Cognizant Technology Solutions Corp. (NASDAQ:CTSH)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued to investors on Wednesday, AnalystRatingsNetwork.com reports. They currently have a $94.00 target price on the stock. Zacks‘ price objective indicates a potential upside of 4.92% from the stock’s previous close.
Zacks‘ analyst wrote, “Cognizant reported better-than-expected third quarter results, which comfortably surpassed the Zacks Consensus Estimate on both lines. The company raised its full year guidance primarily based by strong demand environment. Although Cognizant continues to face significant competition in most of its operating markets, we believe that the company remains well diversified in key verticals and emerging markets of social, mobile, analytics and cloud, which will continue to boost its top line. Nevertheless, increasing head count may hurt profitability in the near-term. Additionally, the uncertainty surrounding the new immigration reform bill is expected to remain an overhang on the stock going forward. Thus, we maintain our Neutral recommendation and set a price target of $94.00.”
Shares of Cognizant Technology Solutions Corp. (NASDAQ:CTSH) traded up 1.24% on Wednesday, hitting $90.70. The stock had a trading volume of 1,293,092 shares. Cognizant Technology Solutions Corp. has a one year low of $60.92 and a one year high of $90.70. The stock’s 50-day moving average is $85.06 and its 200-day moving average is $72.88. The company has a market cap of $27.334 billion and a price-to-earnings ratio of 23.88.
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) last issued its quarterly earnings data on Tuesday, November 5th. The company reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.12. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the company posted $0.91 earnings per share. The company’s quarterly revenue was up 21.9% on a year-over-year basis. On average, analysts predict that Cognizant Technology Solutions Corp. will post $3.98 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at BMO Capital Markets raised their price target on shares of Cognizant Technology Solutions Corp. from $82.00 to $96.00 in a research note to investors on Tuesday. They now have an “outperform” rating on the stock. Separately, analysts at Susquehanna raised their price target on shares of Cognizant Technology Solutions Corp. from $88.00 to $102.00 in a research note to investors on Monday. They now have a “positive” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Cognizant Technology Solutions Corp. from $87.00 to $102.00 in a research note to investors on Tuesday, October 29th. They now have a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company. Cognizant Technology Solutions Corp. has a consensus rating of “Buy” and a consensus target price of $89.20.
In other Cognizant Technology Solutions Corp. news, President Gordon Coburn sold 24,513 shares of the stock on the open market in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $90.00, for a total value of $2,206,170.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) is a provider of custom information technology, consulting and business process outsourcing services.
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