Morgan Stanley reissued their overweight rating on shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) in a research note released on Sunday morning. They currently have a $61.00 target price on the information technology service provider’s stock, down from their prior target price of $66.00.

Other equities analysts have also recently issued research reports about the company. Cantor Fitzgerald reiterated a buy rating and set a $68.00 target price on shares of Cognizant Technology Solutions Corp. in a report on Wednesday, June 29th. Jefferies Group restated a buy rating and set a $70.00 price objective on shares of Cognizant Technology Solutions Corp. in a research note on Monday, June 20th. Barclays PLC restated a buy rating on shares of Cognizant Technology Solutions Corp. in a research note on Saturday, July 9th. JPMorgan Chase & Co. restated a buy rating and set a $62.00 price objective on shares of Cognizant Technology Solutions Corp. in a research note on Wednesday, August 3rd. Finally, Citigroup Inc. reduced their price objective on shares of Cognizant Technology Solutions Corp. from $71.00 to $68.00 and set a buy rating for the company in a research note on Wednesday, July 20th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $65.79.

Shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) traded down 1.68% during trading on Friday, reaching $50.35. The company had a trading volume of 3,834,245 shares. The company has a market cap of $30.56 billion, a price-to-earnings ratio of 20.30 and a beta of 1.43. Cognizant Technology Solutions Corp. has a 12 month low of $45.44 and a 12 month high of $69.80. The firm has a 50 day moving average price of $54.97 and a 200 day moving average price of $58.47.

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last released its earnings results on Friday, August 5th. The information technology service provider reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.05. The firm earned $3.37 billion during the quarter, compared to analysts’ expectations of $3.37 billion. Cognizant Technology Solutions Corp. had a return on equity of 19.31% and a net margin of 11.65%. The company’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. Analysts predict that Cognizant Technology Solutions Corp. will post $3.38 earnings per share for the current year.

In related news, CFO Karen Mcloughlin sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $60.00, for a total transaction of $1,200,000.00. Following the sale, the chief financial officer now directly owns 60,741 shares in the company, valued at approximately $3,644,460. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Malcolm Frank sold 1,248 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $58.50, for a total transaction of $73,008.00. Following the sale, the vice president now owns 3,945 shares in the company, valued at $230,782.50. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the stock. Washington Trust Bank boosted its stake in shares of Cognizant Technology Solutions Corp. by 6.8% in the second quarter. Washington Trust Bank now owns 1,789 shares of the information technology service provider’s stock worth $102,000 after buying an additional 114 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Cognizant Technology Solutions Corp. during the second quarter worth approximately $123,000. Exane Derivatives boosted its stake in shares of Cognizant Technology Solutions Corp. by 22.3% in the second quarter. Exane Derivatives now owns 2,278 shares of the information technology service provider’s stock worth $130,000 after buying an additional 416 shares during the last quarter. First Manhattan Co. boosted its stake in shares of Cognizant Technology Solutions Corp. by 16.8% in the second quarter. First Manhattan Co. now owns 2,523 shares of the information technology service provider’s stock worth $144,000 after buying an additional 363 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of Cognizant Technology Solutions Corp. by 29.4% in the second quarter. Assetmark Inc. now owns 2,699 shares of the information technology service provider’s stock worth $154,000 after buying an additional 613 shares during the last quarter. Institutional investors own 87.00% of the company’s stock.

About Cognizant Technology Solutions Corp.

Cognizant Technology Solutions Corporation is a provider of information technology (IT), consulting and business process services. The Company operates through four segments: Financial Services, which includes customers providing banking/transaction processing, capital markets and insurance services; Healthcare, which includes healthcare providers and payers, as well as life sciences customers, including pharmaceutical, biotech and medical device companies; Manufacturing, Retail and Logistics, which includes manufacturers, retailers, travel and other hospitality customers, as well as customers providing logistics services, and Other, which includes communications, manufacturing/retail/logistics, and high technology.

5 Day Chart for NASDAQ:CTSH

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