Cognizant Technology Solutions (NASDAQ:CTSH) Given New $82.00 Price Target at Citigroup

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective cut by analysts at Citigroup from $90.00 to $82.00 in a research note issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the information technology service provider’s stock. Citigroup’s price objective would suggest a potential upside of 21.12% from the company’s current price.

CTSH has been the topic of a number of other reports. Susquehanna restated a “neutral” rating and issued a $80.00 price target (down from $87.00) on shares of Cognizant Technology Solutions in a research note on Monday, April 1st. Wolfe Research upgraded shares of Cognizant Technology Solutions from an “underperform” rating to a “peer perform” rating in a research note on Thursday, January 4th. Royal Bank of Canada raised their price target on shares of Cognizant Technology Solutions from $74.00 to $77.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 7th. Guggenheim initiated coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, March 19th. They issued a “neutral” rating and a $80.00 price target on the stock. Finally, Mizuho initiated coverage on shares of Cognizant Technology Solutions in a research note on Tuesday, January 30th. They issued a “neutral” rating and a $82.00 price target on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Cognizant Technology Solutions currently has an average rating of “Hold” and a consensus price target of $76.44.

Cognizant Technology Solutions Price Performance

Cognizant Technology Solutions stock traded up $0.26 during trading hours on Monday, reaching $67.70. 447,665 shares of the stock were exchanged, compared to its average volume of 4,295,084. The company has a market cap of $33.70 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 1.54 and a beta of 1.06. The company has a current ratio of 2.25, a quick ratio of 2.25 and a debt-to-equity ratio of 0.05. Cognizant Technology Solutions has a twelve month low of $58.09 and a twelve month high of $80.09. The stock has a 50 day moving average of $74.45 and a two-hundred day moving average of $72.58.

Cognizant Technology Solutions (NASDAQ:CTSH) last announced its quarterly earnings data on Tuesday, February 6th. The information technology service provider reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.14. The firm had revenue of $4.76 billion for the quarter, compared to the consensus estimate of $4.76 billion. Cognizant Technology Solutions had a net margin of 10.98% and a return on equity of 17.83%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.01 earnings per share. Equities analysts expect that Cognizant Technology Solutions will post 4.59 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Kathryn Diaz sold 900 shares of the business’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $77.06, for a total value of $69,354.00. Following the transaction, the executive vice president now directly owns 8,312 shares of the company’s stock, valued at approximately $640,522.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.27% of the stock is owned by insiders.

Institutional Investors Weigh In On Cognizant Technology Solutions

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CTSH. Vanguard Group Inc. raised its stake in Cognizant Technology Solutions by 17.0% in the 4th quarter. Vanguard Group Inc. now owns 51,111,915 shares of the information technology service provider’s stock valued at $3,860,483,000 after acquiring an additional 7,445,089 shares during the period. Norges Bank bought a new stake in Cognizant Technology Solutions in the 4th quarter valued at about $406,360,000. JPMorgan Chase & Co. raised its stake in Cognizant Technology Solutions by 32.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 17,663,814 shares of the information technology service provider’s stock valued at $1,196,547,000 after acquiring an additional 4,365,493 shares during the period. Cibc World Markets Corp raised its stake in Cognizant Technology Solutions by 1,861.7% in the 4th quarter. Cibc World Markets Corp now owns 1,686,597 shares of the information technology service provider’s stock valued at $127,389,000 after acquiring an additional 1,600,621 shares during the period. Finally, KBC Group NV raised its stake in Cognizant Technology Solutions by 2,083.8% in the 4th quarter. KBC Group NV now owns 1,422,912 shares of the information technology service provider’s stock valued at $107,473,000 after acquiring an additional 1,357,755 shares during the period. 92.44% of the stock is currently owned by institutional investors.

About Cognizant Technology Solutions

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.