The Goldman Sachs Group Boosts Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $76.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its target price hoisted by The Goldman Sachs Group from $75.00 to $76.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the information technology service provider’s stock. The Goldman Sachs Group’s price objective suggests a potential downside of 2.55% from the company’s current price.

Several other research firms have also recently commented on CTSH. Needham & Company LLC reissued a “hold” rating on shares of Cognizant Technology Solutions in a research note on Wednesday. StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, August 22nd. BMO Capital Markets dropped their price objective on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 30th. Royal Bank of Canada lifted 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 research report on Wednesday. Finally, Susquehanna dropped their target price on Cognizant Technology Solutions from $80.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $76.61.

Cognizant Technology Solutions Trading Up 1.1 %

CTSH traded up $0.84 during mid-day trading on Wednesday, hitting $77.99. 398,562 shares of the stock were exchanged, compared to its average volume of 4,033,146. The company has a market cap of $38.78 billion, a PE ratio of 18.78, a PEG ratio of 2.26 and a beta of 1.05. The company has a current ratio of 2.46, a quick ratio of 2.35 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average is $72.17 and its two-hundred day moving average is $71.51. Cognizant Technology Solutions has a 1-year low of $62.14 and a 1-year high of $80.27.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its quarterly earnings data on Wednesday, July 31st. The information technology service provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.12 by $0.05. The business had revenue of $4.85 billion during the quarter, compared to analyst estimates of $4.80 billion. Cognizant Technology Solutions had a net margin of 11.39% and a return on equity of 17.31%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.10 earnings per share. Equities analysts forecast that Cognizant Technology Solutions will post 4.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Ravi Kumar Singisetti sold 6,728 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $73.66, for a total value of $495,584.48. Following the completion of the sale, the chief executive officer now owns 46,427 shares in the company, valued at approximately $3,419,812.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Large investors have recently modified their holdings of the business. 1620 Investment Advisors Inc. acquired a new position in Cognizant Technology Solutions during the second quarter worth $25,000. LRI Investments LLC acquired a new position in shares of Cognizant Technology Solutions during the 1st quarter worth $28,000. Spire Wealth Management increased its holdings in shares of Cognizant Technology Solutions by 79.1% in the 4th 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 acquired a new stake in shares of Cognizant Technology Solutions in the fourth quarter valued at about $40,000. Finally, Benjamin Edwards Inc. boosted its holdings in Cognizant Technology Solutions by 42.1% during the second quarter. Benjamin Edwards Inc. now owns 533 shares of the information technology service provider’s stock worth $36,000 after buying an additional 158 shares in the last quarter. 92.44% of the stock is owned by hedge funds and other institutional investors.

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.