JPMorgan Chase & Co. Lowers Cognizant Technology Solutions (NASDAQ:CTSH) Price Target to $74.00

Cognizant Technology Solutions (NASDAQ:CTSH) had its price objective reduced by JPMorgan Chase & Co. from $81.00 to $74.00 in a research note published on Thursday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the information technology service provider’s stock.

A number of other analysts have also recently weighed in on the stock. Jefferies Financial Group raised shares of Cognizant Technology Solutions from a hold rating to a buy rating and raised their price objective for the stock from $70.00 to $85.00 in a report on Thursday, January 11th. BMO Capital Markets reduced their price target on shares of Cognizant Technology Solutions from $85.00 to $77.00 and set a market perform rating for the company in a research report on Tuesday, April 30th. Barclays cut their target price on Cognizant Technology Solutions from $80.00 to $75.00 and set an equal weight rating on the stock in a research report on Friday, April 26th. Mizuho started coverage on Cognizant Technology Solutions in a research report on Tuesday, January 30th. They issued a neutral rating and a $82.00 target price for the company. Finally, Susquehanna cut their price target on Cognizant Technology Solutions from $80.00 to $78.00 and set a neutral rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $75.67.

Cognizant Technology Solutions Stock Down 0.0 %

Shares of Cognizant Technology Solutions stock opened at $66.25 on Thursday. Cognizant Technology Solutions has a 52-week low of $60.26 and a 52-week high of $80.09. The company has a 50 day moving average of $72.31 and a 200 day moving average of $72.55. The company has a market capitalization of $32.98 billion, a P/E ratio of 15.93, a P/E/G ratio of 1.51 and a beta of 1.08. The company has a quick ratio of 2.25, a current ratio of 2.35 and a debt-to-equity ratio of 0.04.

Cognizant Technology Solutions (NASDAQ:CTSH) last posted its earnings results on Wednesday, May 1st. The information technology service provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.11 by $0.01. The firm had revenue of $4.76 billion for the quarter, compared to analyst estimates of $4.72 billion. Cognizant Technology Solutions had a return on equity of 17.48% and a net margin of 10.84%. Cognizant Technology Solutions’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.11 earnings per share. As a group, research analysts forecast that Cognizant Technology Solutions will post 4.6 EPS for the current fiscal year.

Cognizant Technology Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Investors of record on Monday, May 20th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, May 17th. This represents a $1.20 annualized dividend and a yield of 1.81%. Cognizant Technology Solutions’s dividend payout ratio is currently 28.85%.

Insider Activity at Cognizant Technology Solutions

In other news, EVP Kathryn Diaz sold 900 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $77.06, for a total transaction of $69,354.00. Following the completion of 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 document filed with the SEC, which is accessible through this link. 0.27% of the stock is owned by insiders.

Hedge Funds Weigh In On Cognizant Technology Solutions

Institutional investors and hedge funds have recently made changes to their positions in the stock. Turtle Creek Wealth Advisors LLC acquired a new position in Cognizant Technology Solutions during the fourth quarter worth about $26,000. NBC Securities Inc. acquired a new stake in shares of Cognizant Technology Solutions in the 3rd quarter worth approximately $27,000. Spire Wealth Management increased its stake in Cognizant Technology Solutions by 79.1% in the 4th quarter. Spire Wealth Management now owns 437 shares of the information technology service provider’s stock valued at $34,000 after purchasing an additional 193 shares in the last quarter. Neo Ivy Capital Management acquired a new position in Cognizant Technology Solutions during the fourth quarter worth $40,000. Finally, Quarry LP purchased a new stake in Cognizant Technology Solutions during the fourth quarter worth $43,000. 92.44% of the stock is owned by institutional investors and hedge funds.

Cognizant Technology Solutions Company Profile

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.