Cognizant Technology Solutions Corp. (NASDAQ:CTSH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.

According to Zacks, “Cognizant reported third-quarter 2016 results wherein both adjusted earnings per share of $0.81 and revenues of $3.453 billion beat the respective Zacks Consensus Estimate. On a year-over-year basis, sales grew 8.4%. However, the company trimmed its revenue outlook due to devaluation of the pound. The company’s business has been affected because of persisting macroeconomic headwinds and sluggish spending levels in its healthcare and financial sector, which are its biggest markets.  Intense competition in the IT service industry, rising wages and customer concentration are the other challenges. However, regarding the FCPA probe, Cognizant announced that so far only $5 million have been identified as potential improper payments and it does not have to restate its financial statements.”

CTSH has been the topic of a number of other research reports. Cantor Fitzgerald reissued a “buy” rating and set a $68.00 price target on shares of Cognizant Technology Solutions Corp. in a research note on Tuesday, November 8th. Deutsche Bank AG reissued a “buy” rating and set a $69.00 price target on shares of Cognizant Technology Solutions Corp. in a research note on Friday, October 21st. Credit Agricole SA lowered Cognizant Technology Solutions Corp. from an “outperform” rating to an “underperform” rating and reduced their price target for the stock from $70.00 to $60.00 in a research note on Wednesday, September 14th. Citigroup Inc. reduced their price target on Cognizant Technology Solutions Corp. from $71.00 to $68.00 and set a “buy” rating on the stock in a research note on Wednesday, July 20th. Finally, Societe Generale began coverage on Cognizant Technology Solutions Corp. in a research note on Monday, September 26th. They set a “buy” rating and a $68.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company. Cognizant Technology Solutions Corp. has an average rating of “Buy” and a consensus price target of $64.93.

Analyst Recommendations for Cognizant Technology Solutions Corp. (NASDAQ:CTSH)

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) opened at 53.95 on Friday. The firm has a market capitalization of $32.73 billion, a PE ratio of 21.07 and a beta of 1.34. Cognizant Technology Solutions Corp. has a 1-year low of $45.44 and a 1-year high of $65.91. The company’s 50-day moving average price is $51.63 and its 200 day moving average price is $56.77.

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last announced its earnings results on Monday, November 7th. The information technology service provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.02. The firm had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.46 billion. Cognizant Technology Solutions Corp. had a return on equity of 19.42% and a net margin of 11.78%. Cognizant Technology Solutions Corp.’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 EPS. On average, equities analysts anticipate that Cognizant Technology Solutions Corp. will post $3.37 EPS for the current year.

In other news, VP Malcolm Frank sold 1,248 shares of Cognizant Technology Solutions Corp. stock in a transaction that occurred on Tuesday, September 6th. The stock was 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 of the company’s stock, valued at $230,782.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Karen Mcloughlin sold 10,000 shares of Cognizant Technology Solutions Corp. stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $51.27, for a total value of $512,700.00. Following the sale, the chief financial officer now directly owns 52,614 shares in the company, valued at approximately $2,697,519.78. The disclosure for this sale can be found here. 0.81% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. boosted its stake in Cognizant Technology Solutions Corp. by 5.7% in the third quarter. Panagora Asset Management Inc. now owns 26,593 shares of the information technology service provider’s stock worth $1,269,000 after buying an additional 1,431 shares during the period. Capital International Investors boosted its stake in Cognizant Technology Solutions Corp. by 0.4% in the third quarter. Capital International Investors now owns 1,160,012 shares of the information technology service provider’s stock worth $55,344,000 after buying an additional 4,684 shares during the period. D. E. Shaw & Co. Inc. boosted its stake in Cognizant Technology Solutions Corp. by 3.2% in the third quarter. D. E. Shaw & Co. Inc. now owns 942,079 shares of the information technology service provider’s stock worth $44,947,000 after buying an additional 29,383 shares during the period. Clinton Group Inc. boosted its stake in Cognizant Technology Solutions Corp. by 87.4% in the third quarter. Clinton Group Inc. now owns 215,270 shares of the information technology service provider’s stock worth $10,271,000 after buying an additional 100,379 shares during the period. Finally, Ontario Teachers Pension Plan Board boosted its stake in Cognizant Technology Solutions Corp. by 23.1% in the third quarter. Ontario Teachers Pension Plan Board now owns 18,085 shares of the information technology service provider’s stock worth $863,000 after buying an additional 3,396 shares during the period. 85.54% of the stock is currently owned by institutional investors.

Cognizant Technology Solutions Corp. Company Profile

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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