JPMorgan Chase & Co. Cuts Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $74.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective lowered by JPMorgan Chase & Co. from $81.00 to $74.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the information technology service provider’s stock.

Several other research analysts have also recently issued reports on the stock. Guggenheim assumed coverage on shares of Cognizant Technology Solutions in a report on Tuesday, March 19th. They set a neutral rating and a $80.00 target price on the stock. Jefferies Financial Group upgraded shares of Cognizant Technology Solutions from a hold rating to a buy rating and raised their price target for the company from $70.00 to $85.00 in a report on Thursday, January 11th. Evercore ISI raised their price target on shares of Cognizant Technology Solutions from $65.00 to $70.00 and gave the company an in-line rating in a report on Tuesday, March 26th. Societe Generale restated a sell rating and issued a $67.00 price target on shares of Cognizant Technology Solutions in a report on Friday, January 5th. Finally, BMO Capital Markets lowered their price target on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a market perform rating on the stock in a report on Tuesday, April 30th. One research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $75.67.

Cognizant Technology Solutions Trading Down 0.0 %

CTSH stock traded down $0.02 during trading on Thursday, hitting $66.25. The company had a trading volume of 7,399,746 shares, compared to its average volume of 3,943,487. The firm has a market capitalization of $32.98 billion, a P/E ratio of 15.93, a PEG ratio of 1.51 and a beta of 1.08. Cognizant Technology Solutions has a 52-week low of $60.26 and a 52-week high of $80.09. The company has a 50 day simple moving average of $72.31 and a 200-day simple moving average of $72.46. The company has a quick ratio of 2.25, a current ratio of 2.35 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.11 by $0.01. Cognizant Technology Solutions had a net margin of 10.84% and a return on equity of 17.48%. The company had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.72 billion. During the same quarter last year, the firm posted $1.11 EPS. The firm’s revenue was down 1.1% compared to the same quarter last year. As a group, research analysts forecast that Cognizant Technology Solutions will post 4.6 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. Investors of record on Monday, May 20th will be given 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 presently 28.85%.

Insiders Place Their Bets

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

Institutional Trading of Cognizant Technology Solutions

Institutional investors have recently bought and sold shares of the business. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Cognizant Technology Solutions during the 4th quarter valued at approximately $26,000. NBC Securities Inc. purchased a new position in Cognizant Technology Solutions during the third quarter valued at $27,000. Spire Wealth Management lifted its holdings in Cognizant Technology Solutions by 79.1% during the fourth quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 193 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Cognizant Technology Solutions during the fourth quarter worth about $40,000. Finally, Quarry LP acquired a new position in shares of Cognizant Technology Solutions during the 4th quarter worth about $43,000. 92.44% of the stock is 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, Health Sciences, Products and Resources, and Communications, Media and Technology.