Mizuho Issues Positive Forecast for Cognizant Technology Solutions (NASDAQ:CTSH) Stock Price

Cognizant Technology Solutions (NASDAQ:CTSH) had its price target boosted by Mizuho from $83.00 to $84.00 in a research note released on Friday morning, Benzinga reports. Mizuho currently has a neutral rating on the information technology service provider’s stock.

CTSH has been the topic of a number of other research reports. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $76.00 price objective on shares of Cognizant Technology Solutions in a report on Thursday, September 12th. Royal Bank of Canada increased their price objective on shares of Cognizant Technology Solutions from $81.00 to $82.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 28th. Daiwa America raised shares of Cognizant Technology Solutions to a “hold” rating in a research note on Tuesday, August 27th. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Thursday. Finally, Jefferies Financial Group began coverage on shares of Cognizant Technology Solutions in a research note on Wednesday, August 28th. They set a “buy” rating and a $90.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, twenty have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $77.70.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock traded up $0.02 during trading hours on Friday, reaching $74.61. The company’s stock had a trading volume of 4,101,237 shares, compared to its average volume of 3,827,082. The company’s 50 day simple moving average is $76.36 and its 200 day simple moving average is $71.99. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.46 and a current ratio of 2.46. Cognizant Technology Solutions has a one year low of $62.14 and a one year high of $80.27. The stock has a market cap of $36.98 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.09 and a beta of 1.05.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings results on Wednesday, October 30th. The information technology service provider reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.11. Cognizant Technology Solutions had a net margin of 11.60% and a return on equity of 17.37%. The company had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.99 billion. During the same period last year, the firm posted $1.16 EPS. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. As a group, analysts expect that Cognizant Technology Solutions will post 4.62 EPS for the current fiscal year.

Cognizant Technology Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Tuesday, November 19th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, November 19th. Cognizant Technology Solutions’s dividend payout ratio is currently 26.55%.

Insider Buying and Selling

In related news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total transaction of $495,584.48. Following the completion of the sale, the chief executive officer now directly owns 46,427 shares in the company, valued at approximately $3,419,812.82. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CTSH. First Trust Direct Indexing L.P. raised its position in Cognizant Technology Solutions by 9.7% during the first quarter. First Trust Direct Indexing L.P. now owns 13,804 shares of the information technology service provider’s stock valued at $1,012,000 after acquiring an additional 1,216 shares in the last quarter. Norden Group LLC bought a new position in Cognizant Technology Solutions during the first quarter valued at approximately $233,000. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Cognizant Technology Solutions by 2.9% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 11,419 shares of the information technology service provider’s stock valued at $837,000 after purchasing an additional 323 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of Cognizant Technology Solutions in the first quarter valued at approximately $119,000. Finally, Daiwa Securities Group Inc. raised its position in shares of Cognizant Technology Solutions by 5.5% in the first quarter. Daiwa Securities Group Inc. now owns 83,368 shares of the information technology service provider’s stock valued at $6,110,000 after purchasing an additional 4,338 shares during the period. 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.