Cognizant Technology Solutions (NASDAQ:CTSH) Rating Lowered to Underweight at JPMorgan Chase & Co.
Cognizant Technology Solutions (NASDAQ:CTSH - Get Rating) was downgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a research report issued to clients and investors on Thursday, The Fly reports. They presently have a $62.00 target price on the information technology service provider's stock, up from their previous target price of $61.00. JPMorgan Chase & Co.'s price objective indicates a potential upside of 6.47% from the company's previous close.
Several other analysts also recently weighed in on CTSH. Bank of America downgraded shares of Cognizant Technology Solutions from a "buy" rating to a "neutral" rating and cut their price objective for the company from $81.00 to $68.00 in a research report on Friday, October 21st. Societe Generale downgraded shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating and set a $70.00 price objective on the stock. in a research report on Thursday, November 3rd. StockNews.com began coverage on shares of Cognizant Technology Solutions in a research report on Wednesday, October 12th. They set a "buy" rating on the stock. BMO Capital Markets downgraded shares of Cognizant Technology Solutions from an "outperform" rating to a "market perform" rating and dropped their price target for the stock from $73.00 to $65.00 in a research report on Thursday, November 3rd. Finally, HSBC downgraded shares of Cognizant Technology Solutions from a "buy" rating to a "hold" rating and dropped their price target for the stock from $90.00 to $79.00 in a research report on Wednesday, August 17th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $73.00.
Cognizant Technology Solutions Stock Down 1.6 %
Shares of NASDAQ:CTSH opened at $58.23 on Thursday. The stock has a market capitalization of $29.93 billion, a price-to-earnings ratio of 12.94, a price-to-earnings-growth ratio of 1.19 and a beta of 1.04. Cognizant Technology Solutions has a 1-year low of $51.33 and a 1-year high of $93.47. The company's fifty day moving average is $59.18 and its two-hundred day moving average is $63.95. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.27 and a current ratio of 2.27.
Cognizant Technology Solutions (NASDAQ:CTSH - Get Rating) last released its quarterly earnings data on Wednesday, November 2nd. The information technology service provider reported $1.17 earnings per share for the quarter, hitting analysts' consensus estimates of $1.17. The business had revenue of $4.86 billion for the quarter, compared to analysts' expectations of $5.01 billion. Cognizant Technology Solutions had a net margin of 12.11% and a return on equity of 19.55%. Equities analysts anticipate that Cognizant Technology Solutions will post 4.46 EPS for the current year.
Insider Transactions at Cognizant Technology Solutions
In related news, Director Leo S. Jr. Mackay sold 3,300 shares of the business's stock in a transaction that occurred on Monday, November 7th. The shares were sold at an average price of $52.79, for a total transaction of $174,207.00. Following the transaction, the director now directly owns 28,310 shares of the company's stock, valued at $1,494,484.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.34% of the stock is currently owned by insiders.
Institutional Trading of Cognizant Technology Solutions
Institutional investors and hedge funds have recently modified their holdings of the company. Dark Forest Capital Management LP bought a new stake in shares of Cognizant Technology Solutions in the 2nd quarter worth about $26,000. Prospera Financial Services Inc raised its position in shares of Cognizant Technology Solutions by 77.0% during the second quarter. Prospera Financial Services Inc now owns 393 shares of the information technology service provider's stock worth $27,000 after purchasing an additional 171 shares during the period. Neo Ivy Capital Management raised its position in shares of Cognizant Technology Solutions by 75.6% during the third quarter. Neo Ivy Capital Management now owns 504 shares of the information technology service provider's stock worth $29,000 after purchasing an additional 217 shares during the period. Hexagon Capital Partners LLC raised its position in shares of Cognizant Technology Solutions by 492.9% during the third quarter. Hexagon Capital Partners LLC now owns 587 shares of the information technology service provider's stock worth $34,000 after purchasing an additional 488 shares during the period. Finally, Zions Bancorporation N.A. raised its position in Cognizant Technology Solutions by 55.2% in the 3rd quarter. Zions Bancorporation N.A. now owns 731 shares of the information technology service provider's stock valued at $42,000 after buying an additional 260 shares during the last quarter. 90.67% of the stock is currently owned by institutional investors and hedge funds.
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; Healthcare; Products and Resources; and Communications, Media and Technology.
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