Bank of America Corporation Reaffirms Buy Rating for Cognizant Technology Solutions Corporation (CTSH)

Bank of America Corporation reiterated their buy rating on shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH) in a research report report published on Tuesday, MarketBeat.com reports. The firm currently has a $86.00 target price on the information technology service provider’s stock.

Other research analysts have also recently issued research reports about the company. BMO Capital Markets reaffirmed a buy rating and issued a $76.00 price target (up previously from $69.00) on shares of Cognizant Technology Solutions Corporation in a report on Friday, August 4th. Needham & Company LLC reaffirmed a buy rating and issued a $78.00 price target (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a report on Wednesday, August 9th. Zacks Investment Research cut Cognizant Technology Solutions Corporation from a buy rating to a hold rating in a report on Thursday, August 10th. Loop Capital raised Cognizant Technology Solutions Corporation from a hold rating to a buy rating and upped their price target for the company from $63.00 to $83.00 in a report on Friday, August 4th. Finally, Berenberg Bank raised Cognizant Technology Solutions Corporation from a hold rating to a buy rating and upped their price target for the company from $65.00 to $85.00 in a report on Tuesday, August 8th. Eight investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $71.87.

Cognizant Technology Solutions Corporation (NASDAQ CTSH) traded up 0.11% during midday trading on Tuesday, hitting $71.82. The stock had a trading volume of 1,810,261 shares. Cognizant Technology Solutions Corporation has a one year low of $45.44 and a one year high of $73.00. The stock has a market cap of $42.42 billion, a PE ratio of 23.04 and a beta of 1.14. The firm has a 50 day moving average price of $70.52 and a 200 day moving average price of $65.07.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last posted its quarterly earnings results 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 company had revenue of $3.67 billion for 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 firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.87 earnings per share. Equities analysts expect that Cognizant Technology Solutions Corporation will post $3.70 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Tuesday, August 22nd were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date was Friday, August 18th. Cognizant Technology Solutions Corporation’s dividend payout ratio is presently 19.17%.

In related news, EVP Allen Shaheen sold 442 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $70.58, for a total value of $31,196.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Rajeev Mehta sold 34,437 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $72.54, for a total transaction of $2,498,059.98. Following the completion of the sale, the president now owns 170,063 shares of the company’s stock, valued at $12,336,370.02. The disclosure for this sale can be found here. Insiders sold 282,267 shares of company stock valued at $20,127,629 over the last quarter. 1.08% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of CTSH. BlackRock Inc. boosted its holdings in Cognizant Technology Solutions Corporation by 3,470.1% in the first quarter. BlackRock Inc. now owns 40,747,905 shares of the information technology service provider’s stock worth $2,425,316,000 after purchasing an additional 39,606,526 shares in the last quarter. FMR LLC boosted its holdings in Cognizant Technology Solutions Corporation by 81.6% in the second quarter. FMR LLC now owns 25,065,752 shares of the information technology service provider’s stock worth $1,664,366,000 after purchasing an additional 11,262,360 shares in the last quarter. Comgest Global Investors S.A.S. bought a new stake in Cognizant Technology Solutions Corporation in the first quarter worth $224,748,000. Thrivent Financial For Lutherans boosted its holdings in Cognizant Technology Solutions Corporation by 11,666.2% in the first quarter. Thrivent Financial For Lutherans now owns 2,468,550 shares of the information technology service provider’s stock worth $146,928,000 after purchasing an additional 2,447,570 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Cognizant Technology Solutions Corporation by 112.5% in the first quarter. Alliancebernstein L.P. now owns 4,487,749 shares of the information technology service provider’s stock worth $267,111,000 after purchasing an additional 2,375,626 shares in the last quarter. Hedge funds and other institutional investors own 87.64% 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.

Analyst Recommendations for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

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