Cognizant Technology Solutions (NASDAQ:CTSH) was upgraded by research analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage presently has a $79.00 price target on the information technology service provider’s stock, up from their prior price target of $75.84. Citigroup’s price target would suggest a potential upside of 2.21% from the company’s previous close.
CTSH has been the topic of several other reports. Vetr upgraded Cognizant Technology Solutions from a “hold” rating to a “strong-buy” rating and set a $95.56 target price on the stock in a report on Wednesday, November 29th. Zacks Investment Research lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Friday, January 12th. BidaskClub lowered Cognizant Technology Solutions from a “buy” rating to a “hold” rating in a report on Tuesday, December 5th. BMO Capital Markets lifted their target price on Cognizant Technology Solutions from $76.00 to $78.00 and gave the stock an “outperform” rating in a report on Thursday, November 2nd. Finally, Needham & Company LLC upgraded Cognizant Technology Solutions from a “buy” rating to a “strong-buy” rating and lifted their target price for the stock from $78.00 to $90.00 in a report on Wednesday, November 1st. Five investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Cognizant Technology Solutions currently has a consensus rating of “Buy” and an average target price of $81.98.
Shares of Cognizant Technology Solutions (NASDAQ:CTSH) traded up $0.54 during trading on Thursday, hitting $77.29. The company had a trading volume of 3,079,223 shares, compared to its average volume of 2,961,080. The company has a current ratio of 3.29, a quick ratio of 3.29 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $45,573.66, a PE ratio of 23.85, a PEG ratio of 1.48 and a beta of 1.08. Cognizant Technology Solutions has a twelve month low of $51.52 and a twelve month high of $77.38.
In related news, Vice Chairman Chandrasekaran Ramakrishnan sold 25,000 shares of Cognizant Technology Solutions stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $75.44, for a total value of $1,886,000.00. Following the sale, the insider now owns 271,300 shares of the company’s stock, valued at $20,466,872. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Rajeev Mehta sold 42,500 shares of Cognizant Technology Solutions stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $76.00, for a total value of $3,230,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 889,911 shares of company stock worth $64,936,834. Corporate insiders own 1.08% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its position in Cognizant Technology Solutions by 5.3% during the second quarter. PNC Financial Services Group Inc. now owns 208,113 shares of the information technology service provider’s stock worth $13,820,000 after buying an additional 10,520 shares during the last quarter. Acrospire Investment Management LLC increased its position in Cognizant Technology Solutions by 92.6% during the second quarter. Acrospire Investment Management LLC now owns 1,664 shares of the information technology service provider’s stock worth $110,000 after buying an additional 800 shares during the last quarter. Rafferty Asset Management LLC increased its position in Cognizant Technology Solutions by 9.4% during the second quarter. Rafferty Asset Management LLC now owns 21,475 shares of the information technology service provider’s stock worth $1,426,000 after buying an additional 1,840 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Cognizant Technology Solutions during the second quarter worth approximately $1,719,000. Finally, FMR LLC increased its position in Cognizant Technology Solutions by 81.6% during the second quarter. FMR LLC now owns 25,065,752 shares of the information technology service provider’s stock worth $1,664,366,000 after buying an additional 11,262,360 shares during the last quarter. 86.04% of the stock is currently owned by institutional investors and hedge funds.
Cognizant Technology Solutions 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.