Bank of America Corp. downgraded shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) from a buy rating to an underperform rating in a research note issued to investors on Tuesday.

Other analysts have also issued reports about the stock. Cantor Fitzgerald set a $68.00 price objective on shares of Cognizant Technology Solutions Corp. and gave the stock a buy rating in a research note on Friday, August 5th. JPMorgan Chase & Co. reissued a buy rating and set a $62.00 price target on shares of Cognizant Technology Solutions Corp. in a research report on Wednesday, August 3rd. Jefferies Group reissued a buy rating and set a $70.00 price target on shares of Cognizant Technology Solutions Corp. in a research report on Monday, July 25th. Needham & Company LLC decreased their price target on shares of Cognizant Technology Solutions Corp. from $70.00 to $68.00 and set a buy rating for the company in a research report on Monday, August 8th. Finally, Vetr lowered shares of Cognizant Technology Solutions Corp. from a strong-buy rating to a buy rating and set a $65.33 price target for the company. in a research report on Monday, September 5th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned 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 $64.99.

Shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) traded down 2.35% during trading on Tuesday, reaching $51.93. The company’s stock had a trading volume of 3,320,639 shares. Cognizant Technology Solutions Corp. has a 12-month low of $45.44 and a 12-month high of $65.91. The firm’s 50-day moving average is $52.00 and its 200-day moving average is $56.62. The stock has a market capitalization of $31.51 billion, a PE ratio of 20.29 and a beta of 1.34.

Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last released its quarterly earnings data on Monday, November 7th. The information technology service provider reported $0.86 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $0.02. Cognizant Technology Solutions Corp. had a net margin of 11.78% and a return on equity of 19.42%. The company earned $3.45 billion during the quarter, compared to analyst estimates of $3.46 billion. During the same period in the prior year, the firm earned $0.76 earnings per share. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. Equities analysts expect that Cognizant Technology Solutions Corp. will post $3.37 earnings per share for the current year.

In other Cognizant Technology Solutions Corp. news, CFO Karen Mcloughlin sold 10,000 shares of Cognizant Technology Solutions Corp. stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $51.27, for a total transaction of $512,700.00. Following the transaction, the chief financial officer now owns 52,614 shares of the company’s stock, valued at $2,697,519.78. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 value of $73,008.00. Following the transaction, the vice president now directly owns 3,945 shares in the company, valued at approximately $230,782.50. The disclosure for this sale can be found here. Corporate insiders own 0.81% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTSH. Massachusetts Financial Services Co. MA raised its position in Cognizant Technology Solutions Corp. by 45.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 25,864,040 shares of the information technology service provider’s stock valued at $1,480,458,000 after buying an additional 8,041,798 shares during the period. Nordea Investment Management AB raised its position in Cognizant Technology Solutions Corp. by 149.0% in the second quarter. Nordea Investment Management AB now owns 8,694,123 shares of the information technology service provider’s stock valued at $497,652,000 after buying an additional 5,203,100 shares during the period. Artisan Partners Limited Partnership raised its position in Cognizant Technology Solutions Corp. by 21.1% in the second quarter. Artisan Partners Limited Partnership now owns 13,571,012 shares of the information technology service provider’s stock valued at $776,805,000 after buying an additional 2,362,461 shares during the period. Coronation Fund Managers Ltd. purchased a new position in Cognizant Technology Solutions Corp. during the second quarter valued at approximately $101,646,000. Finally, Genesis Asset Managers LLP raised its position in Cognizant Technology Solutions Corp. by 25.9% in the third quarter. Genesis Asset Managers LLP now owns 8,187,200 shares of the information technology service provider’s stock valued at $410,097,000 after buying an additional 1,686,147 shares during the period. 85.29% of the stock is currently owned by institutional investors.

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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.

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