. Krilogy Financial LLC purchased a new stake in Cognizant Technology Solutions Corporation in the second quarter valued at $137,000. Guardian Life Insurance Co. of America lifted its position in Cognizant Technology Solutions Corporation by 1.2% in the first quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock valued at $140,000 after acquiring an additional 27 shares during the last quarter. Finally, Manchester Capital Management LLC lifted its position in Cognizant Technology Solutions Corporation by 15.7% in the second quarter. Manchester Capital Management LLC now owns 2,728 shares of the information technology service provider’s stock valued at $181,000 after acquiring an additional 370 shares during the last quarter. Hedge funds and other institutional investors own 87.60% of the company’s stock.

Cognizant Technology Solutions Corporation Company Profile

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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