Royal Bank Of Canada Reiterates “Buy” Rating for Cognizant Technology Solutions Corporation (NASDAQ:CTSH)

Cognizant Technology Solutions Corporation (NASDAQ:CTSH)‘s stock had its “buy” rating restated by Royal Bank Of Canada in a note issued to investors on Sunday, October 8th. They presently have a $77.00 price target on the information technology service provider’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 2.94% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and issued a $78.00 price target (up previously from $72.00) on shares of Cognizant Technology Solutions Corporation in a research report on Wednesday, August 9th. Zacks Investment Research upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and set a $80.00 price target on the stock in a research report on Tuesday, August 8th. Berenberg Bank upgraded Cognizant Technology Solutions Corporation from a “hold” rating to a “buy” rating and raised their price target for the stock from $65.00 to $85.00 in a research report on Tuesday, August 8th. BMO Capital Markets restated a “buy” rating and issued a $76.00 price target (up previously from $69.00) on shares of Cognizant Technology Solutions Corporation in a research report on Friday, August 4th. Finally, Credit Suisse Group set a $80.00 price target on Cognizant Technology Solutions Corporation and gave the stock a “buy” rating in a research report on Friday, August 4th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $74.07.

Cognizant Technology Solutions Corporation (NASDAQ CTSH) opened at 74.80 on Friday. Cognizant Technology Solutions Corporation has a 12 month low of $50.11 and a 12 month high of $74.82. The firm’s 50-day moving average is $72.63 and its 200 day moving average is $67.67. The firm has a market capitalization of $44.18 billion, a price-to-earnings ratio of 24.00 and a beta of 1.12.

Cognizant Technology Solutions Corporation (NASDAQ:CTSH) last posted its earnings results on Thursday, August 3rd. The information technology service provider reported $0.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.11. Cognizant Technology Solutions Corporation had a return on equity of 18.72% and a net margin of 13.36%. The company had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same quarter last year, the firm earned $0.87 earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. Equities analysts predict that Cognizant Technology Solutions Corporation will post $3.70 earnings per share for the current year.

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In related news, 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 in the company, valued at $12,336,370.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Srinivasan Veeraraghavachary sold 2,500 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $71.00, for a total value of $177,500.00. Following the sale, the chief operating officer now owns 27,165 shares of the company’s stock, valued at approximately $1,928,715. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 281,095 shares of company stock valued at $20,095,913. Corporate insiders own 1.08% of the company’s stock.

A number of institutional investors have recently made changes to their positions in CTSH. Acrospire Investment Management LLC grew its stake in Cognizant Technology Solutions Corporation by 92.6% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,664 shares of the information technology service provider’s stock valued at $110,000 after purchasing an additional 800 shares during the period. WFG Advisors LP grew its stake in Cognizant Technology Solutions Corporation by 46.4% in the 2nd quarter. WFG Advisors LP now owns 1,958 shares of the information technology service provider’s stock valued at $130,000 after purchasing an additional 621 shares during the period. Krilogy Financial LLC bought a new position in Cognizant Technology Solutions Corporation in the 2nd quarter valued at $137,000. Guardian Life Insurance Co. of America grew its stake in Cognizant Technology Solutions Corporation by 1.2% in the 1st quarter. Guardian Life Insurance Co. of America now owns 2,351 shares of the information technology service provider’s stock valued at $140,000 after purchasing an additional 27 shares during the period. Finally, Manchester Capital Management LLC grew its stake in Cognizant Technology Solutions Corporation by 15.7% in the 2nd quarter. Manchester Capital Management LLC now owns 2,728 shares of the information technology service provider’s stock valued at $181,000 after purchasing an additional 370 shares during the period. Institutional investors and hedge funds own 87.56% of the company’s stock.

Cognizant Technology Solutions Corporation Company Profile

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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