Cognizant Technology Solutions’ (CTSH) Hold Rating Reiterated at Needham & Company LLC

Cognizant Technology Solutions (NASDAQ:CTSH)‘s stock had its “hold” rating reissued by stock analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports.

Other research analysts have also issued reports about the stock. Barclays increased their target price on shares of Cognizant Technology Solutions from $95.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 10th. Mizuho raised shares of Cognizant Technology Solutions to a “hold” rating in a research report on Wednesday, March 19th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $93.00 target price on shares of Cognizant Technology Solutions in a research report on Wednesday. Morgan Stanley cut their price target on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, March 12th. Finally, StockNews.com upgraded Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a report on Thursday, February 6th. Fourteen investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cognizant Technology Solutions presently has an average rating of “Hold” and an average target price of $84.56.

Cognizant Technology Solutions Stock Performance

Shares of Cognizant Technology Solutions stock opened at $75.90 on Thursday. The business has a 50-day moving average price of $82.68 and a two-hundred day moving average price of $79.47. Cognizant Technology Solutions has a 1-year low of $63.79 and a 1-year high of $90.82. The company has a current ratio of 2.09, a quick ratio of 2.09 and a debt-to-equity ratio of 0.06. The company has a market cap of $37.54 billion, a P/E ratio of 16.83, a PEG ratio of 2.11 and a beta of 1.12.

Cognizant Technology Solutions (NASDAQ:CTSH) last released its earnings results on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping the consensus estimate of $1.12 by $0.09. Cognizant Technology Solutions had a return on equity of 16.78% and a net margin of 11.35%. As a group, analysts anticipate that Cognizant Technology Solutions will post 4.98 EPS for the current year.

Cognizant Technology Solutions announced that its Board of Directors has initiated a share buyback program on Tuesday, March 25th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the information technology service provider to purchase up to 5.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Cognizant Technology Solutions

Several hedge funds have recently modified their holdings of CTSH. California State Teachers Retirement System grew its holdings in shares of Cognizant Technology Solutions by 0.8% in the fourth quarter. California State Teachers Retirement System now owns 840,827 shares of the information technology service provider’s stock valued at $64,660,000 after acquiring an additional 6,554 shares in the last quarter. 111 Capital bought a new position in Cognizant Technology Solutions in the 4th quarter valued at $1,011,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Cognizant Technology Solutions by 257.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 164,857 shares of the information technology service provider’s stock valued at $12,678,000 after purchasing an additional 118,723 shares during the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Cognizant Technology Solutions by 3.5% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 103,765 shares of the information technology service provider’s stock worth $7,980,000 after purchasing an additional 3,484 shares during the period. Finally, Siemens Fonds Invest GmbH boosted its holdings in shares of Cognizant Technology Solutions by 37.0% in the 4th quarter. Siemens Fonds Invest GmbH now owns 22,886 shares of the information technology service provider’s stock worth $1,760,000 after buying an additional 6,184 shares during the last quarter. Institutional investors own 92.44% of the company’s stock.

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.